Unit of competency Outline
Date retreived
23/07/2026 5:58 PM AWST
23/07/2026 5:58 PM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Maintain financial records
Maintain financial records
Unit of competency
National Code
BSBFIN302
BSBFIN302
State Code
OCF95
OCF95
TGA Status
Current
Current
DTWD Status
Approved
Approved
State Implementation and Classification
Approved Date
16/03/2021
Field of Education
080101 - Accounting
Original Release Date
16/03/2021
Nominal Hours
55
Description
This unit describes the skills and knowledge required to maintain daily financial records such as reconciling systems for debtors and creditors, preparing and maintaining a general ledger and trial balance. It also includes activities associated with monitoring cash control for accounting purposes.The unit applies to individuals employed in a range of work environments with responsibility for simple accounting functions within an organisation. They may work as individuals providing administrative support within an enterprise or may be other members of staff with delegated responsibilities relating to maintenance of general financial records.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Prepare journals required for posting to general ledger
- 1.1 Identify transactions required to be included in journal entries
- 1.2 Identify general ledger accounts affected according to organisational policies, procedures and accounting standards
- 1.3 Prepare and document the journal entries according to organisational policies, procedures and accounting standards
- 1.4 Assess follow-up steps for journal entries
2. Post journal entries and reconcile discrepancies
- 2.1 Post journal entries into general ledger system according to organisational policies, procedures and accounting standards
- 2.2 Reconcile accounts payable and accounts receivable subsidiary ledger systems with general ledger
- 2.3 Rectify any discrepancies and escalate, where required if outside scope of individual authority
- 2.4 Prepare adjusted journal entries and closing entries for general ledger
3. Maintain general ledger
- 3.1 Prepare closing and post-closing trial balance from general ledger system of the organisation
- 3.2 Prepare trial balance
- 3.3 Check general ledger for accuracy of information and despatch to relevant stakeholders, where required
- 3.4 Check trial balance meets accounting equation requirements
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUK15 | BSBINT306 | Apply knowledge of international finance and insurance to complete work requirements | Unit of competency |
| AUH82 | BSBFIA304 | Maintain a general ledger | Unit of competency |
| AUK66 | BSBFIA301 | Maintain financial records | Unit of competency |