Unit of competency Outline
Date retreived
22/07/2026 8:18 PM AWST
22/07/2026 8:18 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.
Process accounts payable and receivable
Process accounts payable and receivable
Unit of competency
National Code
BSBFIA303A
BSBFIA303A
State Code
D0703
D0703
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
13/10/2014
Field of Education
080101 - Accounting
Original Release Date
13/10/2014
Nominal Hours
40
Description
This unit describes the performance outcomes, skills and knowledge required to maintain accounts payable and accounts receivable records, including processing payments to creditors and handling overdue accounts receivable.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Notes
Elements and Performance Criteria
1. Maintain financial journal systems
- 1.1. Check source documents for accuracy and appropriate authorisation
- 1.2. Refer errors and discrepancies in source documents for resolution, in accordance with organisational policy and procedures
- 1.3. Enter transactions into cash and credit journal system in accordance with organisational policy and procedures, and relevant legislation and compliance requirements
- 1.4. Total credit journals in accordance with organisational policy and procedures
2. Prepare bank reconciliations
- 2.1. Check cash journals against bank statements to identify differences
- 2.2. Update cash journals with relevant data from bank statement/s
- 2.3. Identify discrepancies and refer to appropriate staff member, organisation or agency
- 2.4. Total cash journals in accordance with organisational policy and procedures
- 2.5. Prepare regular reconciliation reports within designated time lines
3. Maintain accounts payable and accounts receivable systems
- 3.1. Enter transactions into individual accounts payable and accounts receivable, in accordance with organisational policy and procedures, and accounting requirements
- 3.2. Prepare schedules of accounts payable and accounts receivable for reconciliation purposes, in accordance with organisational requirements
- 3.3. Reconcile schedules accounts payable and accounts receivable with journal data or general ledger, in accordance with organisational requirements
4. Process payments for accounts payable
- 4.1. Reconcile accounts payable statements with accounting records, in accordance with organisational policy and procedures
- 4.2. Check payment documentation for accuracy of information and discrepancies and rectify errors, in accordance with organisational requirements
5. Prepare statements for accounts receivable
- 5.1. Produce and check accounts receivable statements for accuracy of content in accordance with organisational policy and procedures
- 5.2. Rectify discrepancies and statements despatched within designated time lines
6. Follow up outstanding accounts
- 6.1. Maintain accounts receivable ledger system, in accordance with organisational requirements, to reflect current credit situation
- 6.2. Conduct aged analysis of accounts receivable to identify outstanding accounts and to determine collection procedures, in accordance with organisational requirements
- 6.3. Report or follow-up outstanding accounts in accordance with organisational policy and procedures
- 6.4. Monitor and review credit terms in accordance with credit policy and procedures
RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Source documents may include:
adjustment notes issued
adjustment notes received
cheque butts
credit notes issued
credit notes received
invoices issued
invoices received
receipts
tax invoices issued
tax invoices received
Transactions may include:
capital contributions in cash by owner
cash purchases
cash sales
commission
credit purchases
credit sales
day-to-day expenses
electronic funds transfer
interest charges and bank fees
interest revenue
payments received from debtors
payments to creditors
petty cash transactions
purchases paid by cheque
returns
withdrawal of cash by owner
Journal system may include:
cash payments journal
cash receipts journal
purchases journal
purchases returns journal
sales journal
sales returns journal
Systems may include:
computerised
manual
Relevant legislation and compliance requirements may include:
consumer:
codes of practice
Australian Consumer Credit Code
privacy laws
secrecy laws
competition:
Australian Competition and Consumer Commission (ACCC), National Competition Policy
prudential:
commonwealth Bills of Exchange Act 1909
commonwealth Cheques and Payment Orders Act 1986
commonwealth Financial Transaction Reports Act 1988
commonwealth Land Tax Assessment Act 2002
commercial tenancies laws
corporate law
Credit Reference Association of Australia (CRAA)
Electronic Funds Transfer (EFT) Code of Conduct
Financial Institutions (FI) Code
payroll tax assessment laws and regulations
prescribed payments laws and regulations
stamp duties laws
taxation assessment laws
Discrepancies may include:
bank charges
direct deposits
direct payments
dishonoured cheques
interest
Accounts payable and accounts receivable systems may include:
accounts payable schedule
accounts payable subsidiary ledger
accounts receivable schedule
accounts receivable subsidiary ledger
Journal data may include:
accounts payable data from cash payments journal
accounts receivable data from cash receipts journal
purchases journal total
purchases returns journal total
sales journal total
sales returns journal total
Checking payment documentation may include:
attachment of supporting invoices, statements
calculation of discount
cheque data
remittance advice data
Accounts receivable statements may include:
any payments received allocated on an invoice by invoice basis
computerised system
discount policy
final balance with overdue details if appropriate
information about any sales, sales returns, credit, forward orders and payments, which have occurred throughout the month
manual system
month to which statement is applicable
name and address of client or accounts receivable
name and address of supplier
opening balance if applicable
Credit terms may include:
arrangements for settlement
cancellation of agreed credit arrangements
cash on delivery
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Source documents may include:
adjustment notes issued
adjustment notes received
cheque butts
credit notes issued
credit notes received
invoices issued
invoices received
receipts
tax invoices issued
tax invoices received
Transactions may include:
capital contributions in cash by owner
cash purchases
cash sales
commission
credit purchases
credit sales
day-to-day expenses
electronic funds transfer
interest charges and bank fees
interest revenue
payments received from debtors
payments to creditors
petty cash transactions
purchases paid by cheque
returns
withdrawal of cash by owner
Journal system may include:
cash payments journal
cash receipts journal
purchases journal
purchases returns journal
sales journal
sales returns journal
Systems may include:
computerised
manual
Relevant legislation and compliance requirements may include:
consumer:
codes of practice
Australian Consumer Credit Code
privacy laws
secrecy laws
competition:
Australian Competition and Consumer Commission (ACCC), National Competition Policy
prudential:
commonwealth Bills of Exchange Act 1909
commonwealth Cheques and Payment Orders Act 1986
commonwealth Financial Transaction Reports Act 1988
commonwealth Land Tax Assessment Act 2002
commercial tenancies laws
corporate law
Credit Reference Association of Australia (CRAA)
Electronic Funds Transfer (EFT) Code of Conduct
Financial Institutions (FI) Code
payroll tax assessment laws and regulations
prescribed payments laws and regulations
stamp duties laws
taxation assessment laws
Discrepancies may include:
bank charges
direct deposits
direct payments
dishonoured cheques
interest
Accounts payable and accounts receivable systems may include:
accounts payable schedule
accounts payable subsidiary ledger
accounts receivable schedule
accounts receivable subsidiary ledger
Journal data may include:
accounts payable data from cash payments journal
accounts receivable data from cash receipts journal
purchases journal total
purchases returns journal total
sales journal total
sales returns journal total
Checking payment documentation may include:
attachment of supporting invoices, statements
calculation of discount
cheque data
remittance advice data
Accounts receivable statements may include:
any payments received allocated on an invoice by invoice basis
computerised system
discount policy
final balance with overdue details if appropriate
information about any sales, sales returns, credit, forward orders and payments, which have occurred throughout the month
manual system
month to which statement is applicable
name and address of client or accounts receivable
name and address of supplier
opening balance if applicable
Credit terms may include:
arrangements for settlement
cancellation of agreed credit arrangements
cash on delivery
EVIDENCE GUIDE
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the following is essential:
maintaining journals and subsidiary ledger systems
accurately entering data into journal and subsidiary ledger system
reconciling subsidiary ledger system with journal or general ledger data.
Context of and specific resources for assessment
Assessment must ensure:
access to an actual workplace or simulated environment
access to office equipment and resources, such as:
calculator
computer equipment and relevant software
access to examples of cash journals, credit journals, accounts payable and accounts receivable subsidiary legers
access to workplace reference materials such procedural manuals and company policy.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:
analysis of responses to case studies and scenarios
demonstration of techniques
direct questioning combined with review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate
review of authenticated documents from the workplace or training environment
oral or written questioning to assess knowledge of accounting procedures and techniques.
Guidance information for assessment
Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example:
other financial administration units.
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the following is essential:
maintaining journals and subsidiary ledger systems
accurately entering data into journal and subsidiary ledger system
reconciling subsidiary ledger system with journal or general ledger data.
Context of and specific resources for assessment
Assessment must ensure:
access to an actual workplace or simulated environment
access to office equipment and resources, such as:
calculator
computer equipment and relevant software
access to examples of cash journals, credit journals, accounts payable and accounts receivable subsidiary legers
access to workplace reference materials such procedural manuals and company policy.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:
analysis of responses to case studies and scenarios
demonstration of techniques
direct questioning combined with review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate
review of authenticated documents from the workplace or training environment
oral or written questioning to assess knowledge of accounting procedures and techniques.
Guidance information for assessment
Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example:
other financial administration units.
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C3666 | BSBADM309A | Process accounts payable and receivable | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUL92 | BSBFIA303 | Process accounts payable and receivable | Unit of competency |