Unit of competency Outline

Date retreived
22/07/2026 2:04 AM 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.

Administer subsidiary accounts and ledgers

Administer subsidiary accounts and ledgers

Unit of competency
National Code
FNSACC302
State Code
AUQ09
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
080101 - Accounting
Original Release Date
16/09/2015
Nominal Hours
40
Description
This unit describes the skills and knowledge required to reconcile and monitor financial accounts receivable systems, identify bad and doubtful debts and plan a recovery action, and remit payments to sundry creditors.It applies to individuals who use specialised knowledge and follow agreed processes to problem solve within their area of responsibility.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Review accounts receivable process
  • 1.1 Check receipts entered into accounts receivable system for accuracy, consistency and thoroughness
  • 1.2 Identify and accurately record incorrect entries according to type and source of receipt
  • 1.3 Identify and investigate discrepancies between monies owed and monies paid according to organisational policy, procedures and guidelines
  • 1.4 Amend receipts entered into accounts receivable system according to established procedures
2. Identify bad and doubtful debts
  • 2.1 Regularly review debtor ledger in accordance with organisational policy and guidelines to identify outstanding monies and seek further information, if required, from relevant sources
  • 2.2 Verify bad or doubtful debt status through liaison with debtors
  • 2.3 Complete reporting procedures and appropriate documentation for bad and doubtful debts in accordance with organisational policy and guidelines
3. Review compliance with terms and conditions and plan recovery action
  • 3.1 Correctly identify clients in default of trading terms according to organisational operating procedures, and promptly and courteously contact to make satisfactory arrangements to pay outstanding monies
  • 3.2 Action organisational policy and procedures for monies owing that constitute breaches of organisational credit policy
  • 3.3 Thoroughly review previous activities and communication with clients to establish adequacy of follow-up procedures and determine whether all usual organisational recovery avenues have been exhausted
  • 3.4 Develop plans to pursue debt recovery or to initiate legal action with measures to collect monies completed in accordance with organisational policy, guidelines and timelines
4. Prepare reports and file documentation
  • 4.1 Prepare reports which document accounts receivable, debt recovery type, cause and recovery plan, and distribute to supervisors, managers and other relevant parties
  • 4.2 Promptly file documentation in accordance with organisational policy and procedures
5. Distribute creditor invoices for authorisation
  • 5.1 Identify, investigate and rectify invoice discrepancies and encode and record invoices correctly
  • 5.2 Request authorisation for payment from appropriate personnel
6. Remit payments to creditors
  • 6.1 Correctly draw up and ensure authorisation of cheque requisition and identify correct general ledger to draw against
  • 6.2 Debit correct account in timely manner and in accordance with legislative and compliance requirements
  • 6.3 Prepare creditor payments in accurate manner
7. Prepare accounts paid report and reconcile balances outstanding
  • 7.1 Collect data and enter onto spreadsheet, giving details of creditors and amounts paid, and prepare report for ratification by appropriate management
  • 7.2 Obtain statements of outstanding balances from suppliers where required and reconcile balances outstanding to invoices received
No information
No information
Replaces
State Code National Code Title Type
D4031 FNSACC302A Administer subsidiary accounts and ledgers Unit of competency
Replaced By
State Code National Code Title Type
BBH86 FNSACC312 Administer subsidiary accounts and ledgers Unit of competency