Unit of competency Outline

Date retreived
22/07/2026 5:04 PM AWST

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Maintain a general ledger

Maintain a general ledger

Unit of competency
National Code
BSBFIA304A
State Code
D0704
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
10/03/2009
View on TGA
State Implementation and Classification
Approved Date
04/07/2014
Field of Education
080901 - Secretarial And Clerical Studies
Original Release Date
04/07/2014
Nominal Hours
40
Description
This unit describes the performance outcomes, skills and knowledge required to maintain a general ledger within an organisation including processing journal entries and preparing a trial balance.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Notes
Elements and Performance Criteria
1. Process journal entries
  • 1.1. Prepare general journal entries from source journals in accordance with accounting requirements, organisational policy, procedures and accounting standards
  • 1.2. Post journal entries into general ledger system in accordance with organisational policy, procedures and accounting standards
  • 1.3. Reconcile accounts payable and accounts receivable subsidiary ledger systems with general ledger
  • 1.4. Ensure processing maintains the accounting equation and is completed within designated time lines
2. Prepare a trial balance
  • 2.1. Prepare trial balance of general ledger system in accordance with organisational requirements and accounting standards, and ensure it is checked for accuracy
  • 2.2. Identify and rectify irregularities or refer them for resolution when trial balance does not balance, in accordance with organisational 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.
General journal entries may include:
bad debts written off
correction of posting errors
interest expense
interest receivable
opening entries
purchase of a non-current asset on credit
sale of a non-current asset on credit
transfer of funds between bank accounts
withdrawal of stock and assets by owner
Source journals for general ledger may include:
cash payments journal
cash receipts journal
general journal
purchases journal
purchases returns journal
sales journal
sales return journal
General ledger system may include:
computerised
manual
Reconciling accounts payable and accounts receivable may include:
checking accuracy of accounts payable balances with general ledger control account
checking accuracy of accounts receivable balances with general ledger control account
Preparing trial balance may include:
checking total debits equal total credits
listing ledger account balances from general ledger
tracing of errors
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:
accurately entering data
applying understanding of general journal entries and knowledge of the relationship between journals and general ledger
implementation of double-entry principles
systematic tracing of errors.
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
examples of source journals.
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 ofaccounting 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
C3667 BSBADM310A Maintain a general ledger Unit of competency
Replaced By
State Code National Code Title Type
AUH82 BSBFIA304 Maintain a general ledger Unit of competency