Unit of competency Outline
Date retreived
23/07/2026 12:05 AM AWST
23/07/2026 12:05 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.
Maintain inventory records
Maintain inventory records
Unit of competency
National Code
FNSACC405A
FNSACC405A
State Code
D4037
D4037
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
04/07/2014
Field of Education
080101 - Accounting
Original Release Date
04/07/2014
Nominal Hours
30
Description
This unit describes the performance outcomes, skills and knowledge required to comply with organisational inventory procedures, reconcile inventory records to general ledgers, record inventory flows, prepare schedules and produce ad hoc reports.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Notes
Elements and Performance Criteria
1. Process inventory purchase
- 1.1. Purchase of inventory is recorded from appropriate documentation in subsidiary ledger
- 1.2. Periodic and perpetual records of inventory are maintained
2. Record inventory flows
- 2.1. Inventory flow assumptions are applied as appropriate
- 2.2. Inventory is valued using appropriate valuation rules
3. Reconcile inventory records to general ledgers
- 3.1. All inventory records to the accounts are reconciled in accordance with organisation's policies, procedures and practices
- 3.2. Discrepancies are identified and actioned according to organisation's policies, procedures and practices
4. Prepare inventory schedules and ad hoc reports
- 4.1. Schedules of inventory turnover and other procedures are developed and documented
- 4.2. Spreadsheets and ad hoc reports reporting on inventory status are prepared as required or requested
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.
Documentation may include:
delivery reports
invoices from suppliers
purchase orders
purchase requisitions.
Inventory flow assumptions may include:
calculations based on gross margins
cost
net realisable value.
Inventory valuation rules may include:
first in, first out
specific identification
weighted average.
Organisation's policies, procedures and practices may include:
inventory management
preparation of reconciliation reports
stock takes.
Ad hoc reports may include:
inventory turnover analysis
total purchases and inventory usage for a period.
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.
Documentation may include:
delivery reports
invoices from suppliers
purchase orders
purchase requisitions.
Inventory flow assumptions may include:
calculations based on gross margins
cost
net realisable value.
Inventory valuation rules may include:
first in, first out
specific identification
weighted average.
Organisation's policies, procedures and practices may include:
inventory management
preparation of reconciliation reports
stock takes.
Ad hoc reports may include:
inventory turnover analysis
total purchases and inventory usage for a period.
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 ability to:
interpret and apply organisational policies and procedures and inventory valuation rules
make inventory flow assumptions and record inventory flows
prepare schedules and ad hoc reports.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
observing processes and procedures in workplaces or role plays
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
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 ability to:
interpret and apply organisational policies and procedures and inventory valuation rules
make inventory flow assumptions and record inventory flows
prepare schedules and ad hoc reports.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
observing processes and procedures in workplaces or role plays
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9599 | FNSACCT406B | Maintain asset and inventory records | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUQ10 | FNSACC405 | Maintain inventory records | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S705 | FNS40610 | Certificate IV in Accounting | Qualification |
| D707 | FNS40611 | Certificate IV in Accounting | Qualification |
| S701 | FNS40210 | Certificate IV in Bookkeeping | Qualification |
| D706 | FNS40211 | Certificate IV in Bookkeeping | Qualification |
| J287 | PSP40512 | Certificate IV in Government (Financial Services) | Qualification |