Unit of competency Outline

Date retreived
22/07/2026 8:30 AM AWST

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Maintain inventory records

Maintain inventory records

Unit of competency
National Code
FNSACC405
State Code
AUQ10
TGA Status
Current
DTWD Status
Approved
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
30
Description
This unit describes the 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.It applies to individuals who use specialised financial knowledge and follow procedures to ensure compliance with required standards.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Process inventory purchase
  • 1.1 Record purchase of inventory from appropriate documentation in subsidiary ledger
  • 1.2 Maintain periodic and perpetual records of inventory
2. Record inventory flows
  • 2.1 Apply inventory flow assumptions as appropriate
  • 2.2 Value inventory using appropriate valuation rules
3. Reconcile inventory records to general ledgers
  • 3.1 Reconcile all inventory records to accounts in accordance with organisational policy, procedures and practices
  • 3.2 Identify and action discrepancies according to organisational policy, procedures and practices
4. Prepare inventory schedules and ad hoc reports
  • 4.1 Develop and document schedules of inventory turnover and other procedures
  • 4.2 Prepare spreadsheets and ad hoc reports on inventory status as required or requested
No information
No information
Replaces
State Code National Code Title Type
D4037 FNSACC405A Maintain inventory records Unit of competency