Unit of competency Outline

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

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Reconcile financial transactions

Reconcile financial transactions

Unit of competency
National Code
FNSFMK401
State Code
AUR09
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
20
Description
This unit describes the skills and knowledge required to confirm and reconcile financial market trading transactions.It applies to individuals who use specialised knowledge to carefully review and check detailed information to ensure quality standards are maintained.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Reconcile transaction
  • 1.1 Identify accounts and/or data held in operations systems for reconciliation
  • 1.2 Check that cash or security movements in one account agree with those in other accounts and/or the organisational systems
  • 1.3 Identify any discrepancies within the transaction amounts between accounts according to organisational procedures
2. Follow up discrepancies
  • 2.1 Follow up any discrepancies with the counterparty, correspondent or internal systems according to organisational procedures
  • 2.2 Escalate unreconciled discrepancies to appropriate organisational personnel for review
  • 2.3 Reconcile accounts once discrepancies have been rectified
No information
No information
Replaces
State Code National Code Title Type
D4120 FNSFMK401A Reconcile financial transactions Unit of competency
Replaced By
State Code National Code Title Type
OBR89 FNSFMK411 Perform reconciliations Unit of competency