Unit of competency Outline

Date retreived
22/07/2026 8:26 PM AWST

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Process financial transactions

Process financial transactions

Unit of competency
National Code
BSBFIN301
State Code
OCD55
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
19/10/2020
View on TGA
State Implementation and Classification
Approved Date
16/03/2021
Field of Education
080101 - Accounting
Original Release Date
16/03/2021
Nominal Hours
25
Description
This unit describes skills and knowledge required to prepare, process and maintain financial transactions and to reconcile outstanding accounts.The unit applies to individuals employed in a range of work environments supporting the accounting functions of an organisation. They may provide administrative support in an organisation or be members of staff, who have been delegated accounting responsibilities.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Prepare financial transactions
  • 1.1 Identify errors in source documents for escalation
  • 1.2 Enter total transactions into organisational journal system according to organisational policies, procedures and accounting requirements
  • 1.3 Identify any discrepancies between cash journals and bank statements
  • 1.4 Refer discrepancies according to organisational escalation procedures
2. Process financial transactions
  • 2.1 Enter transaction as a journal entry according to organisational policies, procedures and accounting requirements
  • 2.2 Prepare schedules of financial transaction for reconciliation according to organisational requirements
  • 2.3 Reconcile schedules with general ledger according to organisational requirements
  • 2.4 Rectify original journal entry and escalate, where required
3. Reconcile outstanding accounts
  • 3.1 Prepare reconciliation reports from cash journals to cash receipts
  • 3.2 Identify any discrepancies between cash journals and bank statements
  • 3.3 Refer discrepancies to management
  • 3.4 Maintain general ledger system to reflect current credit situation according to organisational requirements
4. Determine outstanding debt processes
  • 4.1 Identify outstanding accounts and collection procedures according to organisational requirements
  • 4.2 Report or follow up outstanding accounts according to organisational policies and procedures
  • 4.3 Monitor and review credit terms according to credit policies and procedures
No information
No information
Replaces
State Code National Code Title Type
AUL92 BSBFIA303 Process accounts payable and receivable Unit of competency
AUM28 BSBCUE306 Process complex accounts Unit of competency
AUK30 BSBCUE305 Process credit applications Unit of competency