Unit of competency Outline
Date retreived
22/07/2026 5:08 AM AWST
22/07/2026 5:08 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 financial records
Maintain financial records
Unit of competency
National Code
BSBFIA301
BSBFIA301
State Code
AUK66
AUK66
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
15/09/2015
Field of Education
080101 - Accounting
Original Release Date
15/09/2015
Nominal Hours
60
Description
This unit describes the skills and knowledge required to maintain daily financial records such as reconciling debtors’ and creditors’ systems, preparing and maintaining a general ledger and trial balance and includes activities associated with monitoring cash control for accounting purposes.It applies to individuals who are skilled operators and apply a broad range of competencies in various work contexts and may exercise discretion and judgement using appropriate theoretical knowledge of financial records.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1 Maintain daily financial records
- 1.1 Correctly maintain daily financial records in accordance with organisational and legislative requirements for accounting purposes
- 1.2 Identify and rectify or refer discrepancies or errors in documentation or transactions to designated persons in accordance with organisational and legislative requirements
- 1.3 Accurately credit and debit transactions and promptly enter into journals in accordance with organisational and legislative requirements
2 Maintain general ledger
- 2.1 Maintain general ledger in accordance with organisational and legislative requirements
- 2.2 Post transactions into general ledger in accordance with organisational and legislative reporting requirements
- 2.3 Reconcile systems for accounts payable and receivable with general ledger
- 2.4 Accurately prepare trial balance from general ledger in accordance with organisational and legislative requirements
3 Monitor cash control
- 3.1 Ensure cash flow is accurately accounted for in accordance with organisational and legislative requirements
- 3.2 Make and receive payments in accordance with organisational and legislative requirements
- 3.3 Collect or follow up outstanding accounts within designated timelines
- 3.4 Check payment documentation for accuracy of information and despatch to creditors within designated timeline
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| D0701 | BSBFIA301A | Maintain financial records | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| OCF95 | BSBFIN302 | Maintain financial records | Unit of competency |