Unit of competency Outline

Date retreived
23/07/2026 3:28 PM AWST

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Establish and maintain an accrual accounting system

Establish and maintain an accrual accounting system

Unit of competency
National Code
FNSBKG403
State Code
AUQ53
TGA Status
Deleted
DTWD Status
Deleted
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
50
Description
This unit describes the skills and knowledge required to establish debtors and creditors, manage debt recovery, perform reconciliations and prepare reports for accrual accounting in manual and computerised accounting systems.It applies to individuals who may use managerial and other techniques to provide contract bookkeeping services for organisations and small business owners. Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Manage chart of accounts
  • 1.1 Adjust chart of accounts to incorporate and establish debtors and creditors as they arise
  • 1.2 Establish debtor and creditor subsidiary ledgers as required
2. Process invoices, adjustment notes and other general ledger transactions
  • 2.1 Raise invoices to debtors and allocate invoices to creditors with coded and processed source documents
  • 2.2 Process and bank payments from debtors in accordance with organisational policy and procedures
  • 2.3 Process payments to creditors in accordance with organisational policy and procedures
  • 2.4 Allocate adjustments to correct invoices
  • 2.5 Raise credit notes for adjustments to invoices and enter other transactions into general ledger
3. Manage contra entries
  • 3.1 Contact and liaise with relevant persons to verify contra deals
  • 3.2 Complete reporting procedures and documentation for contra entries in accordance with organisational policy and procedures, and process contra entries to update debtors, creditors and general ledgers
4. Identify and process bad debts
  • 4.1 Liaise with relevant persons to report and verify bad debt if negotiations with debtors do not produce successful outcomes
  • 4.2 Complete reporting procedures and appropriate documentation in accordance with organisational policy and procedures, and process bad debts to update debtors and general ledgers
5. Manage debt recovery
  • 5.1 Review activities and communication with debtors with relevant persons to determine adequacy of follow up, if applicable
  • 5.2 Start processes to collect monies that include initiation of legal action and consultation with experts, in accordance with organisational policy and procedures
6. Prepare and produce reports and trial balance
  • 6.1 Produce reports that contain validated transactions
  • 6.2 Reconcile debtors and creditors, and produce accurate relevant reports
  • 6.3 Produce trial balance and present reports to relevant persons with explanations as required
No information
No information
Replaces
State Code National Code Title Type
D4071 FNSBKG403A Establish and maintain an accrual accounting system Unit of competency
State Code National Code Title Type
AWA4 FNS30315 Certificate III in Accounts Administration Qualification
AWB2 FNS40215 Certificate IV in Bookkeeping Qualification