Unit of competency Outline

Date retreived
22/07/2026 6:57 AM AWST

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Maintain financial records

Maintain financial records

Unit of competency
National Code
SITXFIN002A
State Code
S6521
TGA Status
Deleted
DTWD Status
Deleted
Current Release Number
1.00
Current Release Date
12/11/2010
View on TGA
State Implementation and Classification
Approved Date
24/05/2012
Field of Education
080101 - Accounting
Original Release Date
24/05/2012
Nominal Hours
45
Description
This unit describes the performance outcomes, skills and knowledge required to maintain accurate financial records in a range of business contexts.
Notes
Elements and Performance Criteria
1 Post transactions.
  • 1.1 Organise and interpret source documents accurately in preparation for entering transactions.
  • 1.2 Identify any irregularities in documentation promptly and take action to resolve within scope of individual responsibility and designated timeframes.
  • 1.3 Check or obtain correct authorisation for entry.
  • 1.4 Select correct account and journal for intended entry.
  • 1.5 Enter credit and debit transactions into journals, including correct allocation of all amounts within designated timeframes.
  • 1.6 Support journal entries with explanation and cross-referencing to support documentation where necessary.
  • 1.7 Cross-check source documentation with entered transaction to ensure matching.
  • 1.8 File source documents in the correct location and according to organisation procedures.
2 Reconcile transactions to a balance.
  • 2.1 Check documentation and balances to ensure matching.
  • 2.2 Where appropriate, use reconciliation features of computerised systems correctly to assist the reconciliation process.
  • 2.3 Where necessary, investigate and clear outstanding entries accurately and promptly in consultation with appropriate colleagues.
  • 2.4 Identify, investigate or report discrepancies according to scope of individual responsibility.
  • 2.5 Finalise reconciliations within designated timelines and provide information to colleagues.
3 Retrieve financial information.
  • 3.1 Interrogate financial records correctly to identify required information.
  • 3.2 Generate and distribute relevant routine financial reports or information at designated times and in response to requests from colleagues.
  • 3.3 Check financial reports for accuracy prior to distribution.
  • 3.4 Identify, investigate or report discrepancies according to scope of individual responsibility.
RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording in the performance criteria is detailed below.

Source documents may include:
cheques
deposit books
cheque requisitions
tax invoices
credit notes
expense vouchers
petty cash vouchers
receipts
bank and credit card statements.


Transactions may include:
cash and credit card receipts
cash and credit card payments
petty cash
sales
refunds
rebates
interest expenses or interest received
direct debits and credits
returns and allowances journal entries
bad debts journal entries
main, general journal entries
payroll journal entries.


Reconciliations may include:
single system reconciliations
creditor statements
petty cash
foreign currency
bank reconciliations
guest accounts
travel files
taxation.


Routine financial reports may include:
period reports on receipts or disbursements
account summaries
short-term trading information
information for business activity statements
GST paid or received.
EVIDENCE GUIDE
The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, the range statement and the Assessment Guidelines for this Training Package.

Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the following is essential:
understanding of financial record-keeping processes as they apply to a particular industry sector or organisation
ability to maintain accurate records within acceptable organisation timeframes and according to organisation requirements
ability to complete reconciliations and resolve routine bookkeeping problems within organisation-acceptable timeframes
posting of multiple transactions of different types over a period of time to reflect the typical trading or reporting period within a given sector or organisation
completion of reconciliations that include data of a size, scope and nature to reflect current industry practice
generation of financial information and routine reports that reflect current industry format and practices
presence of time constraints that reflect the relevant industry environment.


Context of and specific resources for assessment
Assessment must ensure:
use of industry-current accounting systems
integration of problem-solving strategies, such as identifying and resolving errors in reports.


Methods of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:
direct observation of the candidate using a system to post transactions
review of reconciliations and the accuracy of financial records or reports prepared by the candidate
review of documentation used or prepared by the candidate to prepare financial records
problem-solving exercises to address typical bookkeeping errors and problems
review of portfolios of evidence and third-party workplace reports of on-the-job performance by the candidate.
Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended.


Assessing employability skills
Employability skills are integral to effective performance in the workplace and are broadly consistent across industry sectors. How these skills are applied varies between occupations and qualifications due to the different work functions and contexts.
Employability skills embedded in this unit should be assessed holistically with other relevant units that make up the skill set or qualification and in the context of the job role.
Replaces
State Code National Code Title Type
E1984 THHGFA02B Maintain financial records Unit of competency