Unit of competency Outline

Date retreived
22/07/2026 6:51 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.

Process financial transactions and extract interim reports

Process financial transactions and extract interim reports

Unit of competency
National Code
FNSACC301
State Code
AUQ00
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
60
Description
This unit describes the skills and knowledge required to prepare and process routine financial documents, prepare journal entries, post journals to ledgers, prepare banking and reconcile financial receipts, and extract a trial balance and interim reports.It applies to individuals who use specialised knowledge and follow agreed processes to carefully check and process detailed financial information to ensure standards are maintained.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. Check and verify supporting documentation
  • 1.1 Identify, check and record information from documents
  • 1.2 Examine supporting documentation to establish accuracy and completeness and to ensure authorisation by appropriate personnel
2. Prepare and process banking and petty cash documents
  • 2.1 Enter accurately and balance deposits and withdrawals according to organisational procedures
  • 2.2 Check cheques and card vouchers for validity before processing
  • 2.3 Reconcile banking documentation with organisation’s financial records
  • 2.4 Check, process and record petty cash claims and vouchers, and balance petty cash book according to organisational procedures
3. Prepare and process invoices for payment to creditors and for debtors
  • 3.1 Prepare invoices in accordance with organisational procedures
  • 3.2 Check invoices against source documents for accuracy and correct any errors
  • 3.3 File all invoices and related documents for auditing purposes
4. Prepare and post journals and batch monetary items
  • 4.1 Prepare journals accurately and completely, and batch items within organisational timelines
  • 4.2 Match batch items precisely to initial receipt records
  • 4.3 Ensure journals are authorised by appropriate person and process in accordance with organisational policy and procedures
5. Post journals to ledger
  • 5.1 Post journals accurately to ledger in accordance with organisational input standards, with transactions correctly allocated to system and accounts
6. Enter data into system
  • 6.1 Enter data accurately into system in accordance with organisational input standards and correctly allocate transactions to system and accounts
  • 6.2 Update related systems to maintain integrity of relationships between financial systems
7. Prepare deposit facility and lodge flows
  • 7.1 Select deposit facility appropriate to banking method to be used
  • 7.2 Balance batch with deposit facility without error
  • 7.3 Take security and safety precautions appropriate to method of banking, in accordance with organisational policy and industry and legislative requirements
  • 7.4 Obtain and file proof of lodgement so that it is easily accessible and traceable
8. Extract trial balance and interim reports
  • 8.1 Process accurately any special transactions
  • 8.2 Complete cash and credit journals and post to general ledger
  • 8.3 Extract and check trial balance and prepare other required reports
  • 8.4 Find and correct any errors
No information
No information
Replaces
State Code National Code Title Type
D4030 FNSACC301A Process financial transactions and extract interim reports Unit of competency
Replaced By
State Code National Code Title Type
BBH91 FNSACC311 Process financial transactions and extract interim reports Unit of competency