Unit of competency Outline

Date retreived
22/07/2026 3:26 PM AWST

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Reconcile financial transactions

Reconcile financial transactions

Unit of competency
National Code
FNSACM312
State Code
OCZ41
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
02/02/2021
View on TGA
State Implementation and Classification
Approved Date
22/04/2021
Field of Education
080101 - Accounting
Original Release Date
22/04/2021
Nominal Hours
15
Description
This unit describes the skills and knowledge required to reconcile financial transactions from bank accounts to the correct customer and ledger accounts and investigate difficulties.The unit applies to those who may be required to work as part of a finance or accounting team.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Reconcile financial transactions to accounting system records and invoices
  • 1.1 Obtain receipts data for required period
  • 1.2 Match financial transactions where data shows match
  • 1.3 Update accounting records for financial transactions not in the accounting system
  • 1.4 Process over and underpayments received according to organisational policies and procedures
2. Action unmatched transactions
  • 2.1 Identify unmatched receipts and payments and investigate according to organisational policies and procedures
  • 2.2 Check possible receipt matches and confirm correct allocation
  • 2.3 Record and allocate payments made to suppliers to correct expense account according to organisational policies and procedures
  • 2.4 Follow up payments made to suppliers but not yet showing on banking data according to organisational policies and procedures
  • 2.5 Identify irreconcilable financial transitions and action according to organisational policies and procedures
  • 2.6 Identify data and allocation discrepancies and follow up with customers, suppliers, the bank and internal staff as required according to organisational policies and procedures
3. Complete reconciliation process
  • 3.1 Finalise reconciliation within required timeframes and according to organisational policies and procedures
  • 3.2 Report unresolved reconciliation issues according to organisational policies and procedures
  • 3.3 Prepare, update and file documentation according to organisational policies and procedures
No information
No information
Replaces
State Code National Code Title Type
AUQ37 FNSACM302 Prepare, match and process receipts Unit of competency