FNSACC311 – Process financial transactions and extract interim reports

Elements describe the essential outcomes.Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Check and verify supporting documentation1.1 Identify, check and record information from financial documents1.2 Examine supporting documentation to establish accuracy and completeness, and to confirm authorisation by required personnel
2. Prepare and process banking and petty cash documents2.1 Enter and balance deposits and withdrawals according to organisational procedures2.2 Confirm the validity of cheques and electronic payments before processing2.3 Reconcile banking documentation against organisation’s financial records2.4 Check, process and record petty cash claims and vouchers, and balance petty cash book according to organisational procedures
3. Prepare and process payable and received invoices3.1 Prepare invoices according to organisational policies and procedures3.2 Check invoices against source documents for accuracy and correct identified errors3.3 File invoices and related documents for auditing purposes
4. Prepare journals4.1 Prepare required journal entries within organisational timeframes4.2 Confirm authorisation of journals by required personnel, and process them according to organisational policies and procedures
5. Update financial data and systems5.1 Post journals to ledger in line with organisational input standards5.2 Enter data into system according to organisational input standards and allocate transactions to system and accounts5.3 Update related systems to maintain integrity of relationships between financial systems
6. Prepare deposit facility and lodge flows6.1 Select deposit facility appropriate to banking method to be used6.2 Apply security and safety measures required for banking method according to organisational policies and industry and legislative requirements6.3 Obtain and file proof of lodgement according to organisational protocols
7. Finalise trial balance and interim reports7.1 Determine scope of any special transactions to be made, and process the transactions7.2 Complete cash and credit journals and post to general ledger7.3 Extract and check trial balance and prepare other required interim reports7.4 Review trial balance and interim reports for accuracy and completeness7.5 Finalise and file trial balance and interim reports according to organisational and regulatory requirements

Course Enquiry

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