FNSACC312 – Administer subsidiary accounts and ledgers

Elements describe the essential outcomes.Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Review accounts receivable requirements1.1 Check receipts entered into manual accounts receivable system for accuracy, consistency and completeness1.2 Identify and make record of incorrect entries according to type and source of receipt1.3 Identify and investigate discrepancies between monies owed and monies paid according to organisational policies, procedures and guidelines1.4 Amend receipts entered into manual accounts receivable system according to established procedures
2. Identify bad and doubtful debts2.1 Review debtor ledger according to organisational policies and guidelines to identify outstanding monies and seek further information where required2.2 Verify bad and doubtful debt status through liaison with debtors2.3 Complete reporting procedures and required documentation for bad and doubtful debts according to organisational policies and guidelines
3. Review client compliance with terms and conditions and plan recovery action3.1 Identify clients in default of trading terms according to organisational credit policies and operating procedures3.2 Contact identified clients and promptly and courteously make satisfactory arrangements for payment of outstanding monies3.3 Action organisational policy and procedures for monies owing that constitute breach of organisational credit policy3.4 Review previous activities and communication with clients to establish adequacy of follow-up procedures, and determine whether usual organisational recovery avenues have been exhausted3.5 Develop plans to pursue debt recovery or to initiate legal action, with measures completed in line with organisational policies, guidelines and timeframes
4. Prepare reports and file documentation4.1 Prepare reports that document accounts receivable, debt recovery type and cause, and debt recovery plan4.2 Distribute reports to supervisors, managers, and other designated parties4.3 File documentation according to organisational policy and procedures
5. Distribute creditor invoices for authorisation5.1 Identify, investigate and rectify invoice discrepancies and encode and record invoices correctly5.2 Request authorisation for payment from designated personnel
6. Remit payments to creditors6.1 Draw up and ensure authorisation of cheque requisition6.2 Collect and record data relating to creditor details and amounts paid according to organisational guidelines, and prepare report for ratification by management6.3 Prepare creditor payment in line with organisational requirements6.4 Prepare journal to record payment
7. Reconcile outstanding balances7.1 Obtain statements of outstanding balances from suppliers where required7.2 Reconcile balances outstanding to invoices received

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