FNSACC416 – Set up and operate a computerised accounting system

Elements describe the essential outcomes.Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Implement integrated accounting system1.1 Implement general ledger, chart of accounts, and subsidiary accounts according to organisational requirements, policies and procedures1.2 Set up customers, suppliers and inventory items in system to meet organisational requirements and reporting requirements of goods and services tax (GST)1.3 Identify sources of technical help and use them to solve operational problems
2. Process transactions in system2.1 Collate, code, and classify input data before processing2.2 Process wide range of cash and credit transactions according to organisational policies and procedures2.3 Use general journal to make balance day adjustments for prepayments and accruals2.4 Regularly review system output to verify accuracy of data input, and make adjustments for detected processing errors2.5 Perform end of financial year rollover
3. Maintain system3.1 Add new general ledger accounts, and customer, supplier, inventory and fixed asset records as required3.2 Maintain and update existing chart of accounts, and customer, supplier, inventory and fixed asset records and subsidiary accounts3.3 Customise chart of accounts to meet reporting requirements of organisation
4. Produce reports4.1 Generate reports to indicate financial performance and financial position of organisation and for goods and services tax (GST) purposes4.2 Generate reports that confirm that subsidiary ledgers and accounts reconcile with general ledger4.3 Generate reports that confirm that system’s bank account entries reconcile with bank statements4.4 Establish systems and practices to ensure information is stored securely and according to legislative and organisational requirements4.5 Maintain secure record of processed transactions for audit purposes

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