UNIT
Not applicable.
This unit describes the performance outcomes, skills and knowledge required to maintain accounts payable and accounts receivable records, including processing payments to creditors and handling overdue accounts receivable. No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement. |
This unit applies to individuals employed in a range of work environments supporting the accounting functions and aspects of an enterprise. They may provide administrative support within an enterprise, or may be members of staff who have been delegated accounting responsibilities. |
Not applicable.
This unit contains employability skills. |
Elements describe the essential outcomes of a unit of competency. | Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. | |
Evidence of the following is essential: maintaining journals and subsidiary ledger systems accurately entering data into journal and subsidiary ledger system reconciling subsidiary ledger system with journal or general ledger data. | |
Assessment must ensure: access to an actual workplace or simulated environment access to office equipment and resources, such as: calculator computer equipment and relevant software access to examples of cash journals, credit journals, accounts payable and accounts receivable subsidiary legers access to workplace reference materials such procedural manuals and company policy. | |
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit: analysis of responses to case studies and scenarios demonstration of techniques direct questioning combined with review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate review of authenticated documents from the workplace or training environment oral or written questioning to assess knowledge of accounting procedures and techniques. | |
Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example: other financial administration units. | |
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included. | |
adjustment notes issued adjustment notes received cheque butts credit notes issued credit notes received invoices issued invoices received receipts tax invoices issued tax invoices received | |
capital contributions in cash by owner cash purchases cash sales commission credit purchases credit sales day-to-day expenses electronic funds transfer interest charges and bank fees interest revenue payments received from debtors payments to creditors petty cash transactions purchases paid by cheque returns withdrawal of cash by owner | |
cash payments journal cash receipts journal purchases journal purchases returns journal sales journal sales returns journal | |
computerised manual | |
consumer: codes of practice Australian Consumer Credit Code privacy laws secrecy laws competition: Australian Competition and Consumer Commission (ACCC), National Competition Policy prudential: commonwealth Bills of Exchange Act 1909 commonwealth Cheques and Payment Orders Act 1986 commonwealth Financial Transaction Reports Act 1988 commonwealth Land Tax Assessment Act 2002 commercial tenancies laws corporate law Credit Reference Association of Australia (CRAA) Electronic Funds Transfer (EFT) Code of Conduct Financial Institutions (FI) Code payroll tax assessment laws and regulations prescribed payments laws and regulations stamp duties laws taxation assessment laws | |
bank charges direct deposits direct payments dishonoured cheques interest | |
accounts payable schedule accounts payable subsidiary ledger accounts receivable schedule accounts receivable subsidiary ledger | |
accounts payable data from cash payments journal accounts receivable data from cash receipts journal purchases journal total purchases returns journal total sales journal total sales returns journal total | |
attachment of supporting invoices, statements calculation of discount cheque data remittance advice data | |
any payments received allocated on an invoice by invoice basis computerised system discount policy final balance with overdue details if appropriate information about any sales, sales returns, credit, forward orders and payments, which have occurred throughout the month manual system month to which statement is applicable name and address of client or accounts receivable name and address of supplier opening balance if applicable | |
arrangements for settlement cancellation of agreed credit arrangements cash on delivery | |
Finance - Financial Administration |
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