3. Runs aged debtor report, or similar. Identifies and corrects any incorrect entries. Liaises with debtor to clear debt. Verifies bad debt with relevant bodies: ASIC action foregoing overdrafts closure of business notices of administration returned mail letters from solicitors/accountants utilities being cut off. Writes off debt – initiates journal entries to expense the bad debt (including provision account adjustments). Checks invoices issued and receipts entered into accounts receivable. Reviews debtor ledger and investigates monies owed – against terms and conditions. Recovery action: liaison with client letters of notice advice to office return of goods legal action letter of collection letters of demand without prejudice third party interventions summonses write-offs. 4. Debtor reconciliation reports. Errors identified and any corrections are made. Reports presented and explained where necessary. Creditor reconciliation reports. balance produced. Comments/observations (If the questions were not satisfactorily answered, state whether practical assessment or gap training is required.)
FNSBKPG404A Carry out business activity and instalment activity statement tasks Suggested responses 3. Collects and processes data. check balances. Processes transactions for GST – codes and classifies purchases and payments. Processes transactions for PAYG withheld – identifies amount withheld from salaries, wages and other payments. Generates activity statement reports. Reconciles accounts. Processes transactions for PAYG income tax instalment – verifies instalment amount or calculates if applicable. necessary adjustments and corrects errors. Page intentionally blank
3. Takes details of enquiries/problem/discrepancy. Checks payroll records/data provided. Checks for discrepancies. Checks payment details. Three (3) examples given. Makes amendment to payroll records. Contacts necessary person/s to make amendments. Holds over to next pay if unable to make changes immediately. Contacts employee with resolution/outcome. If applicable, refers inquiry to designated person(s) for resolution. 4. Payroll tax. PAYG tax. ATO regulations: ABN TFN declaration superannuation guarantee. Occupational Health and Safety. opportunity. Industrial relations. WorkChoices. Anti-discrimination. Industry Awards, AWAs, EBAs. Workers’ compensation. Privacy Act; confidentiality and security of records.
FNSACCT406B Maintain asset and inventory records Did the candidate satisfactorily answer the following questions? Yes No 1. Describe the policy or procedure for the purchase of assets and how these are recorded. 2. Describe the policy or procedure for the sale of assets and how these are recorded. 3. Discuss how you account for inventories including recording the purchase of inventory, valuing inventory and reconciling inventory records to the general ledger. 4. Describe reports you have prepared from asset and inventory records. Suggested responses 1. Obtains approval for purchase. Obtains quote. Reconciles purchase documents/invoices. Checks asset received for quantity and quality compliance. Identifies new asset category when necessary. Prepares and processes the input of the new asset. Register is updated and maintained. 2. Obtains approval for the sale. Complies with legislation relevant to sale, eg ACCC, Consumer Credit Code. Enter disposal data into accounting records. Accounting standards are followed in recording the disposal. Obtains disposal data such as cost of removal, trade-in amount. 3. Records purchase in subsidiary ledger. Applies inventory flow assumptions (cost, net realisable value, calculations based on gross margins). Values inventory (FIFO, weighted average). Reconciles inventory records to general ledger. Maintains periodic and perpetual records. Suggested responses 4. Depreciation schedule. Asset register. Total purchase and disposal for a period. Inventory turnover analysis.
During the demonstration or observation of skills, did the candidate: Yes No N/A demonstrate how debtor reconciliations are performed and reports produced and presented? demonstrate how creditor reconciliations are performed and reports produced and presented? show how a balance is produced? Comments/observations Assessor’s signature Candidate’s signature Date of assessment Demonstration and Observation Checklist
Third Party Evidence Report For individual sectorial core units Candidate’s name Third party evidence provided by Relationship to candidate Unit(s) of Competency FNSBKPG405A Establish and maintain a payroll system Evidence collected Interview at the workplace  Interview on the telephone  Interview conducted by Instructions As part of the assessment for the Certificate IV Financial Services (Bookkeeping) sectorial core units, this third party evidence report will be used to ask questions of a supervisor or client of the candidate for the above unit only. Their responses will be used to support your judgement about the candidate’s competence. To support their testimonial, a business card may be provided by the third party. Does the candidate consistently: Yes No complete the payroll to meet designated timelines for your organisation and for the Australian Taxation Office? reconcile payroll figures and problem solve discrepancies? resolve employees enquiries within the of their responsibility? relate to people from a range of social, cultural and ethnic backgrounds and physical and mental abilities? meet confidentiality and security guidelines? Comments Supervisor’s signature Date Assessor’s signature Date
Element Performance Criteria Self- Evaluation Interview Observations Party Evidence All units Third Party Evidence Individual Units 3. Set up and maintain appropriate systems to meet compliance requirements 3.1 Systems are developed to support audience needs providing instructions and guidelines for carrying out relevant daily activities in accordance with compliance requirements 5 2 1 5 4,5 3.2 Systems are reviewed and adapted as necessary on a regular basis 6 2 6 6,7 6 Required skills (The following skills must be assessed as part of this unit) Written communication skills necessary to complete and record documentation. All 2 4 5,9,10 1 Literacy skills sufficient to document policies and practices. All 2,3 1 5,9,10 4,5 Time management skills as required to provide a timely and professional service. All 2 2 4,5 4 Interpersonal skills required to develop relationships with business owners and other relevant persons. 1,5,6 1 3,4 1–3 1–3 Problem solving skills to identify activities outside the of the individual’s work. 2,3,4 1 1–3 1–3 Assessment skills necessary to identify relevant materials and processes. 2,3,4 3 6 6,7 5,6 Ability to identify and use skills of other professionals when referring work. 1,6 1 4 3 2,3 Required knowledge (The following knowledge must be assessed as part of this unit) Relevant policies and procedures in regard to customer service and techniques. All 2 1,2,6 4 4 Relevant statutory, legislative and regulatory requirements regarding the documentation of accounting procedures. 3 3 2 6,8 7 Relevant industry codes of practice. 2,3,4 2,3 1,6 6–8 7 FNSBKPG401A Develop and implement policies and practices relevant to bookkeeping activities
Element Performance Criteria Self- Evaluation Interview Observations Party Evidence All Third Party Evidence Individual Units 4. Process receipts and payments 4.1 Payments are made and is received and banked 1,2 5 5 4.2 Receipts and payments are coded and recorded in bookkeeping system on a cash basis 1,2 5,6,7 5 4.3 Receipts and payments are filed 1,2 11,14 5 4.4 Cash register is balanced against purchases and takings are processed in internal bookkeeping system 1 4,5 5 5. Set up and maintain a petty cash system 5.1 An expenditure/authorisation record is prepared 6 4 6 5 5.2 Expenditure is encoded, recorded and filed 6 4 6 5 5.3 Expenditure is reconciled and reimbursed 6 4 6 5 6. Process and reconcile credit cards 6.1 Credit card transactions are processed against invoices and other source documents 7 3 7 3,5 6.2 Credit card transactions are verified and reconciled against credit card statements 7 3 7 3,5 6.3 Credit card payments are processed in accordance with organisational policies and procedures 7 3 7 5 FNSBKPG402A Establish and maintain a cash accounting system Element Performance Criteria Self- Evaluation Interview Observations Third Party Evidence All units Third Party Evidence
FNSBKPG403A Establish and maintain an accrual accounting system Element Performance Criteria Self- Evaluation Interview Observations Third Party Evidence All units Third Party Evidence Individual Units 4. Identify and process bad 4.1 Bad debt status is verified through liaison with relevant persons and following attempts to work with debtors to clear debts 4 3 6,7 6 3 4.2 Reporting procedures and appropriate documentation are completed in accordance with organisational policies and procedures 4 3 6,7 6 3,5 4.3 Bad debts are processed to update debtors and general ledgers 4 3 6,7 6 3,5 5. Manage debt recovery 5.1 Activities and communication with debtors are reviewed in conjunction with relevant persons, if applicable, to establish adequacy of followup 5 3 6,7 6 4,6 5.2 Measures to collect monies, including the initiation of legal action and the seeking of expert advice, are undertaken in accordance with organisational policies and procedures 5 3 7 6 4,5,6 6. Prepare and produce reports and balance 6.1 Reports are produced and transactions in report are validated 6,7 4 8,9 6 6.2 Debtors and creditors are reconciled and relevant reports are produced 6,7 4 8,9 1,2 6.3 Any necessary corrections are made 6,7 4 8,9 1,2 6.4 balance is produced 8 4 10 5 7
FNSBKPG405A Establish and maintain a payroll system Element Performance Criteria Self- Evaluation Interview Observations Third Party Evidence All units Third Party Evidence Individual Units 1. Record payroll data 1.1 Payroll system is checked and set up if necessary to ensure that employee data is included 1,2 1,2 1 10 1 1.2 Payroll data is checked and discrepancies are clarified with designated person/s 1,2,8 1,2 1 10 1,2 1.3 Employee pay period details, deductions and allowances are entered in payroll system in accordance with source data 1,2,3,4 1,2 1,2 10 1,2 1.4 Payment due to individual employees is calculated to reflect standard pay and variations in accordance with employee source data 1,2,3,4 1,2 1,2 10 1,2 2. Prepare payroll 2.1 Payroll is prepared within designated timelines in accordance with organisational policies and procedures 1,2,3 1,2 1,2 1,10 1,2 2.2 Employee entitlements are calculated, recorded and reconciled in accordance with legislative requirements 1,2,3,4 1,2 2,3 10 1,2 2.3 Total payments for pay period are reconciled, and irregularities are checked and corrected, or referred to designated person/s for resolution 1,2,3 1,2 1,2,3 10 1,2 2.4 Arrangements for payment are made in accordance with organisational and individual requirements 1,2,3 1,2 1,2,3 10 1,2 2.5 Authorisation of payroll and individual pay advice is obtained in accordance with organisational requirements 5 1,2 1,2,3,4 10 1,2 2.6 Payroll records are produced, checked and stored in accordance with organisational policy and security procedures 3,4,5 1,2 4 10 1,2 2.7 Security procedures records are followed 7 1,2 7 10 5