FNSACCT407A Set up and operate a computerised accounting system

Description

Elements of Competency and Performance Criteria

National Code

Element Name

FNSACCT407A/01	Implement an integrated accounting system
	The general ledger and chart of accounts are implemented in accordance with organisational requirements Customers, suppliers and inventory items are set up in accordance with organisational requirements A system is set up to meet the reporting requirements of Goods and Services Tax (GST) Appropriate technical help is used to solve any operational problems

FNSACCT407A/02

Process transactions within the system

Input data is collated, coded and classified before processing A wide range of cash and credit transactions are processed in both a service and trading environment The general journal is used to make any balance day adjustments for prepayments and accruals The system outputs is reviewed to verify the accuracy of data input Adjustments are made for any detected processing errors An end of financial year rollover is performed

FNSACCT407A/03	Maintain the system
	Any new general ledger accounts, customer, supplier, inventory and fixed asset records are added as required Any existing chart of accounts, customer, supplier, inventory and fixed asset records are maintained and updated The chart of accounts is customised to meet the reporting requirements of the organisation

FNSACCT407A/04

Produce reports

Reports to indicate the financial performance and financial position of the organisation are generated Reports to meet the GST reporting requirements of the organisation are generated Reports to ensure that subsidiary ledgers/accounts reconcile with the general ledger are generated Reports, which ensure that the bank account reconciles with the bank statement, over at least two reporting periods are generated

FNSACCT407A/05	Ensure system integrity
	Regular back-ups of the system are made to ensure against loss or corruption of data Data back-ups are restored in the event of loss or corruption of data A secure record of all processed transactions is maintained for audit purposes

Required Skills and Knowledge

Knowledge requirements include:

• Relevant legislation and statutory requirements including those relating to occupational health and safety (OH&S)
• Relevant source documents and information contained within source documents
• Principles of double entry accounting
• Principles and practices of accrual accounting
• Organisational procedures and policies relating to maintaining financial records
• Financial legislation

Skills requirements include:

• keyboard skills
• computer literacy
• numeracy for financial calculations and analysis
• proofreading to check details/calculations
• reading, interpreting financial statements and reports
• problem solving skills for providing discrepancy solutions
• recording, gathering and classifying financial information

Key Competencies

Key Competency	Examples of Application	Performance Level
How can information be collected, analysed and organised?	Information will be collected on customers, suppliers and inventory items and analysed to determine the appropriate and required chart of accounts. The information will then be placed into the respective chart of accounts area.	2
How are ideas and information communicated within this competency?	Communication of ideas and techniques will be applied when confirmation is sought on the creation of new charts of accounts.	2
How are activities planned and organised?	Information that is placed into the system will be planned and organised according to the chart of accounts classification.	2
How are problem solving skills applied?	Problem solving skills will be utilised when the system is checked for accuracy and errors.	2
How are mathematical ideas and techniques used?	Mathematical ideas and techniques will be applied when the system is reviewed for errors and accuracy.	2
How is use of technology applied?	Technology will be applied through the application of computers, organisational accounting software systems, spreadsheet applications and telecommunication devices.	2
How is team work used within this competency?	Teamwork will be required from colleagues when seeking appropriate technical assistance.	2

Range Statement

Chart of accounts may include:

• current assets
• non-current assets
• current liabilities
• non-current liabilities
• income
• classified expenses by type
• equity

Organisational requirements, procedures and policies may include:

• Australian Accounting Standards
• log on procedures
• correctly identifying and opening files
• locating data
• storing data
• OH policies, procedures and programs
• security
• electronic and paper based recording
• corporate governance

Appropriate technical help may include:

• on screen help
• online help
• software manuals
• computer help desk personnel
• managers and supervisors
• designated technology assistance staff
• external staff employed or recommended by the software supplier to assist with difficulties

Transactions may include:

• commencing business entry
• cheque payments
• credit card payments
• cash sales and deposits
• petty cash
• funds transfers
• loans
• sales invoices
• purchase invoices
• purchase orders
• adjustment notes
• contra entries
• customer payments
• supplier payments
• discounts (financial and sales)
• commission
• bad debts
• bank reconciliation
• purchase and sale of stock
• inventory stock take
• withdrawal of stock/assets by owner

Balance day adjustments may include:

• prepaid expenses
• revenue received in advance
• depreciation
• accrued expenses
• doubtful debts

Subsidiary ledgers may include:

• accounts receivable
• accounts payable
• inventory
• fixed assets

Reports may include:

• profit and loss
• balance sheet
• business activity statement
• bank reconciliation
• aged receivables/reconciliation
• aged payables/reconciliation
• inventory listing
• asset listing
• customer statements
• auditable transaction trail  

Evidence Guide

Overview of assessment requirements

To achieve competency in this unit, a person must be able to demonstrate:

• knowledge of organisations chart of accounts
• knowledge of organisational polices and procedures
• ability to implement an integrated accounting system
• ability to process transactions within the system
• ability to maintain the system
• ability to produce reports
• ability to ensure system integrity

Critical aspects of evidence

Evidence required for demonstration of consistent performance:

Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range of Variables and contexts applicable to the work environment.

Delivery/assessment relationship to other units:

Prerequisite units: BSBCMN308A Maintain financial records

Assessment requirements

Method of assessment:

For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.

Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.

Context of assessment:

Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability.

Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.

Resources required for assessment:

Assessment of this unit of competence requires access to suitable resources to demonstrate competence.

Assessment instruments, including personal planner and assessment record book.

Access to registered provider of assessment services.  

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