Certificate IV in Financial Services...

Department of Education and Training Western Australia

RPL Assessment Tool Kit

FNS40207

Certificate IV in Financial Services (Bookkeeping)

First published 2009 ISBN 978-1-74205-368-4 © Department of Education and Training All rights reserved. Western Australian Department of Education and Training materials, regardless of format, are protected by copyright law. Permission, however, is granted to Trainers, Assessors, and Registered Training Organisations to use, reproduce and adapt the material (third party material excluded) for their Recognition of Prior Learning (RPL) assessment activities. This permission is subject to the inclusion of an acknowledgement of the source. Permission does not extend to the making of copies for hire or sale to third parties, and provided it is not used for commercial use or sale. Reproduction for purposes other than those indicated above requires the prior written permission of the Western Australian Department of Education and Training. Published by and available from WestOne Services

1 Prospect Place WEST PERTH WA 6005 Tel: (08) 9229 5200 Fax: (08) 9227 8393 Email: [email protected] Website: www.westone.wa.gov.au Acknowledgements This work has been produced with the assistance of funding provided by the Council of Australian Governments (COAG) National Reform Initiative (NRI). This resource contains “Units of competency, Employability skills and Range statements" from FNS04 Training Package Financial Services, Certificate IV in Financial Services (Bookkeeping) © Commonwealth of Australia 2007 Department of Education Science and Training (DEST), used under the AEShareNet-FfE licence.

Disclaimer Whilst every effort has been made to ensure the accuracy of the information contained in this RPL Assessment Kit, no guarantee can be given that all errors and omissions have been excluded. No responsibility for loss occasioned to any person acting or refraining from action as a result of the material in this RPL Assessment Kit can be accepted by the Western Australian Department of Education and Training.

FNS40207 Certificate IV in Financial Services (Bookkeeping) RPL Assessment Tool Kit

Page 3 of 99 © Department of Education and Training 2009 Version 1, March 2009

Contents How to use this RPL Assessment Tool Kit ....................................................................................5 Section 1 – Assessor’s Information.............................................................................7 Assessment Process.....................................................................................................................9 Candidate Assessment Review...................................................................................................10 Overview of the Recognition Process .........................................................................................11 Section 2 – Candidate Application Form and Self-Evaluation Checklist ................13 Application for RPL......................................................................................................................15 Self-Evaluation Checklist.............................................................................................................21 Section 3 – Assessment Instructions for the Candidate..........................................31 Assessment Instructions for the Candidate.................................................................................33 Section 4 – Interview Question Bank and Recording Documents ..........................35 FNSBKPG401A Develop and implement policies and practices relevant to bookkeeping activities .................................................................................................................38 FNSBKPG402A Establish and maintain a cash accounting system ...........................................42 FNSBKPG403A Establish and maintain an accrual accounting system .....................................46 FNSBKPG404A Carry out business activity and instalment activity statement tasks .................50 FNSBKPG405A Establish and maintain a payroll system...........................................................54 FNSACCT405B Prepare financial statements ............................................................................58 FNSACCT406B Maintain asset and inventory records ...............................................................60 Section 5 – Demonstration and Observation Checklists .........................................63 FNSBKPG401A Develop and implement policies and practices relevant to bookkeeping activities .................................................................................................................65 FNSBKPG402A Establish and maintain a cash accounting system ...........................................67 FNSBKPG403A Establish and maintain an accrual accounting system .....................................71 FNSBKPG404A Carry out business activity and instalment activity statement tasks .................73 FNSBKPG405A Establish and maintain a payroll system...........................................................75 FNSACCT405B Prepare financial statements ............................................................................77 FNSACCT406B Maintain asset and inventory records ...............................................................79 Section 6 – Third Party Evidence Reports.................................................................81 FNSBKPG401A Develop and implement policies and practices relevant to bookkeeping activities .................................................................................................................85 FNSBKPG402A Establish and maintain a cash accounting system ...........................................86 FNSBKPG403A Establish and maintain an accrual accounting system .....................................87 FNSBKPG404A Carry out business activity and instalment activity statement tasks .................88 FNSBKPG405A Establish and maintain a payroll system...........................................................89 FNSACCT405B Prepare financial statements ............................................................................90 FNSACCT406B Maintain asset and inventory records ...............................................................91


© Department of Education and Training 2009 Page 4 of 99 Version 1, March 2009

Section 7 – Assessment Matrix ..................................................................................93 FNSBKPG401A Develop and implement policies and practices relevant to bookkeeping activities.................................................................................................................95 FNSBKPG402A Establish and maintain a cash accounting system...........................................98 FNSBKPG403A Establish and maintain an accrual accounting system...................................103 FNSBKPG404A Carry out business activity and instalment activity statement tasks...............107 FNSBKPG405A Establish and maintain a payroll system ........................................................111 FNSACCT405B Prepare financial statements ..........................................................................115 FNSACCT406B Maintain asset and inventory records.............................................................117



How to use this RPL Assessment Tool Kit This RPL Assessment Tool Kit is divided into sections to allow you to easily access only those sections you require at any given time. These sections are as follows:

Section 1 – Assessor’s Information

Read this information before conducting an assessment. It outlines the intent and processes surrounding this RPL assessment.

Section 2 – Candidate Application Form and Self-Evaluation Checklist

Give this information to candidates. It tells them about the assessment process as well as containing forms for the applicants to fill out. From the information provided by the candidates on these forms, you will be able to gain a general understanding of the skills and experience the candidates may have, as well as potential referee contacts. The information will also highlight gap training requirements.

Section 3 – Assessment Instructions for the Candidate

You give this section to candidates to inform them of the assessment process that will be conducted. Candidates will use this to keep a record of their progress.

Section 4 – Interview Question Bank and Recording Documents

You use this section to determine and record candidates’ competency via a competency interview. These questions guide your interview with the applicant and assist in your assessment of their competence. The notes you take during this interview are important evidence for assessment.

You will also use this part to assess competencies through a practical demonstration of the candidate’s skills. This will occur in the workplace as a live or simulated task. It contains demonstrable abilities required to determine competency and a place to record your observation. The notes you take are important evidence for assessment.

Section 5 – Demonstration and Observation Checklists

You will also use this part to assess competencies through a practical demonstration of the candidate’s skills. This will occur in the workplace as a live or simulated task. It contains demonstrable abilities required to determine competency and a place to record your observation. The notes you take are important evidence for assessment.

These tools are designed to guide the Assessor and candidate through a workplace observation, proving the candidate’s ability to conduct the specific tasks and skills required for recognition of competence in the particular area.



Section 6 – Third Party Evidence Reports

You use this part for interviewing the referee(s) to confirm the candidate’s skills and experience in this qualification. You may be able to complete this part of evidence-gathering in person while at the workplace.

Section 7 – Assessment Matrix

This provides you with a map of the assessment tools to each unit of competency.

FNS40207 Certificate IV in Financial Services (Bookkeeping) Section 1 – Assessor’s Information


Section 1

Assessor’s Information



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Assessment Process The assessment of the candidate will be conducted using the following process.

• When the candidate has contacted you, send out the Candidate Application Form and Self-Evaluation Checklist (Section 2). The information provided on this form will enable you to identify the unit(s) the candidate will be eligible for RPL.

• To commence the RPL process give the candidate the ‘Assessment Instructions for the Candidate’ (Section 3).

• The candidate will be assessed in three ways:

o Interview – to be conducted at their workplace, or over the phone (Section 4)

o Demonstration and Observation Checklist – to be conducted at their workplace (Section 5)

o Third Party Evidence Report – to be used by you to interview either a client or supervisor of the candidate (Section 6).

Use the following Candidate Assessment Review table as a cover page for the review of the evidence that you have gathered. Place a tick in the appropriate column as the evidence is collected. Any units not being assessed should be deleted/crossed out from the table.



Candidate Assessment Review

Candidate’s name

Assessor’s name

Unit Code Unit Name Self-

Eval

uatio

n C

heck

list

Inte

rvie

w

Obs

erva

tion

Third

Par

ty E

vide

nce

Oth

er E

vide

nce

Com

pete

ncy

Ach

ieve

d

FNSBKPG401A Develop and implement policies and practices relevant to bookkeeping activities

FNSBKPG402A Establish and maintain a cash accounting system

FNSBKPG403A Establish and maintain an accrual accounting system

FNSBKPG404A Carry out business activity and instalment activity statement tasks

FNSBKPG405A Establish and maintain a payroll system

FNSACCT405B Prepare financial statements

FNSACCT406B Maintain asset and inventory records



Overview of the Recognition Process

STEP 4

STEP 1

STEP 2

STEP 3 Gap Training (if required)

Candidate Enquiry Candidate’s Information

Form

Demonstration/ Observation of Practical Tasks

Interview and Questioning

Candidate Self-Evaluation

Issue Qualification – Statement of Attainment

By RTO

Supporting Evidence/Third Party

Report (if required)

If not ready for RPL, the candidate is to be provided with training

options.




FNS40207 Certificate IV in Financial Services (Bookkeeping) Section 2 – Candidate Application Form and Self-Evaluation Checklist


Section 2

Candidate Application Form and Self-Evaluation

Checklist

This information is to be given to the candidate.

The self-evaluation checklist provides an opportunity for the candidate to self-determine their level of experience and knowledge in the relevant industry. It will also provide the assessor with the level of the candidate’s work experiences and enable the assessor to determine if the candidate is likely to be a successful candidate for RPL.






Application for RPL

Contact details

Name Address Suburb Postcode Phone (H) Phone (W) Mobile Email

Tick the statement(s) that is applicable to you.

You are responsible for providing contract bookkeeping services.

You work directly for organisations in the role as a bookkeeper.

You work directly for small business owners in the role as a bookkeeper.

1. Personal details What is your first language? _________________________________________________

What language do you use at home? __________________________________________

Do you speak English? Yes No How well? fluent basic

Do you need an interpreter to help you with an interview? Yes No

Do you have a disability? Yes No

Will you need special aids if required to undertake a test? Yes No

Please provide details so that we can assist you.

_____________________________________________________________________

_____________________________________________________________________



2. Formal vocational education or training Have you ever done any formal vocational training or technical courses relevant to this application?

No (go to Section 3)

Yes (please give details)

Name of course:__________________________________________________________

Name and address of College/Institution you attended: ___________________________

_______________________________________________________________________

Dates you commenced and completed the training:

Commenced: ____________________________________________________________

Completed: _____________________________________________________________

Name of qualification obtained: ______________________________________________

(Please attach a certified copy of your Academic Record or Award)

3. Current employment details Are you currently employed?


Yes (please give details. If self employed, provide evidence)

Company/employer: ______________________________________________________

Address:________________________________________________________________

Phone: ____________________ Fax: ________________________

Work e-mail address: __________________________________

Date you commenced: ____________________________________________________

Occupation: _____________________________________________________________



4. Current use of skills Are you currently using the skills you are applying to have recognised?


Yes (in the space below, list the main trade related duties you perform at work)

Main duties:

________________________________________________________________________

________________________________________________________________________

_______________________________________________________________________

________________________________________________________________________

Are you able to provide a reference from your current employer?

Yes

No

5. Employment history Please give details of any previous employment relevant to this application (including

employment in which you used your trade skills). You may attach a resume rather than complete the table provided. If you do not have a resume document your work history here.

Start with your present or most recent employer. Attach other pages if necessary.

Attach copies of reference from employers. The references should list the main duties you performed and other relevant information (eg items made, types of machinery, equipment and tools used). Include evidence of any periods of self-employment.



Period of employment

Company name and address

Occupation/duties

From To

Is an employer’s reference attached?



6. Declaration I certify that the information contained in this application is a true and accurate record of my employment and training.

Signature: ____________________________

Date: ____________________________






Self-Evaluation Checklist The purpose of this self-evaluation is to enable candidates, who feel they already have the required competencies, to assess their skills and knowledge against the qualification requirements.

To complete the self-evaluation, answer all the following questions by placing a tick in either the ‘Yes’ or ‘No’ column.

As you answer each question, make a note of any evidence you have that could be used to verify your skills. For example, if you claim to be able to set up a chart of accounts for a client, you need to be able to present evidence of the setup that you have completed for your client/employer.

Some examples of different types of evidence that you could provide include:

• samples of work

• a résumé describing where you have worked

• work meeting records

• testimonials from clients

• job descriptions

• certificates/results of assessment (interstate/overseas/university/TAFE/other training provider)

• references/letters from previous employers/supervisors

• membership of relevant professional associations

• records of formal/informal training you may have done on the job

• volunteer work

• any other documentation that may demonstrate industry experience.



The section below relates to your knowledge, skills and experience when developing and implementing policies and practices relevant to bookkeeping activities.

In your role as a bookkeeper Yes No What

evidence can you provide?

Q1 Have you communicated and liaised with a variety of stakeholders in setting up the bookkeeping system for a business?

Q2 Have you researched and identified information and materials to set up a bookkeeping system for a business?

Q3 Have you researched and identified legislation that is applicable to setting up a bookkeeping system for a business?

Q4 Have you researched and identified publications and computer software that are applicable to carrying out bookkeeping activities for a business?

Q5 Have you established set procedures to enable bookkeeping activities for a business to be carried out?

Q6 Have you reviewed and implemented improvements to the bookkeeping system for a business?



This section relates to your knowledge, skills, and experience of establishing and maintaining a cash accounting system.

In your role as a bookkeeper Yes No What evidence

can you provide?

(i) established an accounting system for receipts on a cash basis?

Q1 Have you (ii) maintained an accounting system for

receipts on a cash basis?

(iii) established an accounting system for payments on a cash basis?

Q2 Have you (iv) maintained an accounting system for

payments on a cash basis?

Q3 Have you entered into discussions with tax agents/business owners to identify appropriate accounting system requirements?

Q4 Have you established a chart of accounts?

Q5 Have you verified with tax agents/business owners the accuracy of the chart of accounts and opening balances?

Q6 Have you established and maintained a petty cash system?

Q7 Have you processed and reconciled credit card transactions?

Q8 Have you managed bank reconciliations?

Q9 Have you prepared and produced appropriate reports as required by the organisation/employer/client?

Q10 Have you maintained knowledge of statutory, legislation and regulatory to allow for future charges in requirements?



This section relates to your knowledge, skills and experience of establishing and maintaining an accrual accounting system.


can you provide?

Q1 Have you set up, processed, reconciled and monitored the debtors?

Q2 Have you set up, processed, reconciled and monitored the creditors?

Q3 Have you managed contra entries?

Q4 Have you identified and processed bad debts?

Q5 Have you planned and managed debt-recovery actions?

Q6 Have you prepared and produced relevant debtor reports?

Q7 Have you prepared and produced relevant creditor reports?

Q8 Have you prepared and produced a trial balance?

Q9 Have you presented and explained the reports you produce to relevant persons?



This section relates to your knowledge, skills and experience of carrying out business activity and instalment statements tasks.


can you provide?

Q1 Have you identified business compliance and other legal requirements?

Q2 Have you processed business taxation requirements related to GST?

Q3 Have you processed business taxation requirements related to PAYG withholding?

Q4 Have you processed business taxation requirements related to PAYG instalment activities?

Q5 Have you processed business taxation requirements related to other taxes?

Q6 Have you completed the BAS or IAS?

Q7 Have you been responsible for the timely lodgement of the BAS or IAS?

Q8 Have you processed and recorded the journal entry of the payment or refund for the BAS or IAS?



This section relates to your knowledge, skills and experience in establishing and maintaining a payroll system.


can you provide?

Q1 Have you checked and recorded payroll data in preparation for the payroll?

Q2 Have you prepared the payroll for each pay period including gross pays, deductions, and compulsory superannuation and leave entitlements?

Q3 Have you produced reports for employees and management within reporting period timelines?

Q4 Have you complied with legislation, both state and federal, that relate to the payroll – such as award payments, BAS requirements and end of financial year reporting to the ATO?

Q5 Have you met organisational policies by responding to payroll enquiries within a reasonable time?

Q6 Have you completed end of financial year reporting requirements within ATO time lines?

Q7 Have you performed backups on a regular basis?

Q8 Have you referred any enquiries that you could not resolve to the appropriate person(s)?



This section relates to your knowledge, skills and experience in preparing financial statements.


can you provide?

Q1 Have you understood the principles of double entry bookkeeping, (eg debits and credits)?

Q2 Have you understood the principles of accrual accounting as compared to cash accounting?

Q3 Have you used forecasting and analysis techniques when reviewing financial data, this may include break-even analysis and ratio analysis (eg gross profit margins, return on investment)?

Q4 Have you applied the appropriate international accounting standards when presenting financial data?

Q5 Are you aware of the financial legislation that impacts on reporting requirements for various organisations (eg taxation requirements, reporting requirements)?

Q6 Do you always consider ethical issues when handling financial matters (eg conflict of interests)?

Q7 Can you identify and solve discrepancies in data?

Q8 Can you prepare reports, charts and supporting data to satisfy the organisations requirements, correcting where necessary?

Q9 Can you prepare the following kinds of reports? cash flow statements income statement balance sheet



This section relates to your knowledge, skills and experience in maintaining asset and inventory records.


can you provide?

Q1 Have you complied with organisational asset acquisition procedures?

Q2 Have you maintained the asset register for the organisation?

Q3 Have you reconciled the asset register to the relevant general ledgers?

Q4 Can you identify and record new assets and asset categories?

Q5 Have you recorded the disposal of fixed assets in the general ledgers and the asset register?

Q6 Can you reconcile inventory records to the relevant general ledgers?

Q7 Can you record inventory flows from the purchase of stock to the sale of stock?

Q8 Have you maintained stock records using either the Periodic or Perpetual inventory valuation system?

Q9 Can you prepare schedules and ad hoc reports such as the following?

depreciation schedules

inventory turnover analysis

asset register

total purchase and disposals for a period



Is there anything else that you have done that has not been identified here? Yes No

If yes, please provide details:

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________




FNS40207 Certificate IV in Financial Services (Bookkeeping) Section 3 – Assessment Instructions for the Candidate


Section 3

Assessment Instructions for the Candidate

You will give this section to the candidate to inform them about the assessment process that will be conducted. The candidate will use this section to keep a record of their progress.






Assessment Instructions for the Candidate As you are applying for RPL, you will be assessed on your current skill level.

You will have to provide satisfactory evidence against each assessment for each unit of competency.

You will be assessed in three ways:

• Interview – to be conducted at your workplace, or over the phone.

• Demonstration and Observation Checklist – to be conducted at your workplace.

• Third Party Evidence Report – to be used by the assessor when interviewing either your client or supervisor.

If you have any individual needs that may affect your participation in any assessment, contact your assessor.

If you are not satisfied with the assessment, you may lodge an appeal through your RTO.

The following is for your record of assessments.

Unit Title Interview Demonstration and

Observation Checklist











FNS40207 Certificate IV in Financial Services (Bookkeeping) Section 4 – Interview Question Bank and Recording Documents


Section 4

Interview Question Bank and Recording Documents

These assessment tools are to be used by the assessor to assess the candidate’s competency. They are not to be given to the candidate.

There are three tools in all:

• Interview – to be conducted at the candidate’s workplace, or over the phone.

• Demonstration and Observation Checklist – to be conducted at the workplace.

• Third Party Evidence Report – to be used when interviewing either a client or a supervisor of the candidate.

Note: The Third Party Evidence Report is located in Section 6.






Interview Question Bank and Recording Documents Note to the Assessor It is not mandatory for you to ask the candidate all the questions in this question bank. The candidate may have provided sufficient information to demonstrate competence based on their self-evaluation and documentary evidence. You will need to use your professional judgement as to which questions you focus on at this stage of the assessment. You may choose to discuss a work task topic rather than ask a series of direct questions.

Record of interview

Candidate’s name

Assessor’s name

How/where interview was conducted

Interview only

At an RTO’s premises Name: _______________________________

Demonstration/theory assessment

In the workplace Name: _______________________________




Did the candidate satisfactorily answer the following questions? Yes No

1. Identify the key parties you liaise with as a bookkeeper. How does your role and responsibilities as a bookkeeper differ from that of these key parties? How do you benefit from maintaining relationships with these key parties?

2. In setting up bookkeeping for a business, explain the systems and procedures you put in place to ensure you provide a quality service.

3. Identify relevant legislation, statutory, regulatory and industry requirements you researched when setting up your bookkeeping systems. How do you ensure you keep up-to-date with changes and new developments in the industry?

Suggested responses

1. • Identifies the role and function of the following key parties:

o accountant/tax agent

o business owners

o managers.

• Is able to distinguish between the role of bookkeeper and the above key parties.

• Benefits include:

o feedback from key parties

o increased knowledge and skills

o key information is obtained

o finding out about the latest industry developments

o meeting people with business interests in common

o gaining access to useful resources to call on

o gaining additional work

o professional development is determined.

2. • Develop a policy and procedures manual including standard forms and instructions.

• Develop computer system procedures.

• Consider legal obligations.

• Review systems and processes and implement improvements.




3. • Could include the following:

o Australian Accounting Standards

o Business Activity Statement (BAS) requirements

o industry body requirements

o insurance requirements

o Privacy Act

o Taxation Act

o Trade Practices Act.

Is able to provide examples of appropriate professional development activities.







Record of interview

Candidate’s name

Assessor’s name


Interview only








1. Describe how you have been involved in establishing client files and setting up a bookkeeping system on a cash basis.

2. Outline a conversation you have conducted with a client to establish a chart of accounts. What information did you need to draw from the client?

3. Explain the steps involved in reconciling bank statements with cash transactions (including credit card transaction) and completing the bank reconciliation.

4. Explain the steps involved in setting up and maintaining a Petty Cash system.

Suggested responses

1. • Identifies new system requirements through consultation.

• Sets up chart of accounts.

• Enters opening balances (GL, A/C payable/receivable, inventory).

• Sets up petty cash and credit card facilities.

• Sets up GST reporting requirements.

• Uses technical help as required.

• Sets up systems rules/cycles/base line data/report formats.

• Follows entity policies and procedures.

• Creates system backup rules and processes.

• Writes new operational procedures.

• Maintains knowledge of legislation, regulatory and industry requirements.

2. • Establishes business nature of the entity.

• Identifies existing information.

• Discusses business operations.

• Consults with tax agent.

• Asks for details on:

o assets o liabilities o equity o revenue/income o cost of sales o expenses.




Suggested responses 3. • Compares cash journals with previous month’s bank reconciliation.

• Checks transactions are recorded on current month’s bank statement.

• Identifies and resolves un-ticked items on bank statements.

• Ensures cash balance reconciles to bank statement balance.

• Records items un-ticked on bank statement into cash journals.

• Identifies un-ticked items in the cash journals.

4. • Authorisation for expenditure is established.

• Expenditure is encoded, recorded and filed.

• Expenditure is reconciled and reimbursed.







Record of interview

Candidate’s name

Assessor’s name


Interview only








1. Explain your understanding of the difference between cash accounting and accrual accounting systems. Give an example of each system.

2. Describe an accrual accounting system you have managed for a client. What was involved in maintaining the system? 3. Describe how you have managed bad debt for a business. How did you identify the bad debt? What recovery action was

taken? What did you do to write off non-recovered debt?

4. Briefly explain the types of reports and statements you have produced and presented to a business owner/manager. Suggested responses

1. • Accrual – the recording of transactions when they occur rather than when the cash is received or paid.

• Appropriate example given for recording creditor and debtor invoices.

• Cash – accounting that records only transactions in which cash is received or paid.

• Appropriate example given for recording cash payments, credit card, petty cash, cheques and EFTPOS.

2. • Enters new debtors and creditors as required.

• Chart of accounts adjusted accordingly.

• Codes and processes source documents.

• Processes payments to creditors.

• Records other general ledger entries such as capital, interest, loans, sale/purchase of assets.

• Raises new invoices.

• Allocates creditor invoices.

• Processes receipts from debtors.

• Enters adjustment notes as required.

• Processes contra entries.




Suggested responses

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:

o ASIC action

o banks foregoing overdrafts

o closure of business

o notices of administration

o returned mail

o letters from solicitors/accountants

o 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:

o liaison with client

o letters of notice

o advice to supervisors/managers/legal office

o return of goods

o legal action

o letter of collection

o letters of demand without prejudice

o third party interventions

o summonses

o write-offs.

4. • Debtor reconciliation reports.

• Errors identified and any corrections are made.

• Reports presented and explained where necessary.

• Creditor reconciliation reports.

• Trial balance produced.

Comments/observations (If the questions were not satisfactorily answered, state whether practical assessment or gap training is required.)







Record of interview

Candidate’s name

Assessor’s name


Interview only








1. Describe the differences in calculating/reporting GST using the cash basis or the accrual basis. 2. In consultation with a new client and their tax agent, what information have you gathered to ensure the business meets

ATO requirements? (Note: This question also applies to new bookkeeping roles in a business.)

3. Briefly describe the steps involved to complete all five (5) areas of a Business Activity Statement (BAS), ie Goods and Services Tax (GST), PAYG tax withheld, PAYG income tax instalment, summary and payment refund

Suggested responses

1. • Cash basis: the business pays the GST on the sales made in the same reporting period that the payment is received.

• Cash basis: the business claims the GST credits for purchases for the reporting period they were paid in, provided a tax invoice was received.

• Accrual basis: the business pays the GST for the reporting period that the business either issued the invoice or received the payment, whichever occurs first.

• Accrual basis: The business claims the GST credit for the reporting period that the business either received the invoice or paid the invoice, whichever occurs first.

2. • Researches statutory, legislative, regulatory and industry requirements.

• Identifies accounting system – cash or accrual.

• Assess cash flow and payment options.

• Gains understanding of entity’s policies and procedures.

• Identifies lodgement schedule requirements.

• Identifies GST classifications and implications.

• Identifies payroll activity.

• Identifies other amounts to be withheld – PAYG instalments and taxes.




Suggested responses

3. • Collects and processes data.

• Cross check balances.

• Processes transactions for GST – codes and classifies purchases and payments.

• Processes transactions for PAYG withheld – identifies amount withheld from total 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.

• Makes necessary adjustments and corrects errors.







Record of interview

Candidate’s name

Assessor’s name


Interview only


Demonstration/theory assessment In the workplace Name: _______________________________





1. Describe a payroll system for a business you have worked for and the data/information you sourced for input into the system. 2. In preparing and maintaining a payroll system, outline the various functions you have performed and the end of year

processes you have managed.

3. Explain at least three (3) situations where you have intervened to resolve a problem with a staff member’s pay. What action did you take?

4. Outline the relevant legislation that you are required to comply with in processing payroll. Suggested responses

1. • Uses a manual or computerised payroll system.

• Collates employee data – allowances, deductions, employee details, leave entitlements, pay periods, rates of pay, superannuation details, tax declaration forms, tax file numbers.

• Employee details are entered on the payroll register.

• Allows for variations such as leave, overtime, holiday loading.

• Employee leave entitlements are determined.

• Prepares payroll for current period.

• Data is approved by designated person.

• Ensures the payroll system meets legislative requirements such as HECS, payroll tax, Medicare levy, superannuation guarantee choice.




Suggested responses

2. • Processes documentation for new employees (TFN form, Centrelink forms, etc).

• Manages and records leave entitlements and payments for the following:

o annual leave

o long service leave

o sick leave.

• Processes superannuation guarantee contributions.

• Codes and processes source documents.

• Processes payments to creditors.

• Completes end of year clearing procedures.

• Generates year end Payment Summary Statement for ATO.

• Regular system backups are performed.

• Commences system procedures for start of new financial year.

• Generates Payment Summaries (group certificates).

• Produces payslips.

• Updates employee payroll records.

• Performs payroll calculations on the following:

o gross pay

o deductions

o PAYG

o net pay.

• Performs reconciliations.

• Generates the following reports:

o exception

o leave

o cost centre

o management.

• Extracts data for Activity Statements.

• Generate statutory reports including BAS/IAS.

• Processes direct credits or cheques.




Suggested responses

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:

o ABN

o TFN declaration

o superannuation guarantee.

• Occupational Health and Safety.

• Equal opportunity.

• Industrial relations.

• WorkChoices.

• Anti-discrimination.

• Industry Awards, AWAs, EBAs.

• Workers’ compensation.

• Privacy Act; confidentiality and security of records.




Record of interview

Candidate’s name

Assessor’s name


Interview only








1. Name the various financial statements or reports you have prepared and briefly outline their function and purpose.

2. Outline the legislation and organisational procedures that impacts on the task of preparing financial statements.

3. Describe how you undertake the task of preparing financial statements.

4. Describe how errors in the reports are found and how these are corrected. Suggested responses

1. • Cash flow statement – shows the net cash receipts and payments for a specific period.

• Balance Sheet – shows the assets and liabilities of a business at a particular point of time.

• Income Statement – shows the operating performance of a business for a specified period of time.

• Other – bank reconciliation, aged receivables/reconciliation, inventory listing, asset listing, customer statements.

2. • ATO legislation, including PAYG, GST.

• ASIC reporting requirements.

• Ethical considerations in handling financial matters.

• Accounting Standards for depreciation, stock valuation, financial report preparation.

• Describes organisational guidelines for reporting, recording and filing.

3.

• Codes, classifies and checks data.

• Presents charts, diagrams and supporting data.

• Prepares report.

4. • Checking original data with end reports.

• Checking reports against accounting standards.

• Making necessary corrections.

• Corrections are verified and authorised by relevant person, eg tax agents, accountant.




Record of interview

Candidate’s name

Assessor’s name


Interview only








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.

• 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 price 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.




FNS40207 Certificate IV in Financial Services (Bookkeeping) Section 5 – Demonstration and Observation Checklists


Section 5

Demonstration and Observation Checklists






Demonstration and Observation Checklist FNSBKPG401A Develop and implement policies and practices relevant to bookkeeping activities Client induction and screening for exercise

Candidate’s name

Assessor’s name

Work activity

Unit(s) of Competency FNSBKPG401A Develop and implement policies and practices relevant to bookkeeping activities

Workplace/simulated workplace

During the demonstration or observation of skills, did the candidate: Yes No N/A

• provide evidence of a variety of policy and procedural manuals they have written in relation to a bookkeeping system for a business and met quality assurance practices and procedures?

• provide evidence that timelines are met for legislation, industry regulations and client needs?

• provide evidence of when they have referred work outside their bookkeeping role to other relevant persons?

• provide evidence of communication and liaison skills in relation to liaising with a variety of other professionals?

• provide evidence that they have identified appropriate materials and processes to support the client’s needs? • provide evidence of professional development undertaken within the past 12 months through appropriate

industry bodies to ensure ongoing professional practices?



Comments/observations

Assessor’s signature

Candidate’s signature

Date of assessment



Demonstration and Observation Checklist FNSBKPG402A Establish and maintain a cash accounting system Client induction and screening for exercise

Candidate’s name

Assessor’s name

Work activity

Unit(s) of Competency FNSBKPG402A Establish and maintain a cash accounting system



• design a chart of accounts to suit a cash accounting system?

• allocate data correctly?

• apply codes?

• verify information as required?

• process receipts and payments?

• process petty cash transactions?

• process credit card transactions?




• verify transactions against bank statements?

• enter additional bank transactions?

• reconcile bank statements with accounts?

• enter, balance and prepare accounts in general ledger?

• check and correct errors?

• produce relevant reports?

• file documentation appropriately?






Date of assessment






Demonstration and Observation Checklist FNSBKPG403A Establish and maintain an accrual accounting system Client induction and screening for exercise

Candidate’s name

Assessor’s name

Work activity

Unit(s) of Competency FNSBKPG403A Establish and maintain an accrual accounting system



• establish new debtor and creditor accounts?

• process invoices?

• process adjustment notes?

• process other general ledger transactions?

• demonstrate how contra entries are managed?

• show how bad debts are identified?

• show how bad debts are managed to recovery?




• 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 trial balance is produced?




Date of assessment



Demonstration and Observation Checklist FNSBKPG404A Carry out business activity and instalment activity statement tasks Client induction and screening for exercise

Candidate’s name

Assessor’s name

Work activity

Unit(s) of Competency FNSBKPG404A Carry out business activity and instalment activity statement tasks



• process GST by coding and classifying purchases and payments?

• process PAYG withheld by determining amounts withheld from total salaries, wages and other payments?

• process PAYG income tax instalments by verifying instalment amounts or by calculating instalment amounts?

• transpose appropriate GST data to related areas on the BAS?

• transpose other appropriate data to related areas on the BAS/IAS?

• complete the BAS/IAS return?




• ensure the activity statement was checked, signed off and dispatched?

• process the journal entry for the payment/refund?




Date of assessment



Demonstration and Observation Checklist FNSBKPG405A Establish and maintain a payroll system Client induction and screening for exercise

Candidate’s name

Assessor’s name

Work activity

Unit(s) of Competency FNSBKPG405A Establish and maintain a payroll system



• check data received before input?

• enter data to enable the calculation of gross pay and net pay?

• record appropriate accrual entries with regard to leave entitlements?

• prepare payroll reports to management and employees?

• collect relevant data to enable the preparation of BAS/IAS?

• prepare the year-end reports for the ATO?

• back up the payroll system?




• follow up payroll enquiries?




Date of assessment



Demonstration and Observation Checklist FNSACCT405B Prepare financial statements Client induction and screening for exercise

Candidate’s name

Assessor’s name

Work activity

Unit(s) of Competency FNSACCT405B Prepare financial statements



• check to ensure data was coded, classified, and consistency and accuracy were maintained?

• ensure principles of double entry bookkeeping were adhered to?

• adhere principles of accrual accounting?

• ensure that report formats followed accounting standards?

• prepare reports that were clear and appropriate to organisation’s needs?

• cross-checked reports for accuracy?

• ensure that reports were error free?




• analyse reports?

• ensure that reports were used for forecasting?

• work with others to produce reports?

• use the appropriate information technology to setup and prepare documents?




Date of assessment



Demonstration and Observation Checklist FNSACCT406B Maintain asset and inventory records Client induction and screening for exercise

Candidate’s name

Assessor’s name

Work activity

Unit(s) of Competency FNSACCT406B Maintain asset and inventory records



• reconcile the purchase documents, receiving report and accounting records?

• ensure that discrepancies were identified and actioned?

• update the asset register?

• update the chart of accounts?

• record the disposal of assets in the asset register and general ledger? • prepare reports such as: a depreciation schedule; asset register; purchase and disposal for a period;

reconciliation report?




• record the purchase of inventory?

• maintain appropriate records using periodic/perpetual inventory system?

• prepare reports such as an inventory turnover analysis or a reconciliation report?

• use accounting software systems?




Date of assessment

FNS40207 Certificate IV in Financial Services (Bookkeeping) Section 6 – Third Party Evidence Reports


Section 6

Third Party Evidence Reports

It is important to note that there are two types of Third Party Evidence Report provided.

1. Covers all sectorial core competency units clustered together – use this Third Party Evidence Report if you are assessing the sectorial core units as a cluster.

2. Covers individual sectorial core competency units – use this Third Party Evidence Report if you are assessing the sectorial core competency units individually.






Third Party Evidence Report For all sectorial core units of competency

Candidate’s name

Third party evidence provided by

Relationship to candidate

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. 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

• demonstrate a professional understanding of their industry and your business needs?

• comply with your organisation’s guidelines and procedures? • identify activities outside the scope of their work and refer them onto

other persons, eg an accountant?

• provide a timely, professional and ethical service? • identify your business accounting requirements and produce accurate

and timely reports including the ones below?

o bank reconciliations o BAS/IAS o trial balance o financial reports (such as: cash flows, income statement, balance

sheet)

• demonstrate an ability to review, process and communicate with credit customers including debt-recovery action?

• demonstrate an ability to review, process and communicate with credit suppliers?

• demonstrate knowledge of GST terminology, regulations, obligations and other Australian Taxation Office (ATO) requirements?




• maintain asset and inventory records for your organisation? • undertake the following activities?

o asset acquisition, including obtaining quotes and gaining approval to purchase asset

o produce reports on asset register as requested o record, update and reconcile inventory records o produce reports on inventory as requested

• establish and maintain a payroll system for your organisation? • undertake the following activities?

o complete payroll within designated timelines o relate to and resolve enquiries of employees from a range of social,

cultural and ethnic backgrounds and physical and mental abilities o meet confidentiality and security guidelines o comply with legislation with respect to award payments, workplace

agreements and superannuation guarantees

Comments

Supervisor’s signature Date

Assessor’s signature Date



Third Party Evidence Report For individual sectorial core units

Candidate’s name



Unit(s) of Competency FNSBKPG401A Develop and implement policies and practices relevant to bookkeeping activities




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.


• clarify your organisation’s needs and expectations through clear communication?

• identify activities outside the scope of their work? • refer activities outside the scope of their work to other persons, eg an

accountant?

• provide a timely and professional service? • carry out relevant daily activities using instructions and guidelines that

meet your business needs?

• seek and act upon your feedback on the service they provide? • demonstrate a professional understanding of their industry? Comments






Candidate’s name



Unit(s) of Competency FNSBKPG402A Establish and maintain a cash accounting system






• identify your business cash accounting requirements in consultation with you?

• implement your bookkeeping requirements? • analyse and verify your documents for accuracy? • identify and correct any discrepancies within your organisation’s policy

and procedure guidelines?

• record, file and reconcile, receipts and payments that are made to the bank statement on a regular basis?

• produce reports as required? Comments






Candidate’s name



Unit(s) of Competency FNSBKPG403A Establish and maintain an accrual accounting system






• review and process accounts receivable? • review and process accounts payable? • identify bad and doubtful debts? • deal with debtors in an empathetic manner? • review debtor compliance within terms and conditions? • plan recovery actions for doubtful debts in accordance with legal

requirements?

• produce trial balance? • ensure reports are presented and explained when necessary? Comments






Candidate’s name



Unit(s) of Competency FNSBKPG404A Carry out business activity and instalment activity statement tasks






• demonstrate knowledge of GST terminology, regulations and obligations?

• demonstrate knowledge of Australian Taxation Office (ATO) requirements and parameters related to your business?

• maintain accounting records for your business taxation requirements? • complete all sections of both business statements and/or instalment

activity statements accurately for your business in a timely manner?

• identify work outside their scope and seek clarification? Comments






Candidate’s name



Unit(s) of Competency FNSBKPG405A Establish and maintain a payroll system






• 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 scope 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






Candidate’s name



Unit(s) of Competency FNSACCT405B Prepare financial statements






• comply with organisational guidelines and procedures when preparing financial statements?

• use appropriate interpersonal and communication skills when working with others?

• successfully manage their own time and workplace priorities? • identify and solve discrepancy in the data? • consider ethical implications when handling financial matters? Comments






Candidate’s name



Unit(s) of Competency FNSACCT406B Maintain asset and inventory records






• apply the organisation procedures for asset acquisition, including obtaining quotes and gaining approval to purchase assets?

• communicate effectively for the purchase of assets? • produce asset register reports as requested? • reconcile the asset register to the general ledger accounts? • record the purchase and sale of inventory at the correct values? • reconcile inventory records to the general ledger accounts? • produce inventory reports as requested? • record the sale of an asset within the organisation’s policies? Comments






FNS40207 Certificate IV in Financial Services (Bookkeeping) Section 7 – Assessment Matrix


Section 7

Assessment Matrix

You use this matrix as a reference tool to see how units/elements of competency are assessed within the tools. All the elements, performance criteria, essential knowledge, essential skills and critical aspects of evidence within the competency units are cross-matched in this matrix with the corresponding assessment tool. This allows you to validate the assessment process against the sectorial core units of competency for this qualification.







Element Performance Criteria Self- Evaluation Interview Observations

Third Party Evidence All units

Third Party Evidence Individual

Units

1.1 Business needs and expectations are clarified through clear communication with relevant parties All 1 6 1–3 1–3

1.2 Roles and responsibilities of the bookkeeper are defined with the business owner 1 1 3 1–3 1–3

1.3 Activities that fall outside the role and responsibilities of the bookkeeper are identified and networks of individuals able to carry out activities are identified

1,5 1 3,4 1–3 1–3

1.4 Where applicable, business owner is referred to relevant networks for advice and/or services 5 1 3,4 1–3 1–3

1.5 Feedback is sought on service provided and, where applicable, is acted upon 6 1 6 6,7 6

1.6 True and fair ethics are identified and used in all dealings All 1 All 4 7

1. Develop a professional working relationship with relevant parties

1.7 A strategy for continuing professional development is set in place and implemented to ensure ongoing professional practices

3 7

2.1 Research is conducted into legislative, statutory, regulatory and industry requirements for carrying out bookkeeping activities

3 3 1 6–8 7 2. Carry out research to identify compliance requirements and support materials

2.2 Research is conducted to identify and access relevant publications and software tools designed to assist in carrying out bookkeeping activities

4 3 2 6–8 7







Units

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. Set up and maintain appropriate systems to meet compliance requirements 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 scope 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





Avenues for identifying other professionals. 1,6 1 3 3 3

Evidence of the following is essential

Knowledge of relevant legislative requirements. 3 3 2 6–8 7

Communication and liaison skills in relation to liaising with a variety of other professionals. 1 1 3,4 3 3

Ability to research and identify policy and procedural material. 2,3,4 2,3 1 8 5

Ability to write and compile manuals covering a variety of policy and procedural issues. 5 2 1 5

Knowledge of quality assurance practices and procedures. 6 2,3 1 6–8 7







Units

1.1 Business owner/manager is consulted to establish what business activities are undertaken, the nature of the entity and the industry type

3 1,2 1 1,2 1

1.2 Existing material is identified and examined for relevance in creating and/or modifying the chart of accounts 3,4 1,2 1 1,2 2

1. Identify relevant information

1.3 Business operations are examined in conjunction with the tax agent and business owner to identify whether cash or accrual accounting is applicable, the accounting software required and to determine other relevant requirements

3 1,2 1 1–3 1

2.1 Chart of accounts is established 4 2 1 2

2.2 Opening balances for assets, liabilities, equity, income, cost of sales and expenses are established 1,2 2 2 2

2. Establish a chart of accounts

2.3 Chart of accounts and balances are validated and authorised by relevant persons 5 2 4 3

3.1 Invoices and other source documents are verified for accuracy and compliance with taxation requirements 2,3 3

3. Analyse and verify source documents 3.2 Discrepancies between monies owed and monies paid

are identified and investigated according to organisational policies and procedures

8,11 4







Units

4.1 Payments are made and money 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. Process receipts and payments

4.4 Cash register is balanced against purchases and takings are processed in internal bookkeeping system 1 4,5 5

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. Set up and maintain a petty cash system

5.3 Expenditure is reconciled and reimbursed 6 4 6 5

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. Process and reconcile credit cards

6.3 Credit card payments are processed in accordance with organisational policies and procedures 7 3 7 5







Units

7.1 On receipt of statement, processed transactions are verified against the bank statement in a timely manner 8 3 8 3,5

7.2 Bank entries are processed and verified 8 3 10 5

7. Manage bank reconciliations

7.3 Bank statement is reconciled to balance as per bookkeeping system 8 3 10 5

8.1 Reports are produced in line with the business needs and are validated in a timely manner 9 13 5 6 8. Prepare and

produce reports

8.2 Corrections are made as required 9 12 5 3,6


Written and oral communication skills necessary to complete entity’s documentation and to undertake discussions with business owners. 9 1,2 11,13 5 1,2

Literacy skills sufficient to complete necessary documentation. 4,5 13 5 6

Ability to work in a team environment to identify activities required with business owners and tax agents. 3,5 1 3 1,4

Interpersonal skills to consult with business owners and to interpret necessary information accurately. 3,5 1 1 3 1,4

Assessment skills as required to identify relevant business data and to code material. All 2 11 3 5

Numerical skills as required to code and reconcile data. 1,2 3 10 4, 5





Keyboard and IT skills including ability to use relevant software packages where applicable – this may include adjusted software or equipment for use by people with disabilities.

1,2 1 11 4 6

Ability to pay attention to detail specifically with relation to managing numerical work and carrying out reconciliations. 7,8 3,4 10,12 4 4

Problem solving skills to identify relevant materials and reconcile accounts accurately. 9 1,2,3 8,10,12 4 5

Reporting skills. 9 13 5 6


Relevant organisational policies and procedures in regard to processing accounts and transactions. 3 2 5–7 3 2

Relevant statutory, legislative and regulatory requirements specifically with relation to ensuring that all bookkeeping activities undertaken meet requirements related to Activity Statements.

4,5 2 2,3 8 4,5

Relevant industry codes of practice. 4 1 2,3,4 2 2

Systems knowledge and familiarity with relevant accounting software if applicable – this may include adjusted software or equipment for use by people with disabilities. 3 1 1,2 4,5 2

Difference between cash and accrual accounting. 3 1 1 8 1

Avenues to maintain knowledge of statutory, legislative and regulatory requirements to allow for future changes in requirements. 10 1 12 5,8 4





Ability to establish client files and set up bookkeeping system on a cash basis. 1,2,4 1 1 1 2

Thorough checking of invoices, receipts, payments and balances outstanding. 1,2,7,8 3 4,8 4 3

Knowledge of relevant statutory, legislative and regulatory requirements. 10 1 5 12

Understanding of bank account and cash reconciliation processes. 6,7,8 3 10,11 5 4,5

Establishment of a basic chart of accounts. 4 2 1 2 2

Ability to carry out bank reconciliations. 8 3 10,11 5 5







Units

1.1 Chart of accounts is adjusted to incorporate and establish debtors and creditors as new debtors and creditors arise

1,2 1,2 1 1,2 1. Manage the chart of accounts

1.2 Debtors and creditors subsidiary ledgers are established as required 1,2 1,2 1 1,2

2.1 Invoices to debtors are raised and invoices to creditors are allocated 1,2 2 1,2 1,2

2.2 Source documents are coded and processed 1,2 2 1,2 1,2

2.3 Payments from debtors are received, processed and banked in accordance with organisational policies and procedures

1,2 2 2 1,2

2.4 Payments to creditors are made and processed in accordance with organisational policies and procedures 1,2 2 2 1,2

2.5 Adjustments are raised and allocated to correct invoices 1,2 2 3 1,2

2.6 Credit notes are raised for adjustments to invoices 1,2 2 3 1,2

2. Process invoices, adjustment notes and other general ledger transactions

2.7 Other transactions are entered into the general ledger 1,2 2 4 1,2

3.1 Relevant persons are contacted and liaised with to verify contra deals 3 2 5 1,2

3.2 Reporting procedures and documentation for contra entries are completed in accordance with organisational policies and procedures

3 2 5 1 3. Manage contra entries

3.3 Contra entries are processed to update debtors, creditors and general ledgers 3 2 5 1







Units

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. Identify and process bad debts

4.3 Bad debts are processed to update debtors and general ledgers 4 3 6,7 6 3,5

5.1 Activities and communication with debtors are reviewed in conjunction with relevant persons, if applicable, to establish adequacy of follow-up

5 3 6,7 6 4,6 5. Manage debt recovery

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

6.1 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 Trial balance is produced 8 4 10 5 7

6. Prepare and produce reports and trial balance

6.5 Reports are presented and explained where necessary to relevant persons 9 4 8,9 8





Ability to use relevant accounting software where applicable – this may include adjusted software or equipment for use by people with disabilities. 6,7,8 1 1–5 5 1,2

Written and oral communication skills necessary to complete entity’s documentation and work with debtors to clear debts if possible. 5 3 7 5 5,6

Literacy skills sufficient to complete relevant documentation. 1,2 4 8–10 5 8

Interpersonal skills particularly in relation to dealing with debtors in an empathetic manner. 5 3 7 6 4

Problem solving skills to identify relevant data and to determine necessary courses of action in relation to debt recovery. 5,9 3 7 6 4–6

Numerical skills to code and reconcile data. 6–8 4 8,9 5 1,2,3

Ability to pay attention to detail to ensure accurate numerical work. 8 4 10 5 7

Reporting skills. 9 4 8–10 5 8


Relevant organisational policies, procedures and guidelines related to the processing of transactions and records. 1,2 2 2–4 2 1,2

Relevant statutory, legislative and regulatory requirements specifically with relation to ensuring that all bookkeeping activities undertaken meet requirements related to Activity Statements.

6,7,8 4 8–10 5 7,8

Relevant industry codes of practice. 3,4 1,4 7–9 2 6

Systems knowledge where computerised equipment is being used. 6–7 2 1–4 5 1,2,7

Awareness of legal systems and procedures in relation to debt recovery and necessary preliminary steps, timing and acceptable avenues of recovering debts. 5 3 7 6 6





Difference between cash and accrual accounting. 1,2 1 1 8 1,2

Underlying concepts of double entry accounting. 8 1 10 4,5 7


Knowledge of relevant legislation. 5 3 5,6 6

Ability to review accounts receivable and payable processes. 6,7 2 6 6,7 1,2

Ability to identify bad and doubtful debts. 4 3 6 6, 3

Ability to deal with debtors in an empathetic manner. 5 3 7 6 4

Ability to review compliance with terms and conditions. 3,4 2,3 8,9 5

Ability to plan recovery actions in accordance with legal requirements. 5 3 7 6 6

Ability to produce trial balance. 8 4 10 5 7







Units

1.1 Statutory, legislative and regulatory requirements relating to activity statements are researched and documented 1 2 6 1,2 All

1.2 Organisational and industry requirements relating to activity statements are researched, documented and expert advice is sought to clarify issues where applicable

1 2 6,7 1,2,3 All

1.3 Requirements for information, advice or services outside the individual’s scope of operation are identified 1 2 1,2,3 All

1.4 Additional information, advice or services are accessed, and networks are established and used where necessary 1 2 3 5

1.5 Lodgement schedule requirements are identified and documented 1 2 7 1,2,4,5 1,2,4

1. Identify individual compliance and other requirements

1.6 Entity’s cash flow and payment options are assessed and discussed with management to ensure sufficient funds

1 2 6,7,8 1,2 1,4

2.1 GST fundamentals are identified, applied and recorded 1 1,3 1,4 5,8,9 1,3

2.2 Purchases and/or payments are identified, coded as per GST classifications and split into capital and non-capital as appropriate

2 1,3 1,4 5,8 1,3

2.3 Sales and/or receipts are identified and coded as per GST classifications 2 1,3 1,4 5,8 1,3

2. Recognise and apply GST implications and code transactions

2.4 Accounting data is processed to comply with tax reporting requirements 2 1,3 1,4,5 5,8 1,3







Units

3.1 Total salaries, wages and other payments for the accounting period are identified and reconciled 3 3 2,5 8,10 2,3 3. Report on

payroll activities

3.2 Amounts withheld from salaries, wages and other payments for the accounting period are identified and reconciled in conjunction with payroll department if applicable

3 3 2,5 8,10 2,3

4.1 Amounts withheld from other payments for the accounting period are identified and reconciled in conjunction with other departments if applicable

4 3 2,5 8 2,3

4.2 PAYG instalment amount is verified or, where applicable, calculated 4 3 3,5 8 2,3

4. Report on other amounts withheld, pay as you go (PAYG) instalments and taxes

4.3 Instalment amounts are verified or, where applicable, calculated for other taxes 4 3 3,5 8 2,3

5.1 Activity statement reports are generated where required, checked and validated 6 3 6 4 3,4

5.2 Errors are identified and correctional bookkeeping entries are generated 6 3 6 4 3,4

5.3 Adjustments for previous quarters, months or year-end are made where necessary 6 3 6 5 3,4

5. Complete and reconcile the activity statement

5.4 BAS and/or IAS return is completed in accordance with up-to-date statutory, legislative, regulatory and organisational schedule

6,7 3 6 5 3,4







Units

6.1 Activity statement is checked and signed-off by an appropriate person as identified by statutory, legislative and regulatory requirements

7 3 7 5 3,4

6.2 Activity statement is despatched in accordance with statutory, legislative and regulatory requirements 7 3 7 5,8 3,4

6. Lodge activity statement

6.3 Payment/refund is processed and recorded 8 3 8 5 3,4


Recording, processing, summarising and reporting financial accounting information. 2–6 1,3 All 5–10 All

Literacy skills sufficient to complete documentation. All 1,2,3 All 5–10 1–4

Written and oral communication skills sufficient to work with others to identify relevant information and data. All 1,2,3 All 5–10 1–4

Time management skills to meet statutory, legislative, regulatory and organisational deadlines particularly with relation to the lodgement of activity statements. 1,7 2,3 All 5–10 1–4

Verification skills as required to identify and make adjustments as necessary to any inconsistencies in numerical data. 8 2,3 All 5–10 3–4

Numerical skills to reconcile financial data. 2–8 2,3 All 5–10 3–4

Problem solving to identify errors in work and make necessary corrections. 2–8 2,3 All 5–10 3–4

Keyboard skills where information is researched or recorded electronically. 2–8 3 All 5–10 3–4





Current statutory, legislation and regulatory requirements related to the preparation of activity statements. All All All 5,8 All

Australian Taxation Office (ATO) requirements, including meetings of deadlines, in relation to activity statements. All All All 5,8 All

Relevant GST terminology, classifications, regulations and obligations. 1,2,7 All All 5,8 All

Relevant accounting terminology in order to understand and maintain knowledge of statutory, legislative, regulatory and other requirements. All All All 5,8 All

Relevant software to research or record information electronically. All 3 All 5–10 3,4


Knowledge of relevant legislation. All All All 1,8 All

Knowledge of GST terminology and appropriate application to financial transactions. 1,2,7,8 All 1,4 1,8 All

Knowledge of GST regulations, obligations and Australian Taxation Office (ATO) requirements. 1,2,7,8 All All 1,8 All

Knowledge of specific taxation requirements for business purposes. All All All 1,8 All

Knowledge of taxation parameters related to a range of business types. 1 All All 1,3,8 All

Knowledge of relevant accounting terminology. All All All 1,8 All

Knowledge of Australian taxation requirements. All All All 1,8 All

Ability to maintain accounting records for a variety of business types for taxation purposes. All All All 1,8 All

Ability to accurately complete all sections of both business statements and instalment activity statements for multiple entity types. All All All 1,5,8 4







Units

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. Record payroll data

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

2.1 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. Prepare payroll

2.7 Security procedures records are followed 7 1,2 7 10 5







Units

3.1 Payroll enquiries are responded to in accordance with organisational and legislative requirements

5,6,8 3,4 8 10 3,5

3.2 Information is provided in accordance with organisational and legislative requirements

4,5,8 3,4 8 10 3–5

3.3 Enquiries outside area of responsibility/knowledge are referred to designated person/s for resolution

8 3 8 10 3–5

3. Handle payroll enquiries

3.4 Additional information or follow-up action is completed within designated timelines in accordance with organisational policies and procedures

4,5,8 3 8 10 3–5

4.1 All information and record keeping relating to the payroll function is maintained in accordance with relevant legislation and regulations

4 2,4 1–6 10 1–2

4.2 Month-end and year-end checklists are produced and reconciled to ensure compliance with relevant legislative and management deadlines

3,4,5,6 2,4 1–6 8 1–2

4.3 Records and systems are updated in line with salary reviews and other changes in employment status

3,4,5 2,4 1–6 10 1–2

4.4 Back up and disaster recovery systems are put in place 7 2,4 7 10 5

4.5 Payroll reports are generated and distributed in line with organisational policy

3,4,5 2,4 4,5 10 5

4. Maintain payroll

4.6 Business Activity Statement data is extracted and applied in accordance with relevant legislation and regulations

4 2,4 5 8 1





Literacy skills to understand the organisation’s financial policies and procedures and legislative procedures; to write cheque or salary authorisations; to prepare pay advice slips; to maintain records.

3,4,5 1–4 1–6 10 1–2

Numeracy skills for calculating gross and net pay, comparing differing rates of pay over a given time span of the same nature, preparing cash analysis sheets, reconciling figures.

1,2,4,6 1–4 1–6 10 1–2

Communication skills including questioning, clarifying, reporting. 3,8 3 8 10 3–5

Problem solving skills for reconciling figures and resolving employee enquiries within scope of own responsibility. 1,2,3,4,5 3 10 3–5

Time management to meet designated timelines. 1,2,3 1,2 1–6 10 1,2,3

Ability to relate to people from a range of social, cultural and ethnic backgrounds and people with a range of physical and mental abilities. 1,2,8 3 8 10 4


Award and enterprise agreements and relevant industrial instruments. 4 4 1–3 10 1–3

Relevant legislation from all levels of government that affects business operation, especially in regard to Occupational Health and Safety, and environmental issues, equal opportunity, industrial relations and anti-discrimination.

4 4 1–3 8,10 1–3

Relevant industry codes of practice. 4,5,6 5 1–6 10 1–3

Organisational policies and procedures. 4,5,6,7 4 1–8 10 1–5

Structure of authority in organisation. All 4 1–8 10 1–5

Types of payroll systems. All 4 1–3 10 1

Specific legislative requirements. 4,5 4 1–8 10 1–3

WorkChoices. 4 4 2–3 10 1–3





Knowledge and application of legislative requirements. 4 4 1–6 8,10 1–3

Accurate data input. 1,2 1,2 1–6 10 1–3

Knowledge of organisational guidelines relating to security and confidentiality of information. 5 2 7–8 10 1–5







Units

1.1 Data is systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies and procedures

3 3,4 1 4,5 1 1. Compile data

1.2 Internal and external financial data is checked to ensure consistency and accuracy 7 2,4 6 4,5 4

2.1 Charts, diagrams and supporting data are presented in an appropriate manner 8 1,3 5 4 1

2.2 Reports are prepared following a clear and appropriate structure and format and conform to organisation requirements

9 1,2 11 4,5 2

2.3 Statements and data are error free and comprehensive 7 4 7 4,5 4

2.4 Report is cross checked against original data and accounting standards 1,2,4 2 4 4,5 1

2.5 Any necessary corrections are made 7 4 6 4,5 4

2. Prepare reports

2.6 Corrections are verified and authorised by relevant persons 4 7 4 2


Interpersonal skills and communications (eg liaising, listening, consulting). 8,9 5 2

Report writing, preparation and formatting. 9 1,3 5–9 5 1

Numeracy skills for calculating data. 7,8,9 1–4 1 5 4

Identifying and solving discrepancies in data. 7 4 6,7 5 4

Working with others to prepare reports. 9 2,4 10 3 2





Managing own time and workplace priorities. 8,9 3 11 4 3

Information technology skills for set up and use of spreadsheets and preparation of documents. 6–9 3 11 5 1


Options, methods and practices for deductions, benefits and depreciations. 4,5 3 1 1

Organisational guidelines and procedures. 8 1 2–5 2 1,2

Principles of double entry bookkeeping and accrual accounting. 1,2 1,2 2,3 4,5 1

Forecasting and analysis techniques. 3 3,4 8,9 5 1

Methods of presenting financial data. 8 1 2–5 5 1

Financial legislation (eg taxable transactions, reporting requirements). 5 2 5 5,8 5

Ethical considerations for the handling of financial matters (eg conflict of interests). 6 2 5 4 5


Knowledge of organisational policies and procedures. 6–8 1,2 10 2 1

Ability to compile data. 3,4,7 3 5–9 5 1,3

Ability to prepare report and financial statements. 8,9 1 5 5 1







Units

1.1 Approval and authorisation for purchase of assets is obtained 1 1 1 9 1,2

1.2 Quotes are obtained and other organisational purchase procedures are followed 1 1 1 9 1,2

1.3 All asset purchases documentation and invoices are reconciled 1–4 1 1 9 1

1. Comply with organisational asset acquisition procedures

1.4 Assets received are checked for compliance with the quantity and quality as per documentation 1–4 1 1 9 1

2.1 All asset expenditures are reconciled in accordance with organisation’s policies, procedures and practices to the accounting records

1–4 1 3 9 6 2. Reconcile asset register and inventory records to general ledgers 2.2 Discrepancies are identified and actioned according to

organisation’s policies, procedures and practices 1–4 1 1,2,3 9 6

3.1 Purchase of inventory is recorded in subsidiary ledger 7 3 7 9 5

3.2 Asset register is established and maintained 7 3 7 9 5

3.3 Periodic and perpetual records are maintained 8 3 8 9 5

3.4 Inventory flow assumptions are applied as appropriate 7,8 3 7,8 9 5

3. Record inventory flows

3.5 Inventory is valued using appropriate valuation rules 7,8 3 7,8 9 5







Units

4.1 New asset categories are identified where appropriate 4 1 4 9 1 4. Recognise new assets and asset categories 4.2 Proforma for input of asset details is prepared and

processed accurately and in a timely fashion 4 1 3,4 9 1

5. Prepare schedules and ad hoc reports

5.1 Spreadsheets/ad hoc reports are prepared as requested 9 4 7,9,10 9 3,7

6.1 Assets are disposed of in accordance with organisational procedures, relevant legislative requirements and under supervision of appropriate persons

5 2 5 9 8

6.2 Disposal price data is obtained and entered into accounting records 5 2 5 9 8

6. Record disposal of fixed assets

6.3 Accounting procedures are followed for the removal of assets from ledger and asset register 5 2 4,5 9 8


Organising and planning own work schedule to meet organisational priorities. All 1,4 1–9 9 All

Communicating effectively to gain approval and authorisation for the purchase of assets. 1–2 4 1–9 9 1

Developing schedules and ad hoc reports. 9 4 6,9 9 3

Solving discrepancies in data. 3,6 1,2,3 1,9 9 6,8

Reconciling inventory records and general ledgers. 6 3 1 9 8

Using computers, organisational accounting software systems, spreadsheet applications and telecommunication devices. 1–9 1,2,3 10 9 5,6,8





Organisational procedures for asset acquisition. 1 1 1,2,3,4 9 1

Fixed asset register software – this may include adjusted software or equipment for use by people with disabilities. 2 1 10 9 5,8

Depreciation schedules. 9 4 6 9 3

Reconciliation process. 3,6 1,2,3 1,9 9 4,6

Banking processes. 2,7 1,2,3 5,7 9 1,8

General ledgers. 5,6 1,2,3 4,8 9 5,8

Information systems including spreadsheets. All


Knowledge of organisational policies and procedures. All 1,2,3,4 1–10 9 1,5,6,8

Knowledge of inventory valuation rules. 6 3 8 9 6

Knowledge of inventory flow assumptions. 6 3 7–8 9 6

Knowledge of relevant legislation. 1,2,5 2 1–9 9 1,8

Ability to comply with organisational asset acquisition procedures. 1 1 1–4 9 1

Ability to reconcile asset register and inventory records to general ledgers. 3,6 1,2,3 1,8 9 5,8

Ability to record inventory flows. 7 3 7 9 5

Ability to recognise new assets and asset categories. 4 1 3,4 9 1

Ability to prepare schedules and ad hoc reports. 9 4 6,9 9 3,8

Ability to record disposal of fixed assets. 5 2 5 8




Date post:	17-Apr-2018
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