BSBFIA303A Process accounts payable and receivable Revision Number: 1
BSBFIA303A Process accounts payable and receivable
Date this document was generated: 26 May 2012
BSBFIA303A Process accounts payable and receivable
Modification History
Not applicable.
Unit Descriptor
Unit descriptor
This unit describes the performance outcomes, skills and knowledge required to maintain accounts payable and accounts receivable records, including processing payments to creditors and handling overdue accounts receivable. No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Application of the Unit
Application of the unit
This unit applies to individuals employed in a range of work environments supporting the accounting functions and aspects of an enterprise. They may provide administrative support within an enterprise, or may be members of staff who have been delegated accounting responsibilities. Licensing/Regulatory Information
Not applicable.
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide.
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Innovation and Business Skills Australia
BSBFIA303A Process accounts payable and receivable
Date this document was generated: 26 May 2012
Elements and Performance Criteria
ELEMENT
PERFORMANCE CRITERIA
1. Maintain financial journal systems
1.1. Check source documents for accuracy and appropriate authorisation
1.2. Refer errors and discrepancies in source documents for resolution, in accordance with organisational policy and procedures
1.3. Enter transactions into cash and credit journal system in accordance with organisational policy and procedures, and relevant legislation and compliance requirements 1.4. Total credit journals in accordance with organisational policy and procedures
2. Prepare bank reconciliations 2.1. Check cash journals against bank statements to identify differences
2.2. Update cash journals with relevant data from bank statement/s 2.3. Identify discrepancies and refer to appropriate staff member, organisation or agency
2.4. Total cash journals in accordance with organisational policy and procedures
2.5. Prepare regular reconciliation reports within designated time lines
3. Maintain accounts payable and accounts receivable systems
3.1. Enter transactions into individual accounts payable and accounts receivable, in accordance with organisational policy and procedures, and accounting requirements 3.2. Prepare schedules of accounts payable and accounts receivable for reconciliation purposes, in accordance with organisational requirements
3.3. Reconcile schedules accounts payable and accounts receivable with journal data or general ledger, in accordance with organisational requirements
4. Process payments for accounts payable
4.1. Reconcile accounts payable statements with accounting records, in accordance with organisational policy and procedures
4.2. Check payment documentation for accuracy of information and discrepancies and rectify errors, in accordance with organisational requirements
5. Prepare statements for accounts receivable 5.1. Produce and check accounts receivable statements for accuracy of content in accordance with organisational policy and procedures
