Bookkeeper Induction Guide and BAS Lodgement Instructions

Assessment Number 1
Your Name
File Name: Your Name FNSACC408 AT1 Attempt 1
File Name Marking Criteria: Your Name FNSACC408 AT1 MCriteria Attempt 1
Task 1: Bookkeeper Induction Guide
1. Functions of jobs and processes
As per the requirement of the organization, the management of the company
requires new bookkeepers so that the accounting process can be smoothly
undertaken by the business. In respect of the business, the main function of a
bookkeeper which can be identified are listed below in details:
a. The primary function which can be identified for a bookkeeper is related to the
process of maintaining the books of accounts for the business. The books of
accounts are maintained under the supervision of the financial accountant,
b. The bookkeeper also needs to make entries in the books of accounts and
make adjustments as and when required in the same.
c. In addition to this, the book keepers would also be responsible for the payroll
system which is established in the business.
d. The bookkeeper prepares the financial records by posting different
transactions in the books of accounts or accounting software by referring to
source documents such as invoices, customer receipts, notes and memo.
e. The bookkeeper also has the responsibility of maintaining different day books
and general ledger accounts such as cash book, sales day book, purchase
day books.
2. Roles and responsibilities the existing staff
The other staff member who are also engaged in the business are responsible
for different departments which can be associated with the operational
process. In addition to this, the staff members also include accounting
professionals, tax advisors, senior managers who have to comply with
different requirements of the law. The roles and responsibilities of the other
staff members of the business are listed below in details:
a. The accounting professionals needs to adhere to conceptual framework which
is set by IASB while preparing the financial statements and in addition to this
also adhere to relevant accounting standards which are applicable to the
business.
b. The employees and senior staff members needs to ensure that the ethical
code of conduct is followed by the business and ethical standards like APES
110 are followed while conducting the operations of the business.
c. In terms of taxation requirements, the tax advisors and professionals needs to
check with the regulations which are brought about by Australia Tax Office
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and Tax Practitioners Board. In addition to this, the agents and tax
professional also needs to follow the regulations which have been brought
about in Tax Agent Service Act 2009 and comply with the same.
3. Networking and support pathways available
The accounting and financial reporting process of the business is under the financial
accountant and the bookkeepers who help him to manage different transactions of
the business (Abdul-Rahamon & Adejare, 2014). The bookkeepers are at the lowest
level of hierarchy and the internal support pathways for the bookkeepers is from the
financial accountant who prepares the financial statements at the ends of the period.
On the other hand, external support pathways for the bookkeepers would be from
the TPB, ASIC and the tax office. These external support pathways often provide
guidance to the bookkeeper in case any situation arises in the business or even in
case of any confusion.
4. Legislation, regulations, industry standards and organisation requirements
There is certain legislation which needs to be followed by a business while following
a reporting framework for presentation of financial information of the business. Some
of the common regulations which a business needs to adhere while reporting
important financial information of the business (Green, 2014). Some of the
regulations which the management of the company needs to adhere to are listed
below in details: Goods and Services Tax) Act 1999: The business needs to adhere to goods
and service tax of 1999 as indirect taxes would be applicable to the business
and therefore proper records needs to be maintained so that how much GST
is paid or payable can be tracked. Retention of financial records: The financial records of a business needs to be
maintained for future use or for comparison between past and present
performance. Privacy Act 1988: The privacy act of 1988 states that the information of the
employees and customers needs to be protected and their privacy should not
be affected in any manner. Corporations Act: The corporation act provides the framework which needs to
be followed by a business for ensuring that the business follows all relevant
rules and regulations while conducting the operations of the business.
The regulations which are set by the management of the company for the company
are listed below in details:
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 The employees should adhere to all the rules and regulations which are set
out in the Corporation Act 2001 The employees would be also be held liable
for any fines if there is a violation in compliance with the regulations. The management of the company needs to implement the ethical codes of
APES 110 so that the employees follow the same for maintaining code of
conduct in the operation of the business.
The industry standards which the company needs to adhere to related to the
reporting framework which is used by the business should be same so that
transparency can be maintained in the organization. In addition to this, the function
of bookkeeping is closely associated with the process of reporting and therefore
such a standard need to be maintained by the business.
Organisational Requirements
The company needs to formulate appropriate strategic plans so that a level of
transparency is maintained in the operations and reporting. The reporting framework
which is used by the business needs to be transparent so that the stakeholders are
aware of the activities of the business. The strategic plans help the management to
make decisions relating to the business and also the reports which needs to be
prepared by the business.
The business also needs to prepare operational plan for smooth operations of the
business and effective reporting for all the financial information of the business. The
operation plan sets the timeline which needs to be followed for presenting the
financial information of the business in an effective manner.
The plan and procedure manual provide a guide as to how the transactions needs to
be presented in the books of accounts and what exactly is expected from the
financial accounting department. It also sets the process by which the books of
accounts are prepared by the bookkeepers and then reviewed by the financial
accountant.
5. Finance Code of Practice and ethical guidelines
The code of professional conduct which every finance professional is expected to
adhere to is set out in TPB websites. In addition to this, the company also needs to
adhere to rules and regulations which are set out by accounting standards (Code
obligations | TPB. 2019). In addition to this, the business also needs to be consistent
with the accounting policies and principles which are followed by the business.
The ethical standard which needs to be followed by businesses for managing the
operations of the business and the same are listed below in details: Honesty and integrity Independence Confidentiality
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