FNSACC301A : Process Financial Transactions and Extract ...

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FNSACC301A - Process Financial Transactions and Extract Interim Reports
Name of Participant:........................................... Date:..............................
Element of Competency
1. Check and verify suppporting documentation
2.Prepare and process banking and petty cash documents
3. Prepare and process invoices for payment to creditors and for debtors
4. Prepare journals and batch monetary items
5. Post journals to ledger
6. Enter data into system
7. Prepare deposit facility and lodge flows
8. Extract a trial balance and interim reports
Requirements:
 Access to MYOB AccountRight
Enterprise V19.
 Backup disk/flash drive.
 Office Supplies Shop V19 2013.MYO
Part A: Written / Oral (Question and Answer)
(a) Information from documents is identified, checked and before being recorded. Tick
your choice.
TRUE FALSE
(b) List six (6) actions you can take to examine supporting documentation in order to
establish its accuracy, completeness and authorisation?
 Purchase order from a customer
 General Journal entry book
 Purchase order given to a supplier
 Supplier’s Bill
 Bank Statement
 Credit card receipt
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(c) List three (3) areas of cheques which need to be confirmed for completeness and
accuracy before banking.
 Fees
 Not sufficient Funds checks
 Recording errors
(d) What is the purpose of bank reconciliation?
Bank Reconciliation Statement help in comparing records if there is any differences
between the two sets of records for the cash transactions. This statement need to be
completed to look if any customer checks have bounced or issues were altered or
stolen. By using bank reconciliation statement, fraud detection becomes easier.
(e) Describe what is involved in setting up and maintaining an impressed petty cash
system. Include the documentation and process of using the system in your
answer.
An imprest petty cash system reveals that the general ledger account will remain
dormant for given amount. In order to establish a new petty cash fund or increasing the
amount of funds in existing petty cash fund, it is important for the agency to send a
request to the Office of the State Controller.
(f) Outline 6 items which need to be recorded accurately on invoices prior to recording
them.
1. Business Name and Address details
2. Unique invoice reference or number that will relate to this invoice only
3. Total amount for the invoice
4. Payment terms for the invoice
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5. Customer Purchase Order Number
6. List of products or services
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(g) Once invoices are accurately recorded the documentation needs to be filed for
auditing purposes. Tick your choice.
TRUE FALSE
(h) From the list below, indicate your choices about preparing and posting journals in
order for the journals to be prepared accurately and completely. Tick your choices.
 Batched into organisational
timelines
 Allocated to appropriate accounts
 Authorised before being entered  May require tax codes to allocate
GST accurately
 Computerised batches match
source documents
 Posted to the ledger within
organisational timeframes
(i) When entering data into accounting systems/applications, what actions can you do
to ensure the transactions are accurate and in accordance with organisational
procedures to ensure that you maintain the integrity of relationships between
different financial systems/applications.
Many actions can be taken that can help in maintaining high level of accuracy. The first
action is supporting as well as training the staff members when implementing any new
software program. The second action is preparing checklist that can be used for
maintaining high level of accuracy. The third actions are involving in cross references for
sourcing documents. For instance- Checking Totals of GST. The fourth action is data
testing and data comparison with reports.
(j) A deposit facility could be the ‘un-deposited’ funds account. Tick your choice.
YES NO
(k) List three methods of payment which customers could use with a deposit facility?
1. Credit Card
2. Debit Card
3. Cheque
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