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FNSACC301 : Process Financial Transactions and Extract Interim Reports

   

Added on  2020-10-05

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PROCESS FINANCIAL TRANSACTIONS AND EXTRACTINTERIM REPORTSFNSACC301: Assessment TasksQ1.Q2.Q3.ASSESSMENT COVER SHEETQ4.Unit NameProcess Financial Transactions and Extract Interim ReportsCompany Name of students workplaceTraining LocationAssessors NameResult code: COM – Competent NYC – Not Yet Competent CT – Credit Transfer RPL – Recognition Prior Learning

Assessment ResultAssessor’s FeedbackMethod:Assessment methods used:Q - Questions A – practical activitiesP - ProjectI agree that the purpose and consequences of the assessment(s) have been explained and I have received all the relevant tools and resources necessary to undertake assessment, being fully aware of Upskilled’s assessment, complaint and appeal processes, and I believe that I am ready for assessment.I acknowledge and agree that recorded activities have been conducted on specified dates and the assessment process was carried out fairly, with integrity, professionally with appropriate feedback during and after the assessment.A Note on Presenting Assessment Tasks.Provide your answers in the space given, if you need to attach a separate file (e.g. word doc/ppt slides), submit it on your student portal with appropriate file name.Q5.ELEMENTS AND PERFORMANCE CRITERIAFNSACC301 Process financial transactions and extract interim reportsELEMENTPERFORMANCE CRITERIAElements describe the essential outcomes.Performance criteria describe the performance needed to demonstrate achievement of the element.1. Check and verify supporting documentation1.1 Identify, check and record information from documents1.2 Examine supporting documentation to establish accuracy and completeness and to ensure authorisation by appropriate personnel

2. Prepare and process banking and petty cash documents2.1 Enter accurately and balance deposits and withdrawals according to organisational procedures2.2 Check cheques and card vouchers for validity before processing2.3 Reconcile banking documentation with organisation’s financial records2.4 Check, process and record petty cash claims and vouchers, andbalance petty cash book according to organisational procedures3. Prepare and process invoices for payment to creditors and for debtors3.1 Prepare invoices in accordance with organisational procedures3.2 Check invoices against source documents for accuracy and correct any errors3.3 File all invoices and related documents for auditing purposes4. Prepare and post journals and batch monetary items4.1 Prepare journals accurately and completely, and batch items within organisational timelines4.2 Match batch items precisely to initial receipt records4.3 Ensure journals are authorised by appropriate person and process in accordance with organisational policy and procedures5. Post journals to ledger5.1 Post journals accurately to ledger in accordance with organisational input standards, with transactions correctly allocated to system and accounts6. Enter data into system6.1 Enter data accurately into system in accordance with organisational input standards and correctly allocate transactions to system and accounts6.2 Update related systems to maintain integrity of relationships between financial systems7. Prepare deposit facility and lodge flows7.1 Select deposit facility appropriate to banking method to be used7.2 Balance batch with deposit facility without error7.3 Take security and safety precautions appropriate to method of banking, in accordance with organisational policy and industry and legislative requirements

7.4 Obtain and file proof of lodgement so that it is easily accessible and traceable8. Extract trial balance and interim reports8.1 Process accurately any special transactions8.2 Complete cash and credit journals and post to general ledger8.3 Extract and check trial balance and prepare other required reports8.4 Find and correct any errorsNote: There is a range of skills, knowledge and critical evidence that must also be demonstrated in order for you to be deemed competent in this unit of study. You can find more information about this on www.training.gov.au and typing in the unit number.Q6.Q7.Q8.Q9.Q10.ASSESSMENT TASK 1Knowledge based activitiesUsing your understanding from the learner guide (and maybe from external research or previous work experience) please provide responses to the following questions in the space given below. Refer to the Learner Guide and Additional Resources for information.1. Why is it important to file all invoices and related documents? Provide an example of a systematic naming convention of filing documents.Appropriate maintenance related to source documentation is major and overlooked factor for ensuring accurate and proper transactions which are posted in specific accounting system. The systematic naming convention of filing documents would be performed through SAP software.

2. Provide at least 3 examples of special transactions. For each example show the journal entryAmount of 4500 was paid as rend advance for 2 months.Prepaid rent ac dr 4500Cash ac 4500Office supply was purchased at cost of 2600 on account Office supplies ac dr 2600Account payable ac 2600Dividends paid of 800Dividends ac dr 800Cash ac 8003. What is proof of lodgement? How can you obtain it? Describe a method of filing proof of lodgement to ensure it’s easily accessible and traceable.While depositing money in bank, cash would be checked through bank teller along with cheques, detail of credit card for ensuring balance. Generally, teller stamps copy of specific deposit in form of evidence that deposit is made. The stamped deposit slip is replicated as proof of lodgement while returning from bank. This proof of lodgement must be reflected in section of accounts where it will file and checked as well.4. List at least three security and safety precautions that you take while banking and preparing deposit facilities. 1.Bank statements must be checked for verifying deposit which is correctly entered or not.2.All banking details must be completed on documents.3.The time of banking should be vary.4.The person must perform bank deposits accountable for cheques and money.5. What is a source document? What is the purpose of having a source document? List at least 5 types of common source document that a business may use.

It is an original record which consist of details for substantiate transactions where whole key information about transactions are captured like involved parties, transaction'ssubstance along with date and paid amount. The main objective during audit as evidence of specific transaction of business which incurred.Types:Cash MemoReceiptChequeVouchersDebit Note6. List at least four typical errors that can be made in processing financial transactionsError of OmissionError of CommissionError of duplicationError of Principle7. Explain the security procedures for handling cheques, eftpos and cash of your organisation (If you are not currently working, do an online research and find any organisation to answer the question).Cash handling security procedure:Supervisors must observe signals of cash theft.Store policy is closed to drawer and change must be given.Unauthorised person are not permitted behind counter for any reason.Cash drawer should not be left open and cash office should be notified during requirement of cash pick up.Cash should be counted through cash office only.Security procedure and measure must be not discussed rather than manager.Cheque transaction procedureThe name of company must be correctly used and each correction should be initialled through customer.Cheque must be signed in front of supervisor.

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