This unit describes skills and knowledge required to maintain accounts payable and accounts receivable records, including processing payments to creditors and handling overdue accounts receivable.
It 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.
Topics:
- Maintain financial journal systems
- Prepare bank reconciliations
- Maintain accounts payable and accounts receivable systems
- Process payments for accounts payable
- Prepare statements for accounts receivable
- Follow up outstanding accounts
Upon successful completion of this unit, you will:
- accurately enter data into journal and subsidiary ledger system
- maintain journals and subsidiary ledger systems
- reconcile subsidiary ledger system with journal or general ledger data
- complete all tasks in accordance with legal and organisational responsibilities, within scope of own responsibility
Demonstrate knowledge of:
- key provisions of relevant legislation and regulations, standards and codes of practice that may affect aspects of financial operations
- organisational accounting systems and procedures
- how to check for errors or discrepancies
- tasks that are outside own scope of responsibility
Nominal hours = 30 hours
