BSBFIN301|Unit

Process financial transactions

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Application

This unit describes skills and knowledge required to prepare, process and maintain financial transactions and to reconcile outstanding accounts.

The unit applies to individuals employed in a range of work environments supporting the accounting functions of an organisation. They may provide administrative support in an organisation or be members of staff, who have been delegated accounting responsibilities.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Business Competence – Financial Literacy

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill

Description

Numeracy

  • Uses a limited range of mathematical calculations to reconcile amounts using whole numbers and decimals
  • Arranges and compares numerical information

Reading

  • Interprets textual information from a range of sources to confirm all necessary job requirements
  • Checks documents to identify errors or discrepancies

Writing

  • Prepares a range of clear documentation using relevant format, grammatical structure and vocabulary suitable to audience

Initiative and enterprise

  • Identifies legal and regulatory responsibilities related to own work

Planning and organising

  • Plans a range of routine and non-routine tasks recognising stated goals and aiming to achieve them within designated timeframes
  • Implements standard procedures for routine decisions

Problem solving

  • Identifies predictable problems and applies formal problem-solving processes or seeks advice from others, where required

Technology

  • Uses digital technology to access, filter, compile, integrate and logically present complex information from multiple sources

Unit Mapping Information

No equivalent unit. Supersedes but is not equivalent to:

  • BSBCUE305 Process credit applications
  • BSBCUE306 Process complex accounts
  • BSBFIA303 Process accounts payable and receivable.

Assessment Conditions

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

  • accounting software
  • examples of cash journals, credit journals, accounts payable and accounts receivable subsidiary legers
  • workplace reference materials including procedural manuals and company policies.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Process financial transactions

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