A step by step approach to Administer subsidiary accounts and ledgers using MYOB AccountRight v nd edition SUITABLE FOR FNSACC302

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1 A step by step approach to Administer subsidiary accounts and ledgers using MYOB AccountRight v nd edition Software Publications Pty Ltd. All rights reserved, June 2015 No part of this material may be reproduced or copied in any form or by any means (graphic, electronic or mechanical, including photocopying or by information retrieval systems) without permission in writing from Software Publications Originating Author: Marian Brown Dip T (Commerce), MICB BAS Agent Cert IV Workplace Training and Assessment, Cert IV in Financial Services (Bookkeeping) MYOB Certified Consultant, MYOB Accredited Author, MYOB Accredited Trainer Revised by: Leanne Berry, FICB Cert IV in Financial Services (Bookkeeping), Cert IV Workplace Training and Assessment, Cert IV in Small Business Management, Cert IV in Frontline Management, Cert II in Quality Management MYOB Certified Consultant MYOB Accredited Trainer, MYOB Accredited Author, Member MYOB Partner Advisory Group Publisher Software Publications Pty Ltd (ABN ) Unit 10, 171 Gibbes Street Chatswood NSW ISBN: FNSACC302A Administer subsidiary accounts and ledgers SUITABLE FOR FNSACC302 Software Publications Pty Ltd, 2013 i

2 Copyright/Trademark Information: MYOB, AccountantConnect, AccountantsEnterprise, AccountantsOffice, AccountEdge, AccountRight, AccountRight Basics, AccountRight Standard, AccountRight Plus, AccountRight Premier, AccountRight Enterprise, Accounting, Accounting Plus, Atlas by MYOB, MYOB BusinessBasics, BankConnect, MYOB CashBasics, ClientConnect, ClientConnect Plus, Exo, FirstEdge, LiveAccounts, Love Your Work, Mind Your Own Business, MYOB - Making Business Life Easier, MYOB Atlas, MYOB ClientConnect, MYOB Enterprise, MYOB Exo, MYOB M-Powered, MYOB M-Power, M-Powered Services, M-Powered Bank Statements, M-Powered Invoices, M- Powered MoneyController, M-Powered Payments, M-Powered Superannuation, ODBC DeveloperPack, ODBC Direct, PowerPay, Premier, Premier Enterprise, RetailBasics, RetailHospitality, RetailManager, RetailManager Enterprise, RetailManager Professional, RetailManager Standard, RetailReady, Smarter Connections are registered trademarks or trademarks of MYOB Technology Pty Ltd and their use is prohibited without prior consent. Ceedata, Solution 6 MAS and Xlon are registered trademarks or trademarks of Solution 6 Holdings Limited, a member of the MYOB group. Adobe, Acrobat, Acrobat Reader, Adobe Reader, PDF, and PostScript are trademarks or registered trademarks of Adobe Systems Incorporated. AddressBook, Apple, imac, AirPort, ical, Macintosh, and QuickTime and the QuickTime logo are registered trademarks of Apple Inc. MobileMeSM is a service mark of Apple Inc. Mac and the Mac logo are trademarks of Apple Inc., used under licence. Brio Intelligence and Hyperion Intelligence are trademarks or registered trademarks of Hyperion Solutions Corporation, Ctree use by permission from Faircom, Dapper used under licence with Apache Software, NiXPS used under licence, WinForms control set used by permission from DevExpress. Crystal Reports is a registered trademark of Crystal Decisions, Inc. in the United States or other countries. FlexNet Connect is a registered trademark of Flexera Software Inc. Google Maps card links included with permission. MasterCard is a registered trademark of MasterCard International Inc, xerces is licenced under Apache Software. Microsoft, Access, Azure, DotNetZip, Excel, Fluent.Net, Internet Explorer,.Net Framework,Office, N-Log used under open source licence, Outlook, Smart Tags, Ribbon Control Library, SQL Azure, SQL CE, Windows, Word and WFPToolkit, are registered trademarks or trademarks of Microsoft Corporation in the United States or other countries. Quicken and QuickBooks are registered trademarks of Intuit Inc. SM2DGraphView Copyright Snowmint Creative Solutions LLC snowmintcs.com. VISA is a registered trademark of Visa International Service Association. RightNow CX is a registered trademark of RightNow Technologies Inc. Sentry Spelling Checker Engine for Windows, copyright Wintertree Software Inc. Other products mentioned may be service marks, trademarks or registered trademarks of their respective owners. Limitations of Liability: This material is designed to provide basic information on how to use MYOB AccountRight Standard/AccountRight Plus v19.8. Because business circumstances can vary greatly, the material is not designed to provide specific GST or business advice for particular circumstances. Also, because aspects of the GST are complex and detailed, the material is not designed to comprehensively cover all aspects of the GST. Further, the laws implementing GST and rulings and decisions under those laws may change. Before you rely on this material for any important matter for your business, you should make your own enquiries about whether the material is relevant and still current, and whether it deals accurately and completely with that particular matter; and as appropriate, seek your own professional advice relevant to that particular matter. This information is for the general information of MYOB clients and is not to be taken as a substitute for specific advice. Consequently Software Publications Pty Ltd, Leanne Berry and Marian Brown will accept no responsibility to any person who acts on information herein without consultation with Software Publications Pty Ltd. The information in this book is relevant to MYOB AccountRight Plus v19.8. Earlier or later versions of MYOB software could change the instructions in this. References to websites may also change owing to the changing nature of this type of information. ii Software Publications Pty Ltd, 2013

3 Relationship to Competency Standards This covers the following unit of competency in the FNS10 Financial Services Training Package: FNSACC302A Administer subsidiary accounts and ledgers This unit describes the performance outcomes, skills and knowledge required to reconcile and monitor financial accounts receivable systems, identify bad and doubtful debts and plan a recovery action and remit payments to sundry creditors. This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body. Element Performance criteria Workbook units 1 Review 1.1 Receipts entered into accounts receivable Units 5, 8, 9, 10, 12 accounts receivable process system are checked for accuracy, consistency and thoroughness 1.2 Incorrect entries are identified and accurately Units 8, 9, 10, 12 recorded according to type and source of receipt 1.3 Discrepancies between monies owed and Units 8, 9, 12 monies paid are identified and investigated according to organisation policy, procedures and guidelines 1.4 Receipts entered into accounts receivable system are amended according to established Units 8, 9, 12 2 Identify bad and doubtful debts procedures 2.1 Debtors ledger is regularly reviewed in accordance with organisation policy and guidelines to identify outstanding monies and further information, if required, sought from relevant sources 2.2 Bad or doubtful debt status is verified through liaison with debtors 2.3 Reporting procedures and appropriate documentation for bad and doubtful debts is completed in accordance with organisation policy and guidelines Units 8, 9, 11, 12 Units 11 and 12 Units 11 and 12 4 Unit 1 Software Publications Pty Ltd, 2013

4 Element Performance criteria Workbook units 3 Review 3.1 Clients in default of trading terms are Units 8, 9, 11, 12 compliance with terms and conditions and plan recovery action correctly identified according to organisation operating procedures and contacted promptly and courteously to make satisfactory arrangements to pay monies outstanding 3.2 Monies owing that constitute breaches of Units 11 and 12 organisation credit policy are actioned in accordance with organisation policy and procedures 3.3 Previous activities and communication with Units 11 and 12 clients are thoroughly reviewed to establish adequacy of follow-up procedures and whether all usual organisation recovery avenues have been exhausted 3.4 Plans to pursue debt recovery or to initiate legal action are developed with measures to collect monies completed in accordance with Units 11 and 12 4 Prepare reports and file documentation 5 Distribute creditor invoices for authorisation 6 Remit payment to creditors 7 Prepare accounts paid report and reconcile balances outstanding organisation policy, guidelines and timelines 4.1 Reports are prepared which document accounts receivable debt recovery type, cause and recovery plan and distributed to supervisors, managers and other relevant parties 4.2 Documentation is filed promptly in accordance with company policy and procedures 5.1 Invoice discrepancies are identified, investigated and rectified and invoices are encoded and recorded correctly 5.2 Authorisation for payment is requested of appropriate personnel 6.1 Cheque requisition is correctly drawn up and authorised and the correct general ledger to be drawn against identified 6.2 Correct account is debited in a timely manner and in accordance with legislative and compliance requirements 6.3 Creditors payments are prepared in an accurate manner 7.1 Data is collected and entered onto spreadsheet giving details of creditors and amounts paid and a report prepared for ratification by appropriate management 7.2 Statements of outstanding balances are sought from suppliers where required and balances outstanding are reconciled to invoices received Units 11 and 12 Units 11 and 12 Units 13,14 and 15 Units 14 and 15 Units 14 and 15 Units 14 and 15 Units 14 and 15 Units 14 and 15 Units 14 and 15 Software Publications Pty Ltd, 2013 Unit 1 5

5 Required skills and knowledge Required skills: Required knowledge: communication skills to: determine and confirm work requirements and interact with clients, using questioning and active listening as required share information, listen and understand use language and concepts appropriate to cultural differences well-developed numeracy skills to make financial calculations IT skills for accessing and using accounting systems, spread sheets and databases evaluation skills to determine payment status and any discrepancies literacy skills for: data analysis and entry drafting reports and letters organisational skills, including the ability to plan and sequence work and maintain accurate records Throughout Throughout Throughout Throughout Throughout Throughout accounting principles and practices Throughout accounting systems Throughout awareness of legal systems and procedures and relevant acts or regulations Units 5, 8, 9, 11, 13 industry codes of practice Units 9 and 11 industry compliance requirements Throughout organisation policy, guidelines and procedures Throughout use of financial spreadsheets Unit 14, 15 Assessment Competency in the Unit may be assessed using a combination of observation and practical exercises throughout this. An assessment tool is also available on the Training resource CD corresponding to this which is available to trainers/assessors. 6 Unit 1 Software Publications Pty Ltd, 2013

6 Exploring the Sales Command Centre (i) Click on the Sales Command Centre button. Look at the buttons in the flowchart: Sales Register Enter Sales Receive Payments Print/ Statements Print/ Invoices Print Receipts Transaction Journal (ii) Select Enter Sales. The following invoice window is displayed. This invoice window will be used in this. (iii) Click on Cancel to return to the Command Centre because you still have a lot more exploring to do. (The ESC key can also be used to return to the previous window.) Software Publications Pty Ltd, 2013 Unit 3 39

7 Exploring the Time Billing Command Centre Click on the Time Billing Command Centre button. Look at the buttons in the flowchart: Activities List to create a list of activities that you perform Enter Activity Slip to record time spent on activities Enter Timesheet Activity Log a summary of activities Prepare Time Billing Invoice to prepare an invoice from information already entered regarding activities Transaction Journal The Time Billing Command Centre is not covered in this. Exploring the Purchases Command Centre (i) Click on the Purchases Command Centre button. Look at the buttons in the flowchart: Purchases Register Pay Bills Enter Purchases Print/ Purchase Orders Prepare Electronic Payments Print Cheques Print/ Remittance Advices Transaction Journal Print Taxable Payments (ii) Select Purchases Register. The following window is displayed. Purchases entered in this will be displayed in this purchases register. (iii) Click on Close to return to the Command Centre because you still have a lot more exploring to do. 40 Unit 3 Software Publications Pty Ltd, 2013

8 Exploring the Payroll Command Centre Click on the Payroll Command Centre button. Look at the buttons in the flowchart: Payroll Categories Enter Timesheet Process Payroll Pay Liabilities Pay Superannuation Prepare Electronic Payments Print Paycheques Print/ Pay Slips Print Payment Summaries Transaction Journal The Payroll Command Centre is not covered in this. Exploring the Inventory Command Centre CLICK on the Inventory Command Centre button. Look at the buttons in the flowchart: Build Items Items Register Adjust Inventory Auto-Build Items (build finished products) Items List (a list of items bought and/or sold) Set Item Prices Receive Items Count Inventory Transaction Journal The Inventory Command Centre is not covered in this. Exploring the Card File Command Centre (i) Click on the Card File Command Centre button. Look at the buttons in the flowchart: Cards List Contact Log Print Mailing Labels Create Personalised Letters (ii) Select Cards List. Software Publications Pty Ltd, 2013 Unit 3 41

9 The following window is displayed: (iii) Click on the to the left of Jo s Carpentry. The Profile for Jo s Carpentry will look like this. (iv) Click on the Search icon to the right of Address 1. Note that you can enter up to five addresses and a set of phone/fax, , etc. details for each address. (v) Select Address 1: Bill To. 42 Unit 3 Software Publications Pty Ltd, 2013

10 (vi) Click on Actions and select Send You could send the following . Click on Cancel. (vii) Click on Selling Details to display the following information. Invoice layout to be sent to Jo s. Click on and change to INCSIPLN Jo s Carpentry will always be allocated to Contract Plumbing. Payment terms. (viii) Click on Payment Details to display the following. The usual payment details of Jo s Carpentry can be entered. These details can be used to print bank deposit reports. Return to the Command Centre by pressing the ESC key twice. Software Publications Pty Ltd, 2013 Unit 3 43

11 Entering customer payments The following cheque was received from Jo s Carpentry on 8/month. Eastpac Bank Plumbsville QLD Date: 8/month/20xx Pay Brown s Plumbing OR BEARER The sum of Eleven thousand dollars $11, Cheque number BSB Account number DRAWER Jo s Carpentry '' ''084'''222: '' J Verlaat Check the cheque details for accuracy. (a) (b) (c) (d) (e) Is the cheque dated correctly?. Do the words and figures match?... Is the cheque made payable to the business?.. Is the cheque signed? Are all the details correct?. Open your 302A Brown s Plumbing 198 company file, the file you have been using in this. To enter the above payment: (i) (ii) In the Sales Command Centre, select Receive Payments. In the Customer field, select Jo s Carpentry. (iii) Key in the payment amount of Your window should look like this (your current month will be displayed). Software Publications Pty Ltd, 2013 Unit 8 103

12 (iv) (v) Select Details and enter the cheque details from the previous page. In the Amount Applied column, allocate the $11,000 payment against invoice 336. Your window should look like this. This cheque will be banked with other cheques and cash received. (vi) Click on Record to record the payment. More customer payments to enter Cheque received from Ray Brown Real Estate to pay invoices 337, 338 and 339. Eastpac Bank Plumbsville QLD Date: 8/current month Pay Brown s Plumbing OR BEARER The sum of One thousand, three hundred and thirteen dollars - $1, DRAWER Ray Brown Real Estate '' ''062'''001: '' Has the cheque been written out correctly? If not, what is not correct?... What would you do?.. Does this cheque pay the amount owing on Invoices 337, 338 and 339?.. Assume that the problem with the Ray Brown Real Estate cheque has been corrected, enter the above cheque. 104 Unit 8 Software Publications Pty Ltd, 2013

13 Another customer payment to enter an overpayment Eastpac Bank Plumbsville QLD Date: 10/current month Pay Brown s Plumbing OR BEARER The sum of Seven thousand two hundred dollars $7, DRAWER Jo s Carpentry '' ''084'''222: '' J Verlaat Enter the above cheque from Jo s Carpentry in payment of invoice 340. Does the above cheque pay invoice 340? How do you think this situation happened?... Refer to the policies and procedures. How is the above situation to be handled? To enter the above overpayment: (i) (ii) In the Sales Command, select Receive Payments. Select Jo s Carpentry and enter the above payment like this: Change 7,000 to 7,200. Software Publications Pty Ltd, 2013 Unit 8 105

14 (iii) Select Record. The following window is displayed. (iv) (v) (vi) (vii) Select OK. Now apply this credit of $200 against an invoice in the future. Return to the Command Centre. Select the Sales Register. Select Returns and Credits. (viii) Select Apply to Sale. (ix) Apply the $200 credit to a future invoice like this. (x) (xi) Click on Record. Return to the Command Centre. 106 Unit 8 Software Publications Pty Ltd, 2013

15 Exercise instructions In this unit you will use the month you used in Unit 13. Remember to back up at the end of every session. BROWN S PLUMBING SUPPLIER PAYMENT PROCEDURES 1 Upon receipt of an invoice, the validity and accuracy of the invoice must be checked before entering into the MYOB company file. 2 Statements received are to be reconciled with invoices received. 3 Due dates of supplier invoices are to be monitored, using the to do list - A/P. 4 Accounts due during the month are usually paid by BPAY or cheque. All cheques are to be accompanied by a remittance slip. 5 Before payment by the bookkeeper any invoices for expenses incurred, e.g. office supplies, are to be authorised, using a cheque requisition slip by Matt. 6 The bookkeeper is authorised to pay accounts by BPAY, transfer electronic payments and sign cheques. 7 At the end of the month, a payables reconciliation report is to be printed to make sure the payables ledger and general ledger reconcile. This report is to be exported to Excel and reviewed by Matt who is to authorise on the Excel printout the accounts to be paid by the bookkeeper. 8 Monthly accounts are usually to be paid by electronic transfer and authorised by Matt before the bookkeeper transfers the file to the bank. 202 Unit 13 Software Publications Pty Ltd, 2013

16 Monitoring invoice due dates List the bills which have to be paid before the end of the current month? List supplier and amount use To Do List - A/P Paying Telstra account The Telstra account is due on 24/month. (i) (ii) A cheque will be written out to pay the above account. On 24/month you are using, complete the cheque below to pay Telstra. Date.. Pay Details.... FWD WBC Bank Plumbsville QLD Date:.. Pay.. OR BEARER The sum of $... This Cheque Balance DRAWER Brown s Plumbing '' ''014'''667: '' (iii) (iv) The cheque would be signed by bookkeeper or Matt. (Indicate bookkeeper will sign here.) The cheque would be sent with a remittance slip at the bottom of the Telstra account. To enter this payment in MYOB: (i) (ii) (iii) In the Purchases Command Centre, select Pay Bills. Select Telstra and enter the payment (see next page). Key in the cheque number. Software Publications Pty Ltd, 2013 Unit

17 (iv) Key in the amount of the cheque and in the Amount Applied column click to apply this payment to the invoice. You can also select the Pay All button and the amounts applied will be completed automatically. (v) (vi) Click on Record. Now indicate on the cheque butt that the payment has been entered in the MYOB company file. Methods can include: a line across the butt with a different coloured pen initials and date on the butt have a stamp Entered across the butt. Use one of these methods to indicate throughout the rest of this. (vii) Return to the Command Centre. 204 Unit 13 Software Publications Pty Ltd, 2013

18 FNS Financial Services Training Package Supplement This can be used by learners completing a qualification in the FNS Financial Services Training Package. Software Publications Pty Ltd,

19 FNSACC302 Administer subsidiary accounts and ledgers Application This unit describes the skills and knowledge required to reconcile and monitor financial accounts receivable systems, identify bad and doubtful debts and plan a recovery action, and remit payments to sundry creditors. It applies to individuals who use specialised knowledge and follow agreed processes to problem solve within their area of responsibility. Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements. Elements and Performance Criteria Element Elements describe the essential outcomes. Performance criteria Performance criteria describe the performance needed to demonstrate achievement of the element. Workbook reference Assessment option 1 Assessment option 2 1. Review accounts receivable process 1.1 Check receipts entered into accounts receivable system for accuracy, consistency and thoroughness Units 5, 8, 9, 10, 12 Tasks 4, 7, 9 PO 9 Part B Tasks 6, 7, 8 PO 1 Part B 1.2 Identify and accurately record incorrect entries according to type and source of receipt Units 8, 9, 10, 12 Tasks 3 and 4 Task Identify and investigate discrepancies between monies owed and monies paid according to organisational policy, procedures and guidelines Units 8, 9, 12 Task 7 Task Amend receipts entered into accounts receivable system according to established procedures Units 8, 9, 12 Task 11 Task Identify bad and doubtful debts 2.1 Regularly review debtor ledger in accordance with organisational policy and guidelines to identify outstanding monies and seek further information, if required, from relevant sources Units 8, 9, 11, 12 PO 6 Tasks 10 and 16 Part B PO 4 & 5 Tasks 15 and 16 Part B 2.2 Verify bad or doubtful debt status through liaison with debtors Units 11 and 12 Task 17 Tasks PO 6, 20, Complete reporting procedures and appropriate documentation for bad and doubtful debts in accordance with organisational policy and guidelines Units 11 and 12 Task 18 PO 7 Tasks PO Software Publications Pty Ltd, 2013

20 Element Elements describe the essential outcomes. 3. Review compliance with terms and conditions and plan recovery action 4. Prepare reports and file documentation 5. Distribute creditor invoices for authorisation Performance criteria Performance criteria describe the performance needed to demonstrate achievement of the element. 3.1 Correctly identify clients in default of trading terms according to organisational operating procedures, and promptly and courteously contact to make satisfactory arrangements to pay outstanding monies 3.2 Action organisational policy and procedures for monies owing that constitute breaches of organisational credit policy 3.3 Thoroughly review previous activities and communication with clients to establish adequacy of follow-up procedures and determine whether all usual organisational recovery avenues have been exhausted 3.4 Develop plans to pursue debt recovery or to initiate legal action with measures to collect monies completed in accordance with organisational policy, guidelines and timelines 4.1 Prepare reports which document accounts receivable, debt recovery type, cause and recovery plan, and distribute to supervisors, managers and other relevant parties 4.2 Promptly file documentation in accordance with organisational policy and procedures 5.1 Identify, investigate and rectify invoice discrepancies and encode and record invoices correctly 5.2 Request authorisation for payment from appropriate personnel Workbook reference Units 8, 9, 11, 12 Units 11 and 12 Units 11 and 12 Units 11 and 12 Units 11 and 12 Units 11 and 12 Units 13,14 and 15 Units 14 and 15 Assessment option 1 Task 17, 18, PO 7 Assessment option 2 Task 17, 18, 19 PO 6 and 7 Task 18 Task 19 Task 16 Task 17 and 18 Task 18 Task 20 Tasks 17 and 18 Tasks 19 and 20 Task 18 Task 20 Tasks 21, 22, 23 Task 23 Tasks Task 32 and 33 Software Publications Pty Ltd,

21 Element Elements describe the essential outcomes. 6. Remit payments to creditors 7. Prepare accounts paid report and reconcile balances outstanding Performance criteria Performance criteria describe the performance needed to demonstrate achievement of the element. 6.1 Correctly draw up and ensure authorisation of cheque requisition and identify correct general ledger to draw against 6.2 Debit correct account in timely manner and in accordance with legislative and compliance requirements 6.3 Prepare creditor payments in accurate manner 7.1 Collect data and enter onto spreadsheet, giving details of creditors and amounts paid, and prepare report for ratification by appropriate management 7.2 Obtain statements of outstanding balances from suppliers where required and reconcile balances outstanding to invoices received Workbook reference Units 14 and 15 Units 14 and 15 Units 14 and 15 Units 14 and 15 Units 14 and 15 Assessment option 1 Tasks 21, 22, 23 MYOB posts entries to GL: automaticall y. PO 14, Task 28 Part B Tasks 24, 25, 30 Data entered into MYOB Task 30, PO 11 Task 28 Task 24, PO 10, 13 Assessment option 2 Tasks 25 MYOB posts entries to GL: automaticall y. PO 14, Task 28 Part B Task 27 PO 8, 28 Data entered into MYOB Task 32, PO 9 Task Software Publications Pty Ltd, 2013

22 Foundation skills Skill Performance Criteria Reading , 2.1, 3.1, 3.3, 5.1, 6.1, 7.1, 7.2 Writing 1.2, 1.4, 2.2, 2.3, 3.1, 3.4, 4.1, 5.1, 5.2, 7.1, 7.2 Oral communication 2.2, 3.1, 4.1, 5.2, 7.2 Numeracy , 2.1, 6.2, 6.3, 7.1, 7.2 Navigate the world of work Interact with others Get the work done 1.3, 1.4, 2.1, 2.3, 3.1, 3.2, 3.4, 4.2, , 3.1, 5.2, 7.1, , 2.1, 2.3, , 4.1, 4.2, 5.1, 5.2, , 7.1 Description Interprets and carefully checks financial information for accuracy, consistency and thoroughness Analyses discrepancies and errors to determine actions required Records information accurately using correct spelling, grammar and terminology Prepares reports of consolidated information and correspondence using logical structure and organisational formats Participates in verbal exchanges with a range of personnel and uses questioning and active listening to convey and clarify information and instructions Performs mathematical calculations to check accuracy and completeness of numerical and financial data with a focus on identifying errors and discrepancies Follows legislative requirements, organisational protocols, policy and procedures relevant to own role Follows accepted communication practices and protocols to liaise with others, elicit and share information and gain required authorisations Plans, organises and implements tasks, aiming to complete them according to organisational and legislative requirements Responds to predictable problems about payment status or discrepancies by implementing standard or logical solutions Uses the main features and functions of digital tools to complete work tasks and to access information Workbook reference Throughout Units Units 11 and 12 Units 11 and 12 Liaison with trainer and fellow students Throughout Units 5, 8, 9, 11 and 13 Liaison with trainer and fellow students Throughout Throughout Throughout Software Publications Pty Ltd,

23 Assessment requirements v1.0 Performance evidence Evidence of the ability to: monitor accounts, following organisational policy and procedures and industry compliance requirements Assessment option 1 All tasks Assessment option 2 All tasks identify bad and doubtful debts in a timely manner Task 20 Task 22 plan effective recovery actions Tasks Task 20 follow bank account reconciliation processes Task 32 Task 35 use relevant data entry systems accurately. All tasks All tasks Knowledge evidence To complete the unit requirements safely and effectively, the individual must: To complete the unit requirements safely and effectively, the individual must: identify and describe the key features of: Assessment option 1 Assessment option 2 accounting principles and practices All tasks All tasks accounting systems All tasks All tasks bank account reconciliation processes Task 32 Task 35 describe how bad or doubtful debts are identified Task 20 Tasks describe the key requirements of: legal systems and procedures Tasks 17, 18, relevant legislation or regulations 19, 27 Tasks 21, 29 industry codes of practice Tasks 19 and 27 Task 24 industry compliance requirements Tasks 18 and 19 Task 29 outline the key requirements of organisational policy and procedures relating to reconciling and monitoring financial accounts describe measures to collect monies and features of recovery plans All tasks All tasks Tasks Task explain the features and uses of financial spreadsheets. Task 17 Tasks 19 and Software Publications Pty Ltd, 2013