BSBFIN301

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.

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.

Licensing, legislative, regulatory or certification requirements

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

Foundation skills

Foundation skills essential to performance are explicit in the performance criteria of this unit of competency.

Unit sector or competency field

Business Competence – Financial Literacy

Prerequisite, co-requisite or interdependent assessment of units

Not applicable

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.