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D0701 Maintain Financial Records (BSBFIA301A)
WA Unit NumberD0701
Unit TitleMaintain financial records
National Unit NumberBSBFIA301A
 -About this Unit
This unit describes the performance outcomes, skills and knowledge required to maintain financial records for a business. It includes maintaining daily financial records such as reconciling debtors and creditors systems, preparing and maintaining a general ledger, and preparing a trial balance. It also includes activities associated with monitoring cash control for accounting purposes.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Unit Hours60
 -Pre-requisites
This unit has no pre-requisites
 -Co-requisites
This unit has no co-requisites
 -Elements Of Competency/Learning Outcomes
1 - 1. Maintain daily financial records
1. 1.1. Correctly maintain daily financial records and in accordance with organisational requirements for accounting purposes
2. 1.2. Identify and rectify or refer discrepancies or errors in documentation or transactions to designated persons in accordance with organisational requirements
3. 1.3. Accurately credit and debit transactions and promptly enter into journals in accordance with organisational requirements
2 - 2. Maintain general ledger
1. 2.1. Maintain general ledger in accordance with organisational requirements
2. 2.2. Post transactions into general ledger in accordance with organisational reporting requirements
3. 2.3. Reconcile systems for accounts payable and receivable with general ledger
4. 2.4. Accurately prepare trial balance from general ledger in accordance with organisational requirements
3 - 3. Monitor cash control
1. 3.1. Ensure cash flow is accurately accounted for in accordance with organisational requirements
2. 3.2. Make and receive payments in accordance with organisational requirements
3. 3.3. Collect or follow-up outstanding accounts within designated time lines
4. 3.4. Check payment documentation for accuracy of information and despatch to creditors within designated time line