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FNSACC312 Administer Subsidiary Accounts And Ledgers

Question

Answered

Questions:

1. Report

Instructions

You will need to research information to assist with your responses for this task.

What you will need to complete this task

  • Research materials such as books, internet, magazines, workplace documentation etc.
  • Access to legislative and regulatory documentation relevant to own state or territory.

You are required to provide information about the following points and complete both tasks. You must prepare a written response to each point, which can be supported by example documentation as required. Ensure material is referenced appropriately.  

To complete this activity, you are required to submit a written response of:

For this task you must research each of the following topics and complete a basic report on your findings.

  1. Identify and describe the key features of:
  2. Debits and credits
  3. Accounting systems
  4. Describe how bad or doubtful debts are identified.
  5. Describe the key requirements of:
    1. Legal systems and procedures
    2. Relevant legislation or regulations
    3. Industry codes of practice
  6. Outline the key requirements of your organisational policy and procedures relating to reconciling and monitoring financial accounts.
  7. Describe measures to collect monies and features of recovery plans
  8. What are the key features of debt recovery plans?

2. Portfolio

For this assessment you will again be using MYOB AccountRight or MAC AccountEdge. You are to create and submit the following documents and reports using your chosen software.

The following task must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

  • Office equipment, technology, software and consumables required to reconcile and monitor accounts receivable data systems

You are to complete the following tasks to demonstrate your ability to administer, reconcile and monitor subsidiary accounts and ledgers in accordance with industry compliance requirements and organisational policies and procedures by creating and curating a range of documents and submitting these with this assessment.

Tasks

  1. Review the accounts receivable requirements through completion of the following actions:
  1. Check the receipts entered that you have entered into the accounts receivable system to confirm their accuracy, consistency and completeness, identifying and accurately recording the incorrect entries according to type and source of receipt
  2. Identify and investigate discrepancies between monies owed and monies paid according to organisational policies, procedures and guidelines.
  3. Record these investigations, including the outcome of your investigation.
  4. Amend the receipts entered into the accounts receivable system, according to the procedures provided in your Element Reading and Review Activities.
  1. Complete the following steps to identify bad and doubtful debts:
  1. Review the debtor ledger, identifying and recording outstanding monies, and seeking further information where required
  2. Liaise with the debtors to verify the status of bad and doubtful debts. Document the process for these liaisons and submit with this assessment.

Accurately complete the reporting procedures and required documentation for bad and doubtful debts, according to the organisational policies and guidelines by completing the “Bikes Incorporated Collections Policy and Legal Action Template” and specifying the amounts and trading terms in the template. Submit your completed Collections Policy and Legal Action with this assessment.

  1. Perform the following steps to review client compliance with the terms and conditions and to plan recovery actions, in accordance with the organisational policies and operating procedures:

In this task you will create a Debt Recovery Action Procedure that details the following actions:

  • The process of:
  1. Identifying the clients who are in default of trading terms.
  2. Contacting the identified clients, and promptly and courteously make satisfactory arrangements for the payment of outstanding monies. Document the arrangements made.
  3. For monies owing that constitute breach of organisational credit policy, actioning the organisational policy and procedures. Documentation of these clients, their breach and the actions implemented.
  • Reviewing the previous activities and communication with clients to establish if the follow-up procedures were adequate and determine whether the usual organisational recovery avenues have been exhausted. Document these review activities and the outcomes determined.
  1. Pursuing debt recovery or to initiate legal action, with measures completed in line with organisational policies, guidelines and timeframes

Submit your Debt Recovery Action Procedure with this assessment.

  1. Prepare reports and file documentation as required through completion of the following actions:
  1. Prepare reports that document the accounts receivable, debt recovery type and cause, and debt recovery plan, and distribute these to the supervisors, managers, and other designated parties
  2. File the documentation and reports according to organisational policy and procedures. Document or provide the policy/procedures used for file storage.

Create an Aged Receivables Detail report that aligns with the bad debts ageing as per your Collections Policy and submit it with this assessment

  1. Distribute creditor invoices for authorisation through completion of the following steps:
  1. Identify invoice discrepancies, and investigate, rectify, encode and record the invoices correctly.
  2. As required, request authorisation for payment from designated personnel.

Create and print a Summary Trial Balance

This report to identify incorrectly entered amounts. When reviewing this report, check for:

  • entries that seem unusually large or small for the account that has been affected
  • debit amounts for accounts that normally have credit entries, and vice versa
  • unusually high or low ending balances
  • an unusually high or low number of entries for a specific account.
  1. Complete the following steps to remit payments to creditors, in line with the organisational guidelines:
  2. Draw up and ensure the authorisation of cheque requisition.
  3. Collect and accurately record the data relating to creditor details and amounts paid, and prepare this information in a report for ratification by management
  4. Prepare the creditor payment, and accurately prepare the journal to record the payment

Create and print and Aged Payables Report and submit it with this assessment.

  1. Reconcile any outstanding balances through completion of the following steps:
  1. Where required, obtain statements of outstanding balances from suppliers.
  2. Reconcile the balances outstanding to invoices received. Document this reconciliation.

Undertake to review your purchase and submit a screenshot of the report: Analyse Purchases. This report displays your company’s monthly purchases.

3. Short Answer Questions

Answer the questions below by writing in the space provided. If you require more space, use a blank sheet of paper. Alternatively, you may like to use Microsoft Word and print out your answers to each question.

What you will need

  • Research materials such as books, internet, magazines, workplace documentation etc.
  • Access to legislative and regulatory documentation
  • Your Learner Guide for this unit of competence

Answer the following questions with written responses.

  1. What do you need to check the receipts entered into manual accounts receivable system for?
  1. What are three examples of incorrect entries or discrepancies to identify and make a record of, according to the type and the source of receipt?
  1. What is it essential to apply when investigating discrepancies identified between monies owed and monies paid?
  1. Briefly discuss the amending of receipts entered into manual accounts receivable system
  1. Why is it important to verify bad and doubtful debt status through liaison with debtors?
  1. Explain the importance of completing the reporting procedures and required documentation for bad and doubtful debts
  1. What will be used to identify clients in default of trading terms?
  1. What are the standards that you will need to adhere to when contacting clients in default of trading terms promptly and courteously to make satisfactory arrangements for the payment of their outstanding monies?
  1. Discuss an organisational policy/procedures that could be implemented for monies owing that constitute breach of organisational credit policy
  1. What types of information could be obtained from a review of the previous activities and of communication with clients?
  1. What do you need to ensure when preparing and distributing reports that document accounts receivable, debt recovery type and cause, and debt recovery plans?
  1. What types of accounting documentation will need to be filed, according to the organisational policies and procedures? List five examples
  1. What documentation would you require to identify, investigate and rectify creditor invoice discrepancies?
  1. Who are the designated personnel you might request the authorisation for payment from?
  1. What information will need to be drawn up on cheque requisition forms?
  1. Where would you record data collected relating to creditor details and amounts paid?
  1. What must be considered when preparing creditor payments?
  1. Where should creditor payments be recorded?
  1. Who could you access to obtain statements of balances the organisation has which are outstanding?
  1. Briefly explain how to reconcile balances outstanding to invoices received

FNSACC312 Administer Subsidiary Accounts And Ledgers

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