FNSACC311 : Process Financial Transactions and Extract Interim Reports - Accounting Assignment Help

Assignment Task:

Task:

• Third Party Report Supervisor or manager observes work performance and confirms that you consistently meet the standards expected from an experienced operator Could not demonstrate consistency. Could not demonstrate the ability to achieve the required standard
• Written Activity The assessor will mark the activity against the detailed guidelines/instructions Does not follow guidelines/instructions
• Attachments if requested are attached Requested supplementary items are not attached
• All requirements of the written activity are addressed/covered. Response does not address the requirements in full; is missing a response for one or more areas.
• Responses must refer to appropriate sources from your workbook and/or workplace One or more of the requirements are answered incorrectly.
• Does not refer to or utilise appropriate or correct sources of information
• Observation/
• Demonstration All elements, criteria, knowledge and performance evidence and critical aspects of evidence, are demonstrated at the appropriate AQF level Could not demonstrate elements, criteria, knowledge and performance evidence and/or critical aspects of evidence, at the appropriate AQF level
• Case Study All comprehension questions answered correctly; demonstrating an application of knowledge of the topic case study. Lack of demonstrated comprehension of the underpinning knowledge (remove) required to complete the case study questions correctly. One or more questions are answered incorrectly.
• Answers address the question in full; referring to appropriate sources from your workbook and/or workplace Answers do not address the question in full; do not refer to appropriate sources.
• Practical Activity All tasks in the practical activity must be competed and evidence of completion must be provided to your trainer/assessor.
• All tasks have been completed accurately and evidence provided for each stated task. Tasks have not been completed effectively and evidence of completion has not been provided.
• Attachments if requested are attached Requested supplementary items are not attached

• The student will complete the written activity provided to them by the assessor. The Report Checklist will be completed by the assessor. S NYS
• Project and Project Checklist
• The student will complete the activities provided to them by the assessor. The Project Checklist will be completed by the Assessor. S NYS
• Short Answer Questions and Short Answer Questions Checklist
• The student will answer a range of questions with written responses. The Short Answer Checklist will be completed by the assessor. S NYS
• Student Declaration
• I agree to undertake assessment in the knowledge that information gathered will only be used for professional development purposes and can only be accessed by the RTO
• I declare that:
• The material I have submitted is my own work;
• I have kept a copy of all relevant notes and reference material that I used in the production of my work;
• I have given references for all sources of information that are not my own, including the words, ideas and images of others.
• Student Signature: Date: Result and Feedback
• Feedback to Student:
• Overall Outcome CompetentNot yet Competent
• Assessor Signature: Date:
• 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 should use a variety of sources to gather information including training resources, workplace policies and procedures (if you are able to access these) and government and industry bodies.
• You are required to provide information about the following points and complete both tasks. You must include in your written response each point, which can be supported by example documentation as required. Ensure material is referenced appropriately.
• Word limit
• To complete this activity, you are required to submit a written response of a:
• Long Report Approximately 1,000 words = 1 page typed report
• Your task is to research the following topics then outline your findings in a report. Use the questions below as a guide to your research.
• Define double entry accounting.
• The definition of double entry accounting is a bookkeeping method that keeps a company’s accounts balanced, showing a true financial picture of the companies finances. This method relies on the use of the accounting Assets+Liabilities= Equity.
• Credits to one account must equal debits to another account to the keep the equation in balance
• Define accrual accounting.
• Accrual accounting is one or two accounting methods; the other is cash accounting.
• Accrual accounting measures a companys performance and position by recognizing economic events regardless of when cash transactions occur, whereas cash accounting only records transactin when payment occurs.
• Describe at least three industry-accepted accounting conventions, processes and procedures.
• The accounting conventions are the basic rules of accounting which have become acceptable procedure over time, they are the basic rules of accounting for members of the proffessional bodies to follow, together they form a set of rules which allow accounting records and reports to be prepared in a similar fashion, regardless of the type of business or the form of ownership.
• The matching principle endeavours to calculate a profit and loss figure for a accounting period by matching revenue for that period with the expenses over the same period of time .The consistency principle requires that the accounting methods used are applied consistlenly from one accounting period to the next. By applying the same accounting techniques. Comparisons of performance can be made overtime.
• Materiality principle is all significant items must be reported, in account reports. This allows for immaterial amounts to be omitted,
• Explain ‘proof of lodgment’ for at least two different deposit methods.
• A deposit book is a proof of lodgement that is filled out with all of the details from the cheque written out on the deposit slip, or if it is cash the cash must be specified what notes they are for the teller they are then stamped and dated once it is handed over to the teller at the bank, they keep one copy and the other copy stays in the deposit book.
• Security firms which may collect deposits to be ldoged will usually signa an acknowledgement form, but they will not necessarily verify the details, only that a lodgment has been collected, this will not happen until it is banked by the security firm, thus you will need to check on your bank statement.
• What security and safety precautions would you take when banking? List at least three.
• Never go to the bank at the same time everyday always change the time, get someone else to go so its not the same person all the time.
• Use a bank that is close and handy to the workplace and only take the journey when there is a crowd of people, avoid using quite streets and alleyways, and where possible travel by a car not on for or public transport.
• Tell the bank the expected arrival time that you may be coming in. if you cant make it at this time let them know, also if there is another person doing it let them know who it will be.
• What features of legislative and regulatory requirements relate to processing financial transactions? List at least three.
• Codes of Practice
• A code of practice is aa written guideline that Is set out by a professional association in order to guide its members toward compliance with the appropriate ethical standards.
• Taxation assessment laws
• Income tax assessment is the process of collecting and reviewing the information filed by assesses in their income tax returns. At the end of each financial year, all persons and entities require to file and income tax return by self-computing the amount of income earned and pay the tax that is due.
• Financial Institutions (FI) Code
• The institution number is a unique three digit code assigned to a certain bank or financial institution to identify them. A transit number is made up of five digits and together with the institution number they form a routing number.
• Describe the features of organisational policies and procedures that relate to processing financial transactions. Include each of the following in your description:
• Organisational policy and procedures for preparing and processing invoices
• An invoice or bill is a commercial document issued by the seller to a buyer indicating products, quantitites and agree prices for products or services with which the seller has already provided to the buyer.
• The document indicates the buyer and the seller, but the term invoice indicates money is owed or owing.
• Most invoicing is done via an accounting software program and must consist of date, abn,product name/code,amount, total, gst, company name, company address and payment details.

report Checklist
Report Checklist
Unit Code and Name: FNSACC311 Process financial transactions and extract interim reports
For this assessment, the student must complete the project activities.
The project activities are a stand-alone activity that will allow the student to display the required knowledge and skills that are essential when deciding overall competency.
Student name: Janene Rhodes
Assessor name: Did the Student provide evidence of their ability to:Has the student satisfactorily completed the written activity?
Yes No
Define double entry accounting.
Define accrual accounting.
Describe at least three industry-accepted accounting conventions, processes and procedures.
What is ‘proof of lodgement’ for at least two different deposit methods.
What security and safety precautions would you take when banking? List at least three.
What features of legislative and regulatory requirements relate to processing financial transactions? List at least three.
Describe the features of organisational policies and procedures that relate to processing financial transactions. Include each of the following in your description:
Organisational policy and procedures for preparing and processing invoices
Organisational input standards and journal authorisation procedures
Security procedures for handling electronic payments, cheques and cash
Safety procedures for specific banking methods
Describe the features of the following financial reports:
Trial balances
Bank account reconciliation reports
Interim reports
Feedback to Student:
Result Satisfactory Not Yet Satisfactory
Assessor Signature: Date:
Project
Instructions
For this task you are to complete the following steps to process financial transactions and extract interim reports and create and submit for this assessment a detailed process flow chart for each task as given below. Your flow chart must be clearly labelled with each step in the process.
You may use any type of layout, but each chart must not exceed one A4 page per chart.
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 should use a variety of sources to gather information including training resources, workplace policies and procedures (if you are able to access these) and government and industry bodies.
Review your Elements Reading and Review Activities for this unit to refresh your knowledge of each task and revisit any links in each element of this unit in your learning materials before attempting this project.
Two examples of a process flow chart are provided below.
321564029737052. Source: www.Process.st
02. Source: www.Process.st
3215640294640009906027527251. Source: Unknown
1. Source: Unknown
9906023431500

Tasks
Check and verify supporting documentation:
Identify, check and record the required information from relevant documents
Examine the supporting documentation to establish it is accurate and complete, and make sure that it has authorisation from the appropriate personnel. Provide details of the types of examined supporting documentation, including proof of authorisation.
Identify the following steps to prepare and process the banking and petty cash documents:
Accurately enter and balance deposits and withdrawals, according to organisational procedures.
Check the validity of cheques and card vouchers before processing. Document the checking process followed.
Reconcile the banking documentation with the organisation’s financial records. Provide evidence of this reconciliation.
Check, process and record the petty cash claims and vouchers, balancing the petty cash book. Identify what the evidence of the balanced petty cash book will be.
Performing the following steps to prepare and process invoices for payment to creditors and for debtors:
Prepare the invoices and check them against the source documents for accuracy, correcting any errors identified, and file them for auditing purposes. Provide copies the invoices prepared, checked and filed.
The steps to prepare and post journals and batch monetary items as follows:
Accurately and completely prepare journals, batching items, and match them precisely to the initial receipt records. Provide details of the journal, batched items and matching them in your flowchart.
Ensure that the journals are authorised by an appropriate person and process them. Ensure you include the authorisation process and processing.
Posting the journals to the ledger including the following steps:

Accurately post the journals to ledger, ensuring that the transactions are correctly allocated to the system and accounts. Provide evidence of this step.
Entering the data into the system:
Accurately enter the data into the system, correctly allocating the transactions to the system and accounts. Provide the steps for ensuring the data is accurate as part of the process.
Updating related systems.
Prepare the deposit facility and lodge the flows through competing the following steps:
Select a deposit facility which is appropriate to the banking method to be used. Provide the steps for ensuring the facility is appropriate.
Take security and safety precautions appropriate to the method of banking.
Obtain proof of lodgement, and file so that it is easily accessible and traceable.
Identify the steps to extract the trial balance and interim reports:
Identify and accurately process any special transactions. Provide the steps for ensuring special transactions are accurately processed.
Complete the cash and credit journals and post them to the general ledger. Provide evidences of each step.
Extract the trial balance, check it, and prepare other required reports
Review the trial balance and interim reports and find and correct any errors. How are errors documented and corrected?
Finalise the reports and file them appropriately. Include where these would be filed.
2. Project
.
Project Report

• Unit Code and Name: FNSACC311 Process financial transactions and extract interim reports
• For this assessment, the student must complete the project activities.
• The project activities are stand-alone activities that will allow the student to display the required knowledge and skills that are essential when deciding overall competency.
• Student name: Janene Rhodes
• Assessor name: Did the Student provide evidence of their ability to: Has the student satisfactorily completed the practical activity?
• Yes No
• Complete the following steps to check and verify the supporting documentation:
• Identify, check and record the required information from relevant documents
• Examine the supporting documentation to establish it is accurate and complete, and make sure that it has authorisation from the appropriate personnel. Provide the examined supporting documentation, including proof of authorisation.
• Complete the following steps to prepare and process the banking and petty cash documents:
• Accurately enter and balance deposits and withdrawals, according to organisational procedures. Provide evidence of this step.
• Check the validity of cheques and card vouchers before processing. Document the checking process followed.
• Reconcile the banking documentation with the organisation’s financial records. Provide evidence of this reconciliation.
• Check, process and record the petty cash claims and vouchers, balancing the petty cash book. Provide evidence of the balanced petty cash book.
• Perform the following steps to prepare and process invoices for payment to creditors and for debtors:
• Prepare the invoices and check them against the source documents for accuracy, correcting any errors identified, and file them for auditing purposes. Provide copies the invoices prepared, checked and filed.
• Complete the following steps to prepare and post journals and batch monetary items:
• Accurately and completely prepare journals, batching items, and match them precisely to the initial receipt records. Provide evidence of the journal, batched items and matching them.
• Ensure that the journals are authorised by an appropriate person and process them. Provide evidence of authorisation and processing.
• Post the journals to the ledger by completing the following steps:
• Accurately post the journals to ledger, ensuring that the transactions are correctly allocated to the system and accounts. Provide evidence of this step.
• Perform the following steps to enter the data into the system:
• Accurately enter the data into the system, correctly allocating the transactions to the system and accounts. Provide evidence of this step.
• Update the related systems. Provide evidence of updating.
• Prepare the deposit facility and lodge the flows through competing the following steps:
• Select a deposit facility which is appropriate to the banking method to be used. Record the facility, including why it is appropriate.
• Take security and safety precautions appropriate to the method of banking. Document security methods taken.
• Obtain proof of lodgement, and file so that it is easily accessible and traceable
• Complete the following steps to extract the trial balance and interim reports:
• Identify and accurately process any special transactions. Provide evidence of these special transactions.
• Complete the cash and credit journals and post them to the general ledger. Provide evidence of this step.
• Extract the trial balance, check it, and prepare other required reports
• Review the trial balance and interim reports and find and correct any errors. Document all errors corrected.
• Finalise the reports and file them appropriately. Where these would be filed.

1 What information might a source document include?
2 When checking a receipt of goods what should you be looking at?
3 What tasks need to be done in order to prepare and process banking and petty cash documents?
4 To prepare an invoice for a creditor you will need to include certain information. What is it?
5 What information do you need to check for accuracy on a debtor’s invoice?
6 What invoices and related documents need to be filed for auditing purposes? List at least five
7 How can you determine the authorised person and processes for journals?
8 What needs to be done in order to post journals to the ledger?
9 What are the types of systems and accounts you will need to correctly allocate transactions to when entering data into the system?
10 Why is it important to update the related systems after entering data?
11 What types of deposit facilities might you select for banking?
12 Outline three of the security and safety precautions to take when banking
13 What steps will you need to complete to prepare a general ledger entry?
14 In what timeframes should you prepare journal entries?
15 Once you have received ‘proof of lodgement’ what should you do with it?
16 What types of interim reports might you need to prepare, and what should you check before submitting them to the appropriate person? List and describe three.
17 Once a trial balance and interim reports have been checked, where should they be filed/stored?
 

The above FNSACC311  Accounting  Assignment has been solved by our  Accounting Assignment  Experts at onlineassignmentbank. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+ Students in Australia, UK & US by helping them to score HD in their academics. Our experts are well trained to follow all marking rubrics & referencing style.

Be it a used or new solution, the quality of the work submitted by our assignment experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire considered worthy of the highest distinction.