Fasset Subsidiary ledger

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					1.    TITLE: Record income and receipts


2.    UNIT STANDARD NUMBER:                12988

3.    LEVEL ON THE NQF:                    5

4.    CREDITS:                             10

5.    FIELD:                               Business, Commerce and Management Studies
      Sub Field:                           Finance, Economics and Accounting

6.    ISSUE DATE:                          30/04/2003

7.    REVIEW DATE:                         30/04/2006

8.    PURPOSE:

      People credited with this unit standard are generally found within the accounting technician
      field. On successful completion of the unit standard, people will be able to process
      documents relating to goods and services supplied, as well as receive and record receipts.

9.    LEARNING ASSUMED TO BE IN PLACE:

           Unit standards for Bookkeeping at NQF level 4

10.   SPECIFIC OUTCOMES AND ASSESSMENT CRITERIA:

      Specific Outcome 1:       Demonstrate an understanding of the general business and
                                accounting environment


      Assessment Criteria

      1.1    The business environment is defined in relation to generally accepted accounting
             practice and GRAP
                      Range: Types of business transactions and documents involved, Basic law
                      (contract law, sale of goods, document retention policies), VAT principles,
                      Discounts, Cheques, Banking documentation, Automated payments, Credit
                      and debit cards

      1.2    Accounting methods are identified and described in line with organisational
             requirements and GAAP/ GRAP
                     Range: Double entry bookkeeping, Methods of coding data, Operation of
                     accounting systems (manual and computerised), Batch control,
                     Relationship between accounting system and ledger, Credit card
                     procedures, Money handling and storage (including security aspects), Petty
                     cash procedures

      1.3    Organisational policies and procedures related to accounting and administrative
             systems are explained in GAAP/ GRAP terms
                    Range: Business transactions, Authorisation and coding of sales invoices,
                    Source information filing, Correspondence style, Banking and personal
                    security

      Specific Outcome 2:       Process documents relating to goods and services supplied

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      Assessment Criteria

      2.1    Invoices and credit notes are prepared in accordance with organisational
             requirements and checked against source documents
                     Range: Source documents - quotations, purchase orders, delivery notes,
                     sales orders

      2.2    Calculations on invoices and credit notes are checked for accuracy
                      Range: Pricing, Price extensions, Discounts, VAT

      2.3    Invoices and credit notes are correctly authorised and coded before being sent to
             customers

      2.4    Invoices and credit notes are entered into primary records according to
             organisational procedures
                     Range: Sales journal and sales returns journal, debtors' journal and debtors
                     allowances journal

      2.5    Entries are coded and recorded in the appropriate ledger
                      Range: Main ledger, subsidiary ledger, integrated ledger

      2.6    Statements of account are prepared and sent to debtors in organisational time
             constraints

      2.7    Communications with customers regarding accounts are handled politely and
             effectively using the relevant source documents
                      Range: Communication - In response to queries, chasing payments/
                      Source documents - aged debtors' analysis

      Specific Outcome 3:       Receive and record receipts
                                             Range: Vat – where applicable

      Assessment Criteria

      3.1    Receipts are checked against relevant supporting information
                     Range: Cash, Cheques, Automated payments

      3.2    Receipts are entered in appropriate accounting records
                     Range: Cashbook

      3.3    Paying-in documents are correctly prepared and reconciled to relevant records

      3.4    Unusual features are identified and either resolved or referred to the appropriate
             person
                    Range: Wrongly completed cheques, Out-of-date cheques, Credit and debit
                    cards, Limits exceeded, Disagreement with supporting documentation,
                    Under payments, Over payments, Cheques returned to sender

11.   ACCREDITATION AND MODERATION:

      Accreditation for this unit standard shall be obtained from the relevant Education and
      Training Quality Assurance Body, through summative assessment by a registered
      assessor.



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      Moderation activity comments by SGB's, organisations and individuals may be forwarded to
      NSB03.

12.   RANGE STATEMENT:

      A person may exhibit this competence in the private and/ or the public sector.

13.   NOTES:

         EMBEDDED KNOWLEDGE

          A demonstrated understanding of:

              Objectives of control

              Control frameworks

              Control environments

              Acceptance testing and System conversion methodologies

              Risk assessment methodologies and application

              Control activities

              Monitoring of control compliance

              Quality management techniques

          Legal Requirements:
          Laws and regulations relating to the prevention/ detection of fraud, error and illegal acts
          Statutory sanctions relating to IS environments

          Terminology:
          IS - Information systems
          IT - Information technology
          GAAP – Generally accepted accounting practice
          GRAP – Generally recognised accounting practice

         CRITICAL CROSS-FIELD AND DEVELOPMENTAL OUTCOMES

          The ability to:

              Identify and solve problems in which responses display that responsible decisions
               using critical and creative thinking have been made.
              Work effectively with others as a member of a team, group, organisation and
               community.
              Organise and manage oneself and one's activities responsibly and effectively.
              Collect, organise and critically evaluate information.
              Communicate effectively using visual, mathematical and language skills in the
               modes of oral and written presentations.
              Use science and technology effectively and critically (showing responsibility
               towards the environment and health of others).
              Demonstrate an understanding of the world as a set of related systems.
              Be culturally and aesthetically sensitive across a range of social contexts

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