BSBFIN301 Process financial transactions Assignment

To demonstrate competance in this unit the student is required to complete the following tasks

Assessment task

Instruction-refer to your small print resource BSBFIN301-Process financial transactions and conduct independent research

Assessment Task 1

Please refer to the knowledge questions on pp. 61 -83 of your Learner Guide and complete: 

All parts to all Questions 1- 5

Your responses need to include enough detail to ensure all parts of the question have been answered / addressed. Consider using workplace examples or your own experiences to demonstrate your knowledge and understanding.

Note: Complete an Assessment Cover Sheet for this task and clearly indicate the assessment task number. Answers are to be typed on a Word document, ensure your name and the unit code is included in the footer of each page of your submitted work. Please retain a copy of your submitted assessment work.

Assessment Task 2

Please refer to the Projects on pp. 3 - 30 on this document and complete:

Project A

Project B

Your responses need to include enough detail to ensure all parts of the question have been answered / addressed.

Note: Complete an Assessment Cover Sheet for this task and clearly indicate the assessment task number. Answers are to be typed on a Word document, ensure your name and the unit code is included in the footer of each page of your submitted work. Please retain a copy of your submitted assessment work.

Assessment Task 3

A Workplace Supervisor Report is required from your Workplace Supervisor to provide information on workplace performance as related to this unit. The Workplace Supervisor Report for completion can be found on pp. 31 - 35 of this document.

Please ask your supervisor to complete the Workplace Supervisor Report in writing or ask your supervisor to call your Trainer to have a conversation to complete the feedback.

Note: Complete an Assessment Cover Sheet for this task and clearly indicate the assessment task number. Ensure your name and the unit code is included in the footer of each page of your submitted work. Please retain a copy of your submitted assessment work.

Project A

EZ Mow is a small lawn mowing business which provides a service to corporate customers. It offers a 30 day account.Complete Computing and PowerBuild Gymnasium have taken advantage of this facility.

EZ Mow buys its fuel from The Corner Service Station. It uses compost bins supplied by Central Rubbish to dispose of the lawn clippings. Both The Corner Service Station and Central Rubbish offer 30 day accounts.

EZ Mow banks with Wales Banking Group.

Using the invoices and statements on the following pages:

1. Check the supplier invoices and statements for accuracy.
2. Check the appropriate journal entries against the bank statement.
3. Record the transactions in the general journal. A template has been provided.
4. Enter any direct credits into the appropriate ledgers.
5. Enter the supplier invoices into the creditor and general ledger.
6. The fuel and oil will be entered into the general expenses account in the general ledger and the rubbish bins in the cleaning account. Payments are already entered, but you will need to include them when you calculate the closing balance.
7. Create the trade creditors/ account payable schedule.
8. Complete the debtor ledger and general ledger using the bank statement and EZ Mow invoice. The empty ledgers are provided for you. They have an opening balance. The payments from last month are entered as well.
9. Create debtor statements for PowerBuild Gymnasium and Complete Computing. Create the debtor/ account receivable schedule.

Invoices for goods and services received:

Schedules

Trade creditors schedule

Does the balance of the Trade creditors account in the general ledger agree with the closing balance of the Trade Creditors Schedule?

Does the balance of the Debtors account in the general ledger agree with the closing balance of the Debtors Schedule?

Having completed this activity, do you feel that credit terms are sufficient? If yes, please explain why. If No, please give recommendations on how they could be improved

Project B

Fred’s Furniture has received the following bank statement.

Following is a copy of Fred’s Furniture Cash at bank account in the general ledger as at 10 March Complete the following bank reconciliation

Closing balance bank statement$__________________

Less outstanding cheques $__________________

Balance as per ledger $__________________

Balance as per ledger $__________________

Add unrecorded deposits $__________________

Adjusted ledger balance $__________________

GUIDE FOR THE WORKPLACE SUPERVISOR

We are seeking input from a Supervisor who is in a position to make a valid comment on the student’s performance as related to the unit of competency they are completing:

BSBFIN301 Process financial transactionsThis 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.

No licensing, legislative or certification requirements apply to this unit at the time of publication. To view the unit in full click on the link following https://training.gov.au/Training/Details/BSBFIN301 OR you can contact ET Australia’s Trainer and Assessor to gain further information.

What is Workplace Supervisor evidence?

Workplace Supervisor evidence is a practical way of collecting evidence from the workplace on the student’s workplace performance. Workplace Supervisor comments provide valuable feedback for the Assessor, who may not be as familiar with the student or their daily work routine and may not have the opportunity to observe the student in the workplace.

Why is it used?

Workplace Supervisor evidence is another form of evidence that is used by ET Australia’s Assessor to assist them in making the judgement as to whether the student is competent or not.

Who can give Workplace Supervisor evidence?

You must be in a position to allow you to make a valid comment on the student’s workplace performance e.g. direct supervisor or line manager. You must be in a position that will allow you to provide an independent, fair and informed opinion of the student’s performance. You must be prepared to communicate and liaise with ET Australia’s Assessor as required.

What is involved?

The Workplace Supervisor Report lists a number of criteria. Based on your experience of the student’s work please complete the ‘Workplace Supervisor Comments’ column in the document. Your comments should support whether or not the student has carried out the activities to the standards set by your industry and your organisation.

At the end of the form, there is a space for any additional comments you would like to include about the students’ performance. Alternatively, you might prefer to have a conversation with the Assessor, so that the Assessor can document your conversation, against the criteria. Please contact the Assessor to complete this conversation on 02 4323 1233.Where required, the Assessor will consult with you to obtain any further information to complete the rest of the document.

What if I am not sure?

If you are not familiar or confident enough about the student’s performance in a particular area, it is better to leave the box blank. Please be honest in your responses and do not feel pressured to comment if you have not observed the student or you do not feel the student has demonstrated performance to the required workplace standards. The student will have other avenues available to them to demonstrate competency.

If you have any queries or problems with completing the Workplace Supervisor Report, please contact ET Australia on (02) 4323 1233. Once completed you may email the Workplace Supervisor Report/s to the Assessor at ET Australia, or alternatively give the completed report to the student for return or directly to the Assessor if you prefer.We would like to take this opportunity to thank you for completing the Workplace Supervisor Report.