CLS-FNS-0001 Financial Accounts Cluster Assignment
- Subject Code :
CLS-FNS-0001
Task 1 – Practical exercise
Complete the following tasks:
a) Process transactions
Refer to the list of transactions at Appendix C. You are required to process these transactions in accordance with and using relevant information from the policies and procedures of Gold Catering. As part of the processing you will be required to carry out the following tasks:
i) Prepare all journals (PJ, SJ, CRJ, CPJ and three GJ) for the transactions listed (enter into the Templates provided – spreadsheet tab named “Journals”). Remember to enter relevant transactions into the Accounts Receivable and Accounts Payable Subsidiary Ledgers as well. Note that you must not process a General Journal for every transaction. Prior to processing ensure cheques and electronic payments are valid and authorised as per organisational policies and procedures.
ii) Prepare Purchase Orders, Delivery Dockets, Invoices, Adjustment Notes, Receipts, Statements, cheques, cheque requisitions and Remittance Advices as requested (items in bold and indicated as “prepare”) (Use organisational documents which are in the Templates provided – spreadsheet tab named “Source Docs”)
iii) Prepare the banking summary for the 30/6/20 (enter into the Templates provided – spreadsheet tab named “Banking & Bank Rec”)
b) Ensure that that all required entries have been made to the Accounts Receivable and Accounts Payable Subsidiary ledgers. Complete the Accounts Receivable and Accounts Payable reconciliations for 30 June 2020 showing the aged accounts (enter into the Templates provided – spreadsheet tab named “Acc Rec & Pble”). See Appendix B to determine the age of the accounts.
Note: At this stage you will not have the General Ledger account balance for Accounts Receivable or Accounts Payable so the reconciliation is not yet complete.
c) Report actions required for the outstanding Debtors and Creditors per Gold Catering Policies & Procedures Manual (Use organisational documents which are representative of industry best practice. Complete using the Templates provided – spreadsheet tab named “Acc Rec & Pble”)
