FNSACC311 - Process financial transactions and extract interim reports

Specific task instructions 

The instructions and the criteria in the tasks and activities below will be used by the assessor  to determine whether the tasks and activities have been satisfactorily completed. Use these  instructions and criteria to ensure you demonstrate the required skills and knowledge. 

If this assessment requires you to record information, your assessor will provide you with an  appropriate document/template. 

Part 1: Practical Tasks 

You will need to refer to Finance Policy and Procedure Manual of PLAN2GO Trading as Piper  Retail Services to complete some Tasks in this assessment. This document reference is  Cl_TransReportLedgers_AE_SR_PolicyandProcedures.docx 

Once completed you will need to submit this assessment and the tasks and activities you are  required to complete to your assessor for marking as instructed. 

Task 1: Prepare Journal Entries

Refer to the Finance Policy and Procedure Manual of PLAN2GO trading as Piper Retail  Services Section 11 Accounting requirements and financial reporting to complete this Task  in accordance with organisational requirements. 

REQUIRED 

Using a range of industry-accepted accounting conventions, processes and procedures,  perform the following: 

Refer to the Source documents provided to you by the Finance Assistant for the month of  June 20X1. This document reference is  

Cl_TransReportLedgers_AE_Sk_3of4_SR_SourceDocuments.docx 

1. CHECK and VERIFY the transactions in accordance with policies and procedures for  accuracy, consistency and completeness. Correct any invoices according to the company procedure. 
2. ANALYSE the source documents to determine which journal they will be entered on.  (Sales, purchases, cash receipts, cash payments or general journal). 
3. PREPARE the sales, purchases, cash receipts, cash payments and general journals  according to the organisational policies and procedures and within the specified  timeframe. Enter the journal entries on the templates provided.  
4. JOURNAL AUTHORISATION: Initial each journal as the preparer and submit for  processing with required authorisation 
5. FILING: File documents as per organisational policy. 

On the following pages you will find Templates for the various journals you will need to  record the transactions in: 

• General Journal 
• Cash Receipts Journal 
• Cash Payments Journal 
• Sales Journal 
• Purchases Journal 

Use the chart of accounts for PLAN2GO Trading as Piper Retail Services provided to help you  identify the correct account for Folio References. If you require additional lines in the  journals, just insert them. 

a) Invoice Correction 

Blank Tax Invoice for student to complete:

Refering to the organisationl Finance policy and procedure manual, what is the timeframe for preparing  

Authorisation:………………………………. 

customer invoices and what are the compliance requirements? Your answer should be between 5 and 10  words 

b) & c) Prepare journals within required timeframe 

General Journal of Piper Retail Services GJ08 

d) Journal authorisation  

After you complete and approve the journal, what is the next authorisation level prior to  processing? Your answer should be between 2 and 5 words 

e) Filing 

Refer to the Finance Policy & Procedure Manual, how are invoices and supporting  documentation filed? What is the timeframe for retaining invoices and supporting  documentation? Your answer should be between 10 and 30 words 

Task 2: Banking

Banking is to be completed in accordance with organisational policy and procedure. Refer to  Finance Policy and Procedure Manual Section 2 Bank account policy. 

Bank Account details of Piper Retail Services are: 

Required: 

Using a range of industry-accepted accounting conventions, processes and procedures, perform the following: 

a) Using the information in TASK 1, prepare a bank deposit using the appropriate deposit  facility for customer receipts on 2/6/x1 to 4/6/x1. 

Assume Customer Bank Account details are Big Bank Piermont Branch 

b) Referring the Finance Policy & Procedure Manual what proof of lodgement will you need  to keep for the above deposit? File proof of lodgement in accordance with the Finance  Policy & Procedure Manual (provide file name) Your answer should be between 10 and  20 words 

c) You have been asked by your supervisor to bank funds for the week as the employee  responsible for banking is away. As you have not done this role before, what steps will you take to determine the organisational policy and industry requirements for banking and apply these to bank funds in a safe and secure manner Your answer  should be between 10 and 20 words 

You can use website below as a reference:  

https://www.safeworkaustralia.gov.au/system/files/documents/1703/guide-handling transporting-cash.pdf 

d) APS Publications requires payment of account as per Term of Payment (Refer to Tax  Invoice in the Source documents). Prepare electronic payment to supplier in accordance  with payment terms. 

Task 3: Subsidiary Accounts and Ledgers – Debtors Management 

Refer to the Finance Policy and Procedure Manual of PLAN2GO trading as Piper Retail  Services Section 11 Accounting requirements and financial reporting to complete this Task  in accordance with organisational requirements 

Piper Retail Services customer, Jack’s Garage is a regular client, hiring equipment. Piper  invoices Jack’s Garage as they provide their services. Jack’s Garage usually pays for each  months invoices on the first or second day of the following month. 

As at 1st Apr 20X1 Jack’s Garage owes Piper Retail Services $1,452.00, which it pays on 2nd  May 20X1. 

On the 2nd June 20X1 Jack’s Garage pays Piper retail Services $1 200 for hire services  provided in May. This amount does not agree with Piper Retail Services accounting record for Jack’s Garage for the same period. 

Below is Jack’s Garage remittance advice which shows how payment was calculated and an  extract from Piper Retail accounts receivable ledger for Jack’s Garage, showing a balance of  $582.00 as at 2nd June 20X1 

Piper Retail Services Accounts Receivable Subsidiary Ledger as at 2nd June 20X1 

Accounts Receivable Jack’s Garage Folio 1-104 

Assume Piper Retail Services accounts receivable ledger for Jack’s Garage is correct if there is a discrepancy in any of the figures. 

REQUIRED 

a) Prepare a reconciliation of the Subsidiary ledger for Jack’s Garage (balance $582.00 as at 2nd June 20X1)  to the Remittance advice balance of $0.00. Ensure that you check customer receipts for accuracy,  consistency and completeness. 

 Jack’s Garage - Accounts Receivable Reconciliation as at 2 June 20X1 

b) What action do you need to take as the Accounts Receivable clerk to investigate each discrepancy  between the customer’s record and company record? Your answer should be between 10 and 30  words 

Task 4: Subsidiary Accounts and Ledgers – Bad Debts Management

Refer to the Finance Policy and Procedure Manual of PLAN2GO trading as Piper Retail  Services Section 10 Customer debt collection policy for this task. 

Assume the date for this task is 31 May 20X1. 

Piper Retail Services Accounts Receivable Subsidiary Ledger for Sunny Cleaning Service

REQUIRED 

Using a range of industry-accepted accounting conventions, processes and procedures,  perform the following: 

a) Review the debtor’s ledger of Sunny Cleaning Services and complete the aged  debtor’s analysis report for Piper Retail Services as at 31 May 20X1.  

Piper Retail Services Aged Debtors Report as at 31 May 20X1 

b) Review the above report and identify customers in default of trading terms according to organisational trading policy. Outline debt recovery type and debt recovery plan (if applicable) for each customer based on their balances in the aged debtors report  and notes in overdue customer record. Refer to the organisation Finance Policy and  Procedure Manual. Your answer should be between 80 and 100 words 

Sunny Cleaning Service – Customer Collection Notes 

• 28/3 – rang client regarding invoice 4217 for $590.00. Client advised cannot find  invoice 
• 10/4 – rang client regarding outstanding account – client advised invoice for February  balance in still missing. Promised payment for remaining March account balance.
• 3/5 – rang client regarding outstanding account and bounced cheque – client did not  answer. 
• 8/5 – sent client 1st overdue reminder notice by email – no response 
• 15/5 – rang client regarding payment for outstanding account – again no answer
• 15/5 - sent client overdue reminder notice by email – email address bounced 

c) Construct an email to Start Traders about the outstanding debt and request payment. 

d) Review previous activities and communication with Sunny Cleaning Services and comment on adequacy of follow-up procedures to recover debt. What follow up procedure need to  be implemented to ensure recovery of debt? Develop a plan to pursue debt recovery to  comply with organisational policy for recommendation to Senior Accountant about the  debt owed by Sunny Cleaning Service?  

Use the Debt Recovery Plan Template to prepare report to Senior Accountant for approval  recommending course of action. Your answer should be between 50-80 words 

Debt Recovery Plan - Report to Senior Accountant 

Debt Recovery Plan (Insert Customer Name) 

e) In accordance with the policies and procedures, write an email to distribute  the Aged Debtors Report, Action Report and Debt Recovery Plan to appropriate  personnel and file in accordance with company policy and procedure. Your answer  should be between 10 to 20 words. 

f) Prepare the general journal entries required to make an Allowance for Doubtful  Debts. Refer to the company’s policy on Doubtful Debts to calculate the amount of  the allowance. Refer to Finance Policy & Procedure Manual Section 11.2.2 Aged  Accounts. (Show calculations, round to the nearest dollar) 

g) Prepare the general journal entries required at the end of the period (30 June  20X1) to write off the debt owed by Sunny Cleaning Service. The client has declared  bankruptcy and cannot be contacted. 

Task 5: Subsidiary Accounts and Ledgers – Creditors Management

Connelly Pty Ltd, placed a Purchase Order with a new supplier Plant Supplies Pty Ltd for  gardening supplies as below. Prices quoted are excluding GST. 

You, as the Accounts payable officer at Connelly Pty Ltd are required to process the invoice  and arrange payment to supplier. 

Goods were received from the supplier as per the above order by the warehouse staff and  matched to the delivery docket for accuracy and quality. Delivery was correct. 

Plant Supplies Pty Ltd sent a Tax Invoice (below) to Connelly Pty Ltd Accounts Payable  department for payment.  

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