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1283295902 B7 Fia31 Essay

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Before you begin
What you will learn
What is expected of a Certificate III learner
Employability skills
How to work through this unit
Chapter 1: Maintaining daily financial records

1.1 Maintaining daily financial records
1.2 Identifying, rectifying and referring errors
1.3 Entering transactions into journals
Discussion topics
Chapter summary
Checklist for Chapter 1
Assessment activity 1: Maintaining daily financial records
Chapter 2: Maintaining the general ledger

2.1 Maintaining the general ledger
2.2 Posting transactions to the general ledger
2.3 Reconciling systems for accounts with the general ledger 2.4 Preparing a trial balance from the general ledger
Discussion topics
Chapter summary
Checklist for Chapter 2
Assessment activity 2: Maintaining the general ledger
Chapter 3: Monitoring cash control

3.1 Accurately accounting for cash flow
3.2 Making and receiving payments
3.3 Collecting and following-up outstanding accounts
3.4 Checking and despatching payment documentation
Discussion topics
Chapter summary
Checklist for Chapter 3
Assessment activity 3: Monitoring cash control
Final assessment: Maintain financial records
Employability skills
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BSBFIA301A Maintain financial records

When preparing financial documents, your organisation may have a policy requiring separation of duties. This means that a single employee should not perform a series of flow-on tasks such as receiving cash, issuing receipts and preparation of banking. By separating duties (sharing them between several employees), an organisation can reduce the likelihood of theft or fraud.

Another important way to protect an organisation’s physical resources is to maintain a detailed and up-to-date asset register (register of equipment owned). This gives the organisation a record of all equipment owned, and in the event of theft or damage, an insurance claim can easily be prepared.

Practice task 1
Read the case study. Write down, or tell your supervisor, the answers to the questions. Case study

Bernadette works as a customer service advisor at a public library. Her duties include assisting clients with queries about where to find library resources, processing resources being borrowed or returned , filing, and relocating returned resources. She is also responsible for issuing penalty notices for overdue resources and for collecting and processing money paid for overdue, damaged or lost resources. The library policy for borrowing states, ‘A client may borrow a maximum of five books for a period of four weeks and a maximum of four audio visual resources for two weeks’. The library policy for lost or damaged books states, ‘The cost of resources which are lost or returned in such poor condition that they...

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