COURSE OVERVIEW:
Welcome to the course on Process Financial Transactions & Extract Reports. This course is designed to provide you with an understanding of financial transaction processing and report extraction, essential for maintaining accurate financial records and ensuring compliance with Australian regulatory standards.
We begin with an introduction to double-entry and accrual accounting, fundamental concepts in accounting. You will learn about the key features of double-entry accounting systems, which ensure that every transaction is recorded twice, once as a debit and once as a credit, to maintain balanced accounts. We will also cover accrual accounting principles, which recognise revenues and expenses when they are incurred, regardless of when cash is exchanged.
Understanding accounting conventions and standards is critical for accurate and consistent financial reporting. This section will explore industry-accepted accounting conventions and relevant accounting standards that guide the preparation and presentation of financial statements.
Banking procedures and safety are crucial for secure financial operations. We will discuss standard industry banking procedures, as well as security and safety precautions that must be taken to protect financial transactions and prevent fraud.
Australian legislative and regulatory requirements are essential for ensuring compliance with financial laws. This section covers the legislative requirements for processing financial transactions and the regulatory requirements that govern financial processing in Australia.
Organisational policies and procedures provide the framework for consistent financial operations. You will learn about input standards and journal authorisation, security procedures for electronic payments and cash handling, and safety procedures for specific banking methods to ensure adherence to organisational protocols.
Routine financial reports are vital for monitoring financial performance. This section covers the fundamentals of preparing trial balances, which summarise the balances of all ledger accounts, and bank account reconciliation reports, which ensure that the company's records match the bank's records.
Verifying supporting documentation is essential for accurate financial reporting. You will learn how to identify and record information accurately, check the accuracy of documentation, and ensure that all transactions are supported by appropriate evidence.
Processing banking and petty cash transactions is a common financial task. This section covers how to confirm deposits and withdrawals, reconcile banking records, and process and record petty cash transactions to maintain accurate cash flow records.
Processing invoices is a critical aspect of managing accounts payable and receivable. You will learn how to prepare invoices, verify their accuracy, and store invoice documents properly to ensure timely and accurate billing and payment.
Preparing journals is a fundamental accounting task. This section covers how to process regular journal entries, handle special journal entries, and ensure that all financial transactions are recorded accurately in the company's books.
Checking ledger accounts is essential for maintaining accurate financial records. You will learn how to review ledger transactions, correct ledger errors, and ensure that all accounts are up to date and accurate.
Preparing bank deposits is a routine but critical task. This section covers how to select deposit files, ensure banking security, and obtain proof of deposit to maintain accurate records of cash inflows.
Finalising trial balance and reports is the culmination of the financial reporting process. You will learn how to process special transactions, complete balance adjustments, extract and check the trial balance, review and approve reports, and finalise and file financial reports to ensure accuracy and compliance with reporting standards.
By the end of this course, you will be equipped with the skills and knowledge to process financial transactions accurately and extract detailed financial reports, ensuring the integrity and compliance of your organisation's financial records.
This course is designed to align with the content outlined in the Nationally Recognised Unit of Competency FNSACC321.
LEARNING OUTCOMES:
By the end of this course, you will be able to understand the following topics:
1. Double-Entry and Accrual Accounting
- Key features of double-entry accounting systems
- Accrual accounting principles
2. Accounting Conventions and Standards
- Industry-accepted accounting conventions
- Relevant accounting standards
3. Banking Procedures and Safety
- Standard industry banking procedures
- Security and safety precautions for banking
4. Australian Legislative and Regulatory Requirements
- Legislative requirements for financial transactions
- Regulatory requirements for financial processing
5. Organisational Policies and Procedures
- Input standards and journal authorisation
- Security Procedures for electronic payments and cash handling
- Safety Procedures for specific banking methods
6. Routine Financial Reports
- Fundamentals of trial balances
- Bank account reconciliation reports
7. Verify Supporting Documentation
- Identify and Record Information
- Check Documentation Accuracy
8. Process Banking and Petty Cash
- Confirm Deposits and Withdrawals
- Reconcile Banking Records
- Process and Record Petty Cash
9. Process Invoices
- Prepare Invoices
- Verify Invoice Accuracy
- Store Invoice Documents
10. Prepare Journals
- Process Journal Entries
- Handle Special Journal Entries
11. Check Ledger Accounts
- Review Ledger Transactions
- Correct Ledger Errors
12. Prepare Bank Deposits
- Select Deposit Files
- Ensure Banking Security
- Obtain Proof of Deposit
13. Finalise Trial Balance and Reports
- Process Special Transactions
- Complete Balance Adjustments
- Extract and Check Trial Balance
- Review and Approve Reports
- Finalise and File Reports
COURSE DURATION:
The typical duration of this course is approximately 2-3 hours to complete. Your enrolment is Valid for 12 Months. Start anytime and study at your own pace.
COURSE REQUIREMENTS:
You must have access to a computer or any mobile device with Adobe Acrobat Reader (free PDF Viewer) installed, to complete this course.
COURSE DELIVERY:
Purchase and download course content.
ASSESSMENT:
A simple 10-question true or false quiz with Unlimited Submission Attempts.
CERTIFICATION:
Upon course completion, you will receive a customised digital “Certificate of Completion”.