For this assessment, you will need to perform the following tasks These tasks will need to be completed and submitted in a professional, word processed, format Task 1 Your task is to write simple procedure or checklist outlining the steps you would need to take to process financial transactions and extract interim reports You will need to outline the following points in your report How you would check and verify supporting documentation How you would prepare a nd process banking and petty cash documents How would you prepare, process invoices for payment to creditors and for debtors How you would prepare journals and batch monetary items How would you post journals to the ledger How would you enter data into the system How would you prepare deposit facility and lodge flows How would you extract a trial balance and interim report Task 2 Your task is to define each of the below terms and give examples of what each includes in relation to financial services and accounting Information Documents RTO No 31736 CRICOS 03010G Supporting documents Validity Journals Organisational policies and procedures Security and safety precautions Reports Errors Task 3 For this task you must research and answer the following points Identify a range of accounting conventions, processes and procedures Describe banking procedures and guidelines Outline typical errors that can be made in processing financial transactions Describe forms of 'proof of lodgement' Describe types of 'special transactions' Identify and describe the key features of o Industry codes of practice o Legislative and regulatory requirements relevant to the work o Organisational policy and procedures Explain the security procedures for handling cheques, vouchers and cash Describe the key features of a range of reports RTO No 31736 CRICOS 03010G AS S E S S M E N T2 Task 1 Complete the deposit slip using the information given oThe business name is Master Productions Ltd oThe account number is 456801678 1 oThe deposit is being made by Sally Brown oThe date is 1 June 20XX oCash deposited is made up of 11 x $50, 19 x $20, 36 x $10, 24 x $5, Coin $30 oCheques include $220 from Mr Barker's Commonwealth Bank account at Bow Hill $600 from K West's National Bank account at Crawford Front Side of Deposit Bank of Australia, King William StreetDate Account Name Account Number Office use only $100 x $ 50 x $ 20 x $ 10 x $ 5 x Coin Total Signature Cash Total Cheque Total Paid in by (name) Number of items Total Deposit RTO No 31736 CRICOS 03010G Rear of Deposit Bank of Australia, King William Street DrawerBankBranchAmount Total Cheques Complete the deposit slip using the information given oThe business name is Master Productions Ltd oThe account number is 456801678 1 oThe deposit is being made by Sally Brown oThe date is 1 June 20XX oCash deposited is made up of 11 x $50, 19 x $20, 36 x $10, 24 x $5, Coin $30 oCheques include $220 from Mr Barker's Commonwealth Bank account at Bow Hill $600 from K West's National Bank account at Crawford Task 2 1 Enter the account for each transaction Some are already entered DateTransactionAmountAccount RTO No 31736 CRICOS 03010G 14 3 XXFilled car with fuelpaid cash32 80Motor vehicle expenses 25 3 XXCash sale156 99Sales 36 3 XXInvoice sale (R Smith)1,999 00 46 3 XXCash sale1,899 00 56 3 XXCopy paperpaid cash11 50Stationery 611 3 XXFilled car with fuelpaid cash28 50 711 3 XXCash sale1,275 00 813 3 XXCopy paperpaid cash11 50 913 3 XXInvoice sale (W Jones)3,450 00 1017 3 XXFilled car with fuelpaid cash31 75 1119 3 XXCash sale64 99 1220 3 XXRentpaid cash350 00Rent 1325 3 XXFilled car with fuelpaid cash18 25 1426 3 XXCash sale1,999 00 1528 3 XXInterest received1 89Interest 1628 3 XXPayment received for invoice sale3,450 00 Enter the account for each transaction Some are already entered RTO No 31736 CRICOS 03010G 2 Enter the transactions using T accounts and complete the T account totals Cash DebitCredit DateRefAmountDateRefAmount RTO No 31736 CRICOS 03010G Motor Vehicle Expenses DebitCredit DateRefAmountDateRefAmount Sales DebitCredit DateRefAmountDateRefAmount RTO No 31736 CRICOS 03010G Accounts Receivable DebitCredit DateRefAmountDateRefAmount Stationery Expenses DebitCredit DateRefAmountDateRefAmount Rent Expenses DebitCredit DateRefAmountDateRefAmount RTO No 31736 CRICOS 03010G Interest Received Revenue DebitCredit DateRefAmountDateRefAmount Enter the transactions using T accounts and complete the T account totals 3 Prepare the general ledger entries using the worksheet General ledger DateDocketDetailsPost RefDebitCredit GJ 1 1 GJ 1 2 RTO No 31736 CRICOS 03010G GJ 1 3 GJ 1 4 GJ 1 5 GJ 1 6 GJ 1 7 GJ 1 8 RTO No 31736 CRICOS 03010G GJ 1 9 GJ 1 10 GJ 1 11 GJ 1 12 GJ 1 13 GJ 1 14 RTO No 31736 CRICOS 03010G GJ 1 15 GJ 1 16 Debtors ledger R Smith DateDocketDetailsPost RefDebitCreditBalance Opening Balance Closing Balance W Jones DateDocketDetailsPost RefDebitCreditBalance RTO No 31736 CRICOS 03010G Opening Balance Closing Balance Trade Debtor's Schedule Opening Balance0 00 Closing Balance Prepare the general ledger entries using the worksheet 4 Prepare a trial balance for the accounts Trial Balance AccountDR$CR$ RTO No 31736 CRICOS 03010G RTO No 31736 CRICOS 03010G AS S ES S M E N T3 1 What information might a source document include 2 When checking a receipt of goods what should you be looking at 3 What tasks need to be done I order to prepare process banking and petty cash documents 4 To prepare invoice for a creditor you will need to include certain information What is it 5 What information do you need to check on a debtors invoice 6 What types of documents would need to be filed in a business 7 What is a journal 8 How can you make it easier to balance cash accurately 9 How would you prepare journals and batch monetary items 10 What needs to be done in order to post journals to the ledger 11 What needs to be done when preparing deposit facility and lodge flows RTO No 31736 CRICOS 03010G 12 What is included as a special transaction

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For this assessment, you will need to perform the following tasks. These tasks will need to be completed and submitted in a professional, word processed,

For this assessment, you will need to perform the following tasks. These tasks will need to be completed and submitted in a professional, word processed, format.

Task 1

Your task is to write simple procedure or checklist outlining the steps you would need to take to process financial transactions and extract interim reports. You will need to outline the following points in your report:

How you would check and verify supporting documentation?

How you would prepare and process banking and petty cash documents?

How would you prepare, process invoices for payment to creditors and for debtors?

How you would prepare journals and batch monetary items?

How would you post journals to the ledger?

How would you enter data into the system?

How would you prepare deposit facility and lodge flows?

How would you extract a trial balance and interim report?

Task 2

Your task is to define each of the below terms and give examples of what each includes in relation to financial services and accounting:

Information

Documents

RTO No: 31736|CRICOS: 03010G

Supporting documents

Validity

Journals

Organisational policies and procedures

Security and safety precautions

Reports

Errors

Task 3

For this task you must research and answer the following points

Identify a range of accounting conventions, processes and procedures

Describe banking procedures and guidelines

Outline typical errors that can be made in processing financial transactions

Describe forms of 'proof of lodgement'

Describe types of 'special transactions'

Identify and describe the key features of:

o Industry codes of practice

o Legislative and regulatory requirements relevant to the work

o Organisational policy and procedures

Explain the security procedures for handling cheques, vouchers and cash

Describe the key features of a range of reports

RTO No: 31736|CRICOS: 03010G

AS S E S S M E N T2

Task 1

Complete the deposit slip using the information given.

oThe business name is Master Productions Ltd.

oThe account number is 456801678-1.

oThe deposit is being made by Sally Brown.

oThe date is 1 June 20XX.

oCash deposited is made up of 11 x $50, 19 x $20, 36 x $10, 24 x $5, Coin $30.

oCheques include:

$220 from Mr Barker's Commonwealth Bank account at Bow Hill.

$600 from K West's National Bank account at Crawford.

Front Side of Deposit

Bank of Australia, King William StreetDate:

Account Name:Account Number:

Office use only

$100 x

$ 50 x

$ 20 x

$ 10 x

$ 5 x Coin Total

Signature:Cash Total: Cheque Total:

Paid in by (name):Number of items: Total Deposit:

RTO No: 31736|CRICOS: 03010G

Rear of Deposit

Bank of Australia, King William Street

DrawerBankBranchAmount

Total Cheques:

Complete the deposit slip using the information given.

oThe business name is Master Productions Ltd.

oThe account number is 456801678-1.

oThe deposit is being made by Sally Brown.

oThe date is 1 June 20XX.

oCash deposited is made up of 11 x $50, 19 x $20, 36 x $10, 24 x $5, Coin $30.

oCheques include:

$220 from Mr Barker's Commonwealth Bank account at Bow Hill.

$600 from K West's National Bank account at Crawford.

Task 2

Enter the account for each transaction. Some are already entered.

DateTransactionAmountAccount

RTO No: 31736|CRICOS: 03010G

14/3/XXFilled car with fuelpaid cash32.80Motor vehicle expenses

25/3/XXCash sale156.99Sales

36/3/XXInvoice sale (R Smith)1,999.00

46/3/XXCash sale1,899.00

56/3/XXCopy paperpaid cash11.50Stationery

611/3/XXFilled car with fuelpaid cash28.50

711/3/XXCash sale1,275.00

813/3/XXCopy paperpaid cash11.50

913/3/XXInvoice sale (W Jones)3,450.00

1017/3/XXFilled car with fuelpaid cash31.75

1119/3/XXCash sale64.99

1220/3/XXRentpaid cash350.00Rent

1325/3/XXFilled car with fuelpaid cash18.25

1426/3/XXCash sale1,999.00

1528/3/XXInterest received1.89Interest

1628/3/XXPayment received for invoice sale3,450.00

Enter the account for each transaction. Some are already entered.

RTO No: 31736|CRICOS: 03010G

Enter the transactions using T accounts and complete the T account totals.

Cash

DebitCredit

DateRefAmountDateRefAmount

RTO No: 31736|CRICOS: 03010G

Motor Vehicle Expenses

DebitCredit

DateRefAmountDateRefAmount

Sales

DebitCredit

DateRefAmountDateRefAmount

RTO No: 31736|CRICOS: 03010G

Accounts Receivable

DebitCredit

DateRefAmountDateRefAmount

Stationery Expenses

DebitCredit

DateRefAmountDateRefAmount

Rent Expenses

DebitCredit

DateRefAmountDateRefAmount

RTO No: 31736|CRICOS: 03010G

Interest Received Revenue

DebitCredit

DateRefAmountDateRefAmount

Enter the transactions using T accounts and complete the T account totals.

Prepare the general ledger entries using the worksheet.

General ledger

DateDocketDetailsPost RefDebitCredit

GJ-1-1

GJ-1-2

RTO No: 31736|CRICOS: 03010G

GJ-1-3

GJ-1-4

GJ-1-5

GJ-1-6

GJ-1-7

GJ-1-8

RTO No: 31736|CRICOS: 03010G

GJ-1-9

GJ-1-10

GJ-1-11

GJ-1-12

GJ-1-13

GJ-1-14

RTO No: 31736|CRICOS: 03010G

GJ-1-15

GJ-1-16

Debtors ledger

R Smith

DateDocketDetailsPost RefDebitCreditBalance

Opening Balance

Closing Balance

W Jones

DateDocketDetailsPost RefDebitCreditBalance

RTO No: 31736|CRICOS: 03010G

Opening Balance

Closing Balance

Trade Debtor's Schedule

Opening Balance0.00

Closing Balance

Prepare the general ledger entries using the worksheet.

Prepare a trial balance for the accounts.

Trial Balance

AccountDR$CR$

RTO No: 31736|CRICOS: 03010G

AS S ES S M E N T3

1.What information might a source document include?

2.When checking a receipt of goods what should you be looking at?

3.What tasks need to be done I order to prepare process banking and petty cash documents?

4.To prepare invoice for a creditor you will need to include certain information. What is it?

5.What information do you need to check on a debtors invoice?

6.What types of documents would need to be filed in a business?

7.What is a journal?

8.How can you make it easier to balance cash accurately?

9.How would you prepare journals and batch monetary items?

10.What needs to be done in order to post journals to the ledger?

11.What needs to be done when preparing deposit facility and lodge flows?

RTO No: 31736|CRICOS: 03010G

12.What is included as a special transaction?

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