For this task you are to complete the following steps to process financial transactions and extract interim reports and create and submit for this assessment a detailed process flow chart for each task as given below. Your flow chart must be clearly labelled with each step in the process.

Tasks

1. Check and verify supporting documentation:

• Identify, check and record the required information from relevant documents
• Examine the supporting documentation to establish it is accurate and complete, and make sure that it has authorisation from the appropriate personnel. Provide details of the types of examined supporting documentation, including proof of authorisation.

2. Identify the following steps to prepare and process the banking and petty cash documents:

• Accurately enter and balance deposits and withdrawals, according to organisational procedures.
• Check the validity of cheques and card vouchers before processing. Document the checking process followed.
• Reconcile the banking documentation with the organisations financial records. Provide evidence of this reconciliation.
• Check, process and record the petty cash claims and vouchers, balancing the petty cash book. Identify what the evidence of the balanced petty cash book will be.

3. Performing the following steps to prepare and process invoices for payment to creditors and for debtors:

• Prepare the invoices and check them against the source documents for accuracy, correcting any errors identified, and file them for auditing purposes. Provide copies the invoices prepared, checked and filed.

4. The steps to prepare and post journals and batch monetary items as follows:

• Accurately and completely prepare journals, batching items, and match them precisely to the initial receipt records. Provide details of the journal, batched items and matching them in your flowchart.
• Ensure that the journals are authorised by an appropriate person and process them. Ensure you include the authorisation process and processing.

5. Posting the journals to the ledger including the following steps:

• Accurately post the journals to ledger, ensuring that the transactions are correctly allocated to the system and accounts. Provide evidence of this step.

6. Entering the data into the system:

• Accurately enter the data into the system, correctly allocating the transactions to the system and accounts. Provide the steps for ensuring the data is accurate as part of the process.
• Updating related systems.

7. Prepare the deposit facility and lodge the flows through competing the following steps:

• Select a deposit facility which is appropriate to the banking method to be used. Provide the steps for ensuring the facility is appropriate.
• Take security and safety precautions appropriate to the method of banking.
• Obtain proof of lodgement, and file so that it is easily accessible and traceable.

8. Identify the steps to extract the trial balance and interim reports:

• Identify and accurately process any special transactions. Provide the steps for ensuring special transactions are accurately processed.
• Complete the cash and credit journals and post them to the general ledger. Provide evidences of each step.
• Extract the trial balance, check it, and prepare other required reports
• Review the trial balance and interim reports and find and correct any errors. How are errors documented and corrected?
• Finalise the reports and file them appropriately. Include where these would be filed.