Gelos Enterprises Pty Ltd has requested your assistance to implement and maintain an improved payments and accounts payable procedure. The current procedure can be found in Assessment Event Overview on Page 3:

Produce an internal control procedure for the payments and accounts payable policy and procedure

• FNSACC526_AE_Sk3of4_App_ Payments and Accounts Payable policy

You must use the same format and layout as the current procedure to make all required changes/updates to policy documents.

You are required to review the scenario and then produce an internal control procedure for payments and accounts payable by applying corporate governance requirements and following industry-standard practices. Use the template provided (found in Assessment Event Overview on Page 3):

• FNSACC526_AE_Sk2of4_App_Finance Authorisation Policy

For this task, you must demonstrate an understanding of corporate governance principles, the application of these principles by producing a payments and accounts payable policy and procedure.

This task will be conducted in a simulated environment that replicates the workplace and must include the following equipment/resources:

• Corporate governance documentation required for role
• Organisational operational policies and procedures required for role.
  1. Produce required reports.

While you are performing the task, you must demonstrate each of the following activities:

1. Detail and document internal control procedures that apply corporate governance requirements to internal operations.
2. Develop the applications of corporate governance requirements from authoritative sources according to industry standard practices.

Consider the following for inclusion into the policy and procedure:

• procedures for purchasing goods
• receipting of goods procedures
• handling of direct debts
• reconciliations

1. Develop a timetable

For this task, you must demonstrate an understanding of timetables by producing a timetable for the implementation of the payments and accounts payable policy and procedure that was developed for Task 1. The timetable design is up to you but should be produced using software and be in a similar format to a Gannt chart or excel spreadsheet.

This task will be conducted in (the workplace/a simulated environment that replicates the workplace) and must include the following equipment/resources:

• Corporate governance documentation required for role
• Organisational operational policies and procedures required for role.
• Computer and software capable of producing charts.

Table 3 Information table

Payments and accounts payable policy implementation timetable
Task	Start date	End date	Duration	Stakeholders to be consulted

Payments and Accounts Payable Policy

Purpose of the Policy

This policy sets out the requirements for use of bank accounts, including opening, closing and authorisation of payments. This policy is to be read and followed in conjunction with the Finance Authorisation Policy.

Procedures

Any new bank accounts to be opened for the business must have the authorisation of the Administration and Finance Director.

For each new bank account opened, the financial system must be updated, and the bank account registered by the Administration and Finance Director

For monies withdrawn from any bank account, whether by cheque, EFT or other online payment method, there must be two persons authorising for each payment.

The authorised persons for bank account payments are:

• Administration and Finance Director
• Managing Director
• Operations and Marketing Director

Each payment made must be supported by invoice, receipt or other appropriate documentation and the authorisations must be attached to this documentation prior to payment.

Where it is decided that a bank account is no longer necessary, the Administration and Finance Director will authorise the closure of the bank account.

Business credit cards: An employee will only be issued a credit card once the Credit Card Authorisation Form has been completed. The business credit card can only be used for travel, authorised entertainment and purchases of small value expenses or equipment up to the value of $500. No cash advances are to be taken using the business credit card unless authorised by the Administration and Finance Director.

All purchases from suppliers must be supported by a purchase order.

For items over the value of $10,000 three quotations must be provided.

All purchases received are to be checked against purchase order and noted as correctly supplied

[Insert Name Policy and Procedure]

1. About this policy and procedure
   1. Document purpose

[The policy and procedure purpose will tell you what the policy is about, what it aims to achieve and, why it is used in the workplace or organisation. It may also reference any legislation or external authorities/regulations that underpin the policy and procedure.]

1. Scope

[The scope provides a summary of the policy and procedure and who the policy and procedure applies to. This may include staff, customers, contractors and suppliers. It will tell you if there are any exemptions to the policy. It may also explain any consequences of not complying with the policy and procedure.]

1. Policy

[Describe all aspects of the policy and procedure.]

1. Procedure

[Describe all aspects of the policy and procedure.]

1. [Name of procedure]

[The policy purpose will tell you what the policy is about, what it aims to achieve and, why it is used in the workplace/organisation. It may also reference any legislation or external authorities/regulations that underpin the policy.]

1. Procedures

[Add information to step out the process to be followed in a logical sequence.]

Tip: Add or delete Policy and Procedure sections according to the number of procedures required.

1. Document information and review
   1. Responsibilities

The following table provides a list of the positions or departments that are responsible for this policy and procedure and the scope of their responsibility.

Table 1 Responsibilities

Position	Responsibility
CEO	Approver for this policy and procedure.
[Click/tap to list the positions or departments that are responsible for the procedure]	[Click/tap to describe the scope of their responsibility]

1. Definitions

The following definitions clarify the terms and words that are specific to this policy and procedure.

Table 2 Definitions

Term	Definition
Scope	The extent of the area that something applies to.
[Click/tap to add a term or word specific to this document that requires explanation]	[Click/tap to add definition of term or word in the context of this document]

1. Related documents

This policy and procedure should be read in conjunction with the following documents:

• [Insert document name here (hyperlink, if possible)]
• [Insert document name here (hyperlink, if possible)]
  1. Document review

This policy and procedure will be reviewed every 12 months.

Review date: [Click/tap to enter a date]

1. Document authority

This [Insert Name Policy and Procedure] has been authorised by Catherine Dunn the CEO of Gelos Enterprises and is available to all staff. It has been developed in line with all relevant legislation, in consultation with committee representatives and will be revised on a regular basis.

Approval date: [Click/tap to enter a date]