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This subject explains the abilities and information needed to balance and monitor subsidiary accounts in financial accounts receivable systems, detect bad and questionable debts and design a recovery action, record creditor invoices, and remit payments to various creditors.It applies to people who employ specialized expertise and agreed-upon techniques to address problems within their scope of duty.Regulatory requirements apply to work functions in occupational areas where this unit may be utilized.

Students also learn about the Administer subsidiary accounts and ledger that these aspects use. Students will get the chance to connect with the corporate world while employing cutting-edge systems through guest lecturers, industrial trips, and case studies.

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FNSACC312 Assessment Answers

Topics Covered in FNSACC312 Administer Subsidiary Accounts and Ledger Course

To effectively fulfill the duties indicated in the components and performance requirements of this unit and to prioritize multiple reasonable and necessary uncertainties in the context of the organizational position, the applicant must be able to demonstrate the following knowledge.

  • The characteristics of debits and credits, as well as their importance in accounting systems,
  • Procedures for detecting bad or suspicious debts
  • The key criteria for the administration of subsidiary accounts and ledgers are described in the following legal systems, rules, and procedures:
  • Industry best practices
  • key needs of organizational policies and procedures linked to financial account reconciliation and monitoring, including the organization's credit policy
  • Industry-accepted procedures and practices for transferring and collecting funds
  • Key characteristics of debt recovery schemes
FNSACC312 assessment answers

Learning Outcomes

After completing the course, you will be able to:

  1. Examine your accounts receivable obligations:
    • Check receipts are manually input into the accounts receivable system to ensure correctness, consistency, and completeness.
    • Determine and document incorrect entries based on receipt type and source.
    • Recognize and investigate discrepancies between funds owed and funds received in accordance with organizational policies, procedures, and standards.
    • Modify receipts in the manual accounts receivable system in accordance with specified processes.
  2. To determine bad and suspicious debts:
    • Examine the debtor ledger in accordance with organizational policies and procedures to identify overdue funds and obtain more information as needed.
    • Verify bad and questionable debt status by communicating with borrowers
    • Follow organizational rules and standards to complete reporting processes and appropriate paperwork for bad and doubtful debts.
  3. Examine client conformance with contractual terms and devise a recovery strategy:
    • Identify clients who are in breach of trade conditions in accordance with the organization's credit rules and operational procedures.
    • Contact identified clients and establish suitable arrangements for the settlement of overdue payments as soon as possible and courteously.
    • Implement organizational policy and processes for funds owed that violate organizational credit policy.
    • Examine past actions and client communication to assess the sufficiency of follow-up processes and whether customary organizational recovery options have been tried.
    • Create strategies for debt collection or legal action, with actions done in accordance with organizational rules, norms, and timelines.
  4. Reports and paperwork must be prepared and filed.
    • Create reports that detail accounts receivable, the kind and reason of debt collection, and the debt recovery plan.
    • Reports should be distributed to supervisors, managers, and other specified people.
    • Maintain documentation in accordance with organizational policies and procedures.
  5. Distribute creditors' bills for approval:
    • Identify, investigate, and fix invoice inconsistencies, as well as appropriately encode and record invoices.
    • Request payment authorization from the approved staff.

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FNSACC312 Assessment Answers

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Frequently Asked Questions

An accounts receivable subsidiary ledger is an accounting ledger that records each customer's payment and delivery history. To guarantee accuracy, the amount in each customer account is reconciled only with the cash receipts balance in the accounting system on a regular basis.

The general ledger is a master ledger that contains a representation of all the accounts that a firm utilizes to run its operations. The subsidiary ledgers are rolled up to the main ledger, which includes the totals from the subsidiary ledgers.

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