Overview
Assessment Guidance
FSP Assessment Strategy
Unit Learning Outcomes
1
Enter accounting data at the beginning of an accounting period.
Assessment Criteria
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1.1
Set up general ledger accounts, entering opening balances where appropriate.
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1.2
Set up customer accounts, entering opening balances where appropriate.
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1.3
Set up supplier accounts, entering opening balances where appropriate.
2
Record customer transactions.
Assessment Criteria
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2.1
Process sales invoices and credit notes, accounting for VAT.
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2.2
Allocate monies received from customers in partial or full payment of invoices and balances.
3
Record supplier transactions.
Assessment Criteria
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3.1
Process purchase invoices and credit notes, accounting for VAT.
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3.2
Allocate monies paid to suppliers in full or partial settlement of invoices and balances.
4
Record and reconcile bank and cash transactions.
Assessment Criteria
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4.1
Process receipts and payments for non-credit transactions.
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4.2
Process recurring receipts and payments.
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4.3
Process petty cash receipts and payments, accounting for VAT.
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4.4
Perform a periodic bank reconciliation.
5
Be able to use journals to enter accounting transactions.
Assessment Criteria
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5.1
Process journals for accounting transactions.
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5.2
Use the journal to correct errors.
6
Produce reports.
Assessment Criteria
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6.1
Produce these routine reports for customers and suppliers:
- Day books
- Account activity
- Aged analysis
- Statements or remittance advice notes
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6.2
Produce these routine reports from the general ledger:
- Trial balance
- Audit trail
- Account activity
7
Maintain the safety and security of data held in the computerised accounting system.
Assessment Criteria
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7.1
Make a copy of accounting data using the backup function of the accounting software.
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7.2
Use a software password to protect accounting information.