BSBFIA303 Process Accounts Payable and Receivable Assessment Answer

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To make the students more efficient with the concepts of accounting students come across multiple assignments like BSBFIA303 Process Accounts Payable and Receivable Assessment Answer.

The BSBFIA303 Assessment teaches the students how to maintain financial journal systems. After enrolling themselves in the specific course students will learn how to prepare bank collections, how to maintain accounts payable and accounts receivable systems.

They will gain knowledge about how to process payments for accounts payable. Students will develop an understanding of how to prepare statements for accounts receivable. Many students face difficulties in completing the BSBFIA303 Assessment Answer and to complete it students prefer to take AU assessment writing help from Australian Assignment Help.

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Learning outcomes of BSBFIA303 Process Accounts Payable and Receivable Assessment:

Upon successful completion of the  BSBFIA303 assessment answers students will be able to:

Maintain financial journal systems:

1. For accuracy and appropriate authorization, a student will be able to check source documents.
2. According to the organizational policy and procedures, a student will be able to refer to errors and discrepancies in source documents resolutions
3. By the organizational policy and procedures and relevant legislation and compliance requirements, a student will be able to enter transactions into cash and credit journal systems.
4. According to the organizational policy and procedures, a student will be able to total the credit journals.

Prepare bank reconciliations:

1. To identify the differences a student will be able to check cash journals against bank statements.
2. With relevant data from bank statements, students will be able to update the cash journals.
3. Discrepancies can be identified by a student and they can refer it to an appropriate staff member, organization, or agency.
4. According to the organizational policy and procedures, a student will be able to total the cash journals.
5. Within designated timelines, a student will be able to prepare regular reconciliation reports.

Maintain accounts payable and accounts receivable systems:

1. According to the organizational policy and procedures and accounting requirements, a student will be able to enter transactions into individual accounts payable and accounts receivable.
2. By the organizational requirements, a student will be able to prepare schedules of accounts payable and accounts receivable for reconciliation purposes.
3. According to the organizational requirements, a student will be able to reconcile accounts payable and accounts receivable in schedules with the journal data.

Process account payable:

1. According to the organizational policy and procedures, a student will be able to reconcile payable statements with accounting records.
2. For accuracy of information and discrepancies and rectify errors a student will be able to check payment documentation by organizational requirements.

Prepare statements for accounts receivable:

1. According to the organizational policy and procedures, the students will be able to produce and check account receivable statements for accuracy.
2. Within designated timelines, a student will be able to rectify discrepancies and statements that are dispatched.

To complete the BSBFIA303 Process Accounts Payable and Receivable Assessment students have to solve the following questions

• What are the key provisions of relevant legislation and regulation? List some standards and codes of practice that might affect the aspects of financial operations?
• Explain the organizational accounting systems and procedures, briefly!
• How to check for errors and discrepancies? Explain!
• You have to list the tasks that are outside of your scope of responsibility and describe them.
• Do you have to explain how to accurately enter data into the journal and subsidiary ledger system?
• Within the scope of your responsibility, you have to complete tasks by legal and organizational responsibilities.
• You have to maintain journals and a subsidiary ledger system.
• With the journal or general ledger data, you have to reconcile the subsidiary ledger system.

These are just a short list of questions that students have to complete in BSBFIA303 Process Accounts Payable and Receivable Task 1. If you are thinking about how I will complete my assignment, then contact the accounting experts of Australian Assignment Help.

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