BSBFIN302: Maintain financial records Assessment Answers 

Course: TAFE

Assessment Type: Practical

As a business owner, you need to know that there are many benefits to maintaining your financial records. The first benefit is the ability to report taxes accurately and on time. This can also help with reducing penalties and interest rates.

Another benefit is the ability to recall information more quickly and easily than if it were stored in another format, such as paper or electronic files. You may also be able to save money by using tax deductions available for maintaining records properly, which will result in lower taxes owed at the end of each year. All of these benefits can help to reduce the time, cost, and difficulty in maintaining financial records.

As a business owner, you are required by law to maintain proper records when it comes to your financial standing. Your obligations include keeping receipts, invoices, bank statements, etc for at least 5 years. This is to ensure that you are able to provide accurate financial statements when requested by an authority figure, such as the ATO.

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In this section, we are describing some activities, These are:

Assessment Activity 1: Prepare journals required for posting to general ledger

There are a number of journals that are required for posting to the general ledger. The most common of these are the cash receipts journal, the cash disbursements journal, and the general journal. Each of these journals is used to track specific transactions in order to keep the general ledger accurate and up-to-date.

The cash receipts journal is a daily record of all the cash received in the business. Each entry will list who brought in the cash, what type of cash was brought in (notes or coins), and when it was brought to the business.

There are two types of transactions that can occur with your customers: credit sales and cash sales. A credit sale is when the customer does not pay for the purchase at the time of the sale. Instead, they agree to pay for the purchase at a later date. A cash sale is when the customer pays for the purchase at the time of the sale.

1. Identify transactions required to be included in journal entries

In order to correctly post transactions to the general ledger, you need to identify the type of transaction that has taken place. This can be done by looking at the nature of the business transaction and then matching it to one of the three types of journal entries: cash receipts, cash disbursements, or general journal.

Some common examples of transactions that would fall into each of these categories are listed below:

Cash Receipts:

• Customer pays for a purchase with cash
• Money is deposited into the business bank account
• Interest earned on money in a business bank account
• Sale of inventory

Cash Disbursements:

• Purchases made with cash
• A business pays bills with cash
• Salaries paid with cash
• Withdrawals from the business bank account

General Journal:

• Revenue earned by the business
• Expenses incurred by the business
• Depreciation expense
• Business loan interest expense
• Bad debt expense
• Any other type of transaction that does not fit into one of the other two categories

2. Identify general ledger accounts affected according to organizational policies, procedures, and accounting standards

Once you have identified the type of transaction, it is important to identify which general ledger accounts will be affected. In order to do this, you need to be familiar with the organizational policies, procedures, and accounting standards that are in place.

Each business will have its own specific set of policies and procedures that need to be followed when posting transactions to the general ledger. In addition, there are a number of standard accounting principles that must be followed. These principles include the accrual basis of accounting and the double-entry accounting system.

The accrual basis of accounting is the principle that revenues are recorded when they are earned and expenses are recorded when they are incurred. This means that revenue and expenses are not necessarily matched with cash transactions. For example, a business may sell goods on credit in December, but record the revenue from that sale in January.

The double-entry accounting system requires that every business transaction be recorded twice: once on the debit side and once on the credit side. The reason that these transactions are recorded twice is to prevent errors from occurring, as well as to make it easier to trace down any mistakes.

3. Prepare and document the journal entries according to organizational policies, procedures, and accounting standards

Once you have identified the type of transaction, the general ledger accounts that will be affected, and the amount of the transaction, you are ready to prepare and document the journal entry.

This can be done by using a spreadsheet application, such as Excel, or by using a dedicated accounting software package.

No matter which method you choose, you will need to include the following information:

Date of the transaction

Description of the transaction

Debit amount

Credit amount

The format that you use to document journal entries will vary depending on the policies and procedures that are in place at your organization. However, most businesses prefer to have a separate section for each type of journal entry (cash receipts, cash disbursements, and general journal), as well as a section for totals.

4. Assess follow-up steps for journal entries

Journal entries are only the first step in recording transactions to the general ledger.

You also need to assess follow-up steps for journal entries, such as:

• Submitting transactions to the accounting department for posting to the general ledger
• Reconciling accounts so that they match with external statements (e.g., bank statement, sales invoices, purchase invoices)
• Preparing financial statements

The specific follow-up steps that need to be taken will vary depending on the policies and procedures that are in place at your organization. However, most businesses have a set of standard procedures that must be followed in order to ensure accurate and timely financial reporting.

Assessment Activity 2: Post journal entries and reconcile discrepancies

When you’re keeping track of your finances, it’s important to make sure that the records in your journal match the balances in your bank accounts and other financial institutions. Posting regular journal entries and reconciling any discrepancies is the best way to ensure that your books are always in order.

There are a number of methods that you can use to reconcile your accounts, but the most common is to compare the ending balance in your journal with the ending balance in your bank statement. If there are any discrepancies, you will need to investigate and determine the cause.

Once you have identified and corrected the discrepancies, you will need to post any journal entries that were created as a result of the investigation.

1. Post journal entries into the general ledger system according to organizational policies, procedures, and accounting standards

One of the main responsibilities of accountants is to use the general ledger system to post, which means inputting financial data into, an accounting system. According to organizational units, this process might be done for organizations with stocks and bonds. The posting of journal entries can be accomplished easily if one follows these steps:

1) Create a journal entry in Excel or another spreadsheet application so that it reflects all of the transactions involved in making up the complete set of financial statements for an organization. This includes every cash receipt and every cash disbursement for each period on a columnar basis.

2) Transfer the amounts in the journal entry to specific general ledger accounts, using the chart of accounts as a guide.

3) Post the journal entry to the general ledger system by inputting it into an accounting software package or into an electronic spreadsheet that is specifically designed for this purpose.

4) Compare the ending balances in the journal entry with the ending balances in a bank statement.

5) Post any additional journal entries that were created as a result of the investigation into the general ledger system.

While most businesses have computerized accounting systems, there are some businesses that still use manual systems to post transactions and track financial results.

For example, when companies are first organized, particularly if they have been funded by venture capital, they may operate with trial balances and journals. This is a legacy from the days when accounting was done on large pieces of paper or even with ledgers that were kept on hand. In such cases, posting journal entries becomes an important step in the accounting cycle.

2. Reconcile accounts payable and accounts receivable subsidiary ledger systems with general ledger

Another important responsibility of accountants is to reconcile the accounts payable and accounts receivable subsidiary ledger systems with the general ledger. This means ensuring that the balances in the two systems match, and taking appropriate action if they do not.

There are a number of ways to reconcile these two systems, but the most common is to compare the total amount of each type of account in the subsidiary ledger with the corresponding account in the general ledger. If there are any discrepancies, you will need to investigate and determine the cause.

3. Rectify any discrepancies and escalate, where required if the outside scope of individual authority

The discrepancies need to be resolved, and if an escalation is needed it must come from personnel on the ground or from a more senior leader

An example of a discrepancy is when there are conflicting values during calculations. In this case, some people may believe that one value should be used as the final number. Although having differing opinions on mathematics might not seem like a big deal, these variances can cause problems in organizations where numbers mean everything.

For instance, how do you know that the company’s closing date will be June 30th? That depends on if someone else was telling you that March 31st really means April 1st! Being able to successfully mitigate discrepancies within a course of operations is key for decision-making processes and ensuring accuracy.

4. Prepare to adjust journal entries and closing entries for the general ledger

Once all of the reconciliations have been completed, accountants will need to prepare to adjust journal entries and closing entries for the general ledger. This generally involves creating a trial balance, which is a list of all the accounts in the general ledger and their corresponding balances.

From there, accountants can create a balance sheet and income statement by using the trial balance as a guide. These financial statements will give business owners an overview of their company’s financial health and can help them make decisions about where to allocate their resources.

Assessment Activity 3: Maintain general ledger

The general ledger is one of the most important aspects of accounting and, as such, it is essential that accountants take the necessary steps to maintain it. This may include reconciling subsidiary ledgers with the general ledger, rectifying discrepancies, and preparing to adjust journal entries and closing entries.

By taking care of the general ledger, accountants can help ensure that the financial information of their company is accurate and up-to-date. This, in turn, can help business owners make sound decisions about the future of their business.

An important responsibility of accountants is to maintain the general ledger. This includes reconciling subsidiary ledgers with the general ledger, rectifying discrepancies, and preparing to adjust journal entries and closing entries. By taking care of the general ledger, accountants can help ensure that the financial information of their company is accurate and up-to-date. This, in turn, can help business owners make sound decisions about the future of their business.

An important responsibility of accountants is to maintain the general ledger. This includes reconciling subsidiary ledgers with the general ledger, rectifying discrepancies, and preparing to adjust journal entries and closing entries. By taking care of the general ledger, accountants can help ensure that the financial information of their company is accurate and up-to-date. This, in turn, can help business owners make sound decisions about the future of their business.

1. Prepare closing and post-closing trial balance from the general ledger system of the organization

Preparing and issuing financial reports is a vital part of an accountant’s job. Financial reports include balance sheets, income statements, cash flows, and footnotes. These important documents help managers make informed decisions about the operations of their business.

Financial reporting can be crucial for a business, as it can provide insights into the company’s overall financial health. Accountants play a key role in producing these reports, and it is essential that they are accurate and timely.

Accountants must prepare closing and post-closing trial balances from the general ledger system of their organization. This generally entails creating a trial balance, which is a list of all the accounts in the general ledger and their corresponding balances. From there, accountants can create a balance sheet and income statement by using the trial balance as a guide. Financial reports such as these can help business owners make informed decisions about their company’s future.

2. Prepare a trial balance

A trial balance is a list of all the accounts in a general ledger and their corresponding balances. It is used as a tool to help accountants create a balance sheet and income statement.

By taking care of the general ledger, accountants can help ensure that the financial information of their company is accurate and up-to-date. This, in turn, can help business owners make sound decisions about the future of their business.

A trial balance is a list of all the accounts in a general ledger and their corresponding balances. It is used as a tool to help accountants create a balance sheet and income statement. By taking care of the general ledger, accountants can help ensure that the financial information of their company is accurate and up-to-date. This, in turn, can help business owners make sound decisions about the future of their business.

3. Check general ledger for accuracy of information and dispatch to relevant stakeholders, where required

An important responsibility of accountants is to maintain the general ledger. This includes reconciling subsidiary ledgers with the general ledger, rectifying discrepancies, and preparing to adjust journal entries and closing entries. By taking care of the general ledger, accountants can help ensure that the financial information of their company is accurate and up-to-date. This, in turn, can help business owners make sound decisions about the future of their business.

An important responsibility of accountants is to maintain the general ledger. This includes reconciling subsidiary ledgers with the general ledger, rectifying discrepancies, and preparing to adjust journal entries and closing entries. By taking care of the general ledger, accountants can help ensure that the financial information of their company is accurate and up-to-date. This, in turn, can help business owners make sound decisions about the future of their business.

The accountant should prepare a trial balance that will contain all accounts appearing in the general ledger and their corresponding balances. The accountant will then be able to create a balance sheet and an income statement from the trial balance. Financial reports such as these can help business owners make informed decisions about their company’s future.

4. Check trial balance meets accounting equation requirements

The accountant should also check the trial balance to ensure that it meets the requirements of the accounting equation. This will help to ensure that the financial information in the trial balance is accurate.

The accountant should also check the trial balance to ensure that it meets the requirements of the accounting equation. This will help to ensure that the financial information in the trial balance is accurate.

The trial balance should be prepared in order to help the accountant create a balance sheet and income statement. The accountant will need to ensure that the general ledger is accurate and up-to-date before preparing the trial balance. The trial balance should meet the requirements of the accounting equation in order to ensure its accuracy. Finally, the trial balance should be checked to ensure that it contains all accounts appearing in the general ledger and their corresponding balances. Only by taking care of these tasks can accountants provide valuable information to business owners, which helps them make informed decisions about the future of their company.

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