Administer Subsidiary Accounts & Ledgers (In Compliance with Australian Legislation)COURSE OVERVIEW: Welcome to the course on Administer Subsidiary Accounts & Ledgers. This course is designed to provide comprehensive knowledge and practical skills necessary for managing subsidiary accounts, handling bad and doubtful debts, and ensuring the accuracy and integrity of financial records. By the end of this course, participants will be well equipped to perform essential accounting functions within their organisations in Australia. We

COURSE OVERVIEW:

Welcome to the course on Administer Subsidiary Accounts & Ledgers. This course is designed to provide comprehensive knowledge and practical skills necessary for managing subsidiary accounts, handling bad and doubtful debts, and ensuring the accuracy and integrity of financial records. By the end of this course, participants will be well-equipped to perform essential accounting functions within their organisations in Australia.

We begin with an introduction to bad and doubtful debts procedures. This section covers the identification of bad and doubtful debts, including the steps required to recognise and document these accounts accurately. Understanding these procedures is crucial for maintaining financial health and compliance within an organisation.

Next, we explore the features of double-entry accounting, a fundamental concept in accounting that ensures accuracy and balance in financial records. This section will explain how double-entry accounting works and its importance in maintaining accurate subsidiary accounts and ledgers.

Account reports functions are essential for tracking and analysing financial data. We will discuss the various features and functions of account reports, how to generate them, and their role in financial decision-making and transparency.

Planning for account recovery actions is a critical aspect of managing subsidiary accounts. This section will cover methods to develop and implement effective account recovery plans, ensuring that outstanding debts are managed efficiently and in compliance with legal requirements.

Debt collection legal requirements must be adhered to when collecting debts and administering subsidiary accounts. We will review the relevant Australian legal frameworks and organisational policies that govern debt collection, ensuring participants are aware of their legal obligations.

Organisational reconciliation policies are vital for monitoring and reconciling subsidiary accounts. We will explore these policies and procedures, including credit policies, and how to apply them to ensure accurate financial records and effective account management.

Reviewing accounts receivable is an ongoing process that requires attention to detail. This section will teach participants how to verify invoices, payment receipts, and adjustment notes for accuracy, identify and correct incorrect entries, reconcile debtor remittances, and resolve discrepancies in accordance with organisational policies.

Identifying bad and doubtful debts involves a thorough review of the debtor ledger. Participants will learn how to identify at-risk accounts, complete the necessary documentation, and take appropriate actions to manage these debts.

Reviewing client compliance and planning recovery actions is crucial for maintaining good financial practices. This section will cover how to identify clients in default of trading terms, contact them to agree on payment arrangements, follow organisational policies for outstanding monies, and develop plans for debt recovery or legal action.

Preparing reports and documentation is an essential part of managing accounts receivable and debt recovery. Participants will learn how to document accounts receivable, develop account reports for supervisors, plan recovery actions, and confirm appropriate storage methods for these reports.

Distributing creditor invoices for authorisation is an important step in managing accounts payable. We will cover how to reconcile supplier statements with invoices and notes, resolve discrepancies, and request authorisation for payments.

Finally, remitting payments to creditors involves collecting and recording creditor details and payment methods, preparing and authorising payments, recording journal entries, and escalating discrepancies to supervisors as necessary. This section will ensure participants are equipped to handle creditor payments accurately and efficiently.

Through this course, participants will gain a thorough understanding of administering subsidiary accounts and ledgers, enabling them to manage financial records effectively and contribute to their organisation's financial stability and compliance.

This course is designed to align with the content outlined in the Nationally Recognised Unit of Competency FNSACC322.

LEARNING OUTCOMES:

By the end of this course, you will be able to understand the following topics:

1. Bad and Doubtful Debts Procedures

·       Procedures for identifying bad and doubtful debts.

2. Double-Entry Accounting Features

·       Features of double-entry accounting.

3. Account Reports Functions

·       Functions and features of account reports.

4. Account Recovery Planning

·       Methods to plan for and develop account recovery actions.

5. Debt Collection Legal Requirements

·       Australian Legal requirements for collecting debts and administering subsidiary accounts.

6. Organisational Reconciliation Policies

·       Organisational policies and procedures for reconciling and monitoring subsidiary accounts, including credit policies.

7. Review Accounts Receivable

·       Verify invoices, payment receipts, and adjustment notes for accuracy.

·       Identify and make a record of incorrect entries.

·       Reconcile debtor remittance to account.

·       Resolve discrepancies according to organisational policies.

8. Identify Bad and Doubtful Debts

·       Review debtor ledger as per policies and identify at-risk accounts.

·       Complete required documentation for bad and doubtful debts.

9. Review Client Compliance and Plan Recovery

·       Identify clients in default of trading terms.

·       Contact identified clients to agree on payment arrangements.

·       Follow organisational policies for monies outstanding.

·       Review adequacy of follow-up procedures.

·       Develop plans for debt recovery or legal action.

10. Prepare Reports and Documentation

·       Document accounts receivable and debt recovery plans.

·       Develop account reports for supervisors.

·       Plan recovery actions in reports.

·       Confirm storage methods for reports.

11. Distribute Creditor Invoices for Authorisation

·       Reconcile supplier statements with invoices and notes.

·       Resolve discrepancies in accounts.

·       Request authorisation for payments.

12. Remit Payments to Creditors

·       Collect and record creditor details and payment methods.

·       Prepare and authorise creditor payments.

·       Record journal entries for payments.

·       Record and escalate discrepancies to supervisor.

COURSE DURATION:

The typical duration of this course is approximately 2-3 hours to complete. Your enrolment is Valid for 12 Months. Start anytime and study at your own pace.

ASSESSMENT:

A simple 10-question true or false quiz with Unlimited Submission Attempts.

CERTIFICATION:

Upon course completion, you will receive a customised digital “Certificate of Completion”.