Student Name: Student Number: Student Signature: Facilitator Name:

FNSICGEN305B: Maintain daily financial/business records Student Assessment Task Student Name: Student Number: Student Signature: Facilitator Name: Date: You are required to complete the following assessment tasks and ensure that any printouts of evidence is signed by yourself in the bottom right hand corner. The completed Assessment Tasks and any evidence must be provided to your facilitator in order to be assessed on the subject, and ultimately marked Competent. This unit requires the application of skills and knowledge to process routine documents such as application or claim forms, invoices, banking documents, and petty cash vouchers. It may be applied in any sector of the financial services industry. Performance criteria: Element 1. Process financial forms and applications 2. Prepare and process banking documents and petty cash documents 3. Process petty cash transactions Performance criteria 1.1 Information from documents is identified, checked and recorded 1.2 Documents are processed and recorded or transmitted to appropriate personnel 1.3 All work undertaken is in accordance with organisational procedures, legislation and regulations 2.1 Deposits and withdrawals are accurately entered and balanced according to organisational procedures, where applicable 2.2 Cheques and card vouchers are checked for validity before processing, where applicable 2.3 Banking documentation is reconciled with organisation's financial records, where applicable 2.4 Documentation is completed in accordance with banking guidelines 3.1 Petty cash claims and vouchers are checked, processed and recorded and petty cash book is balanced according to organisation's procedures 3.2 Any irregularities are referred to nominated person Notes prepared for Quicken by Ken Boyle Education Consultant Page 1

4. Prepare and process invoices for payment to creditors and for debtors 4.1 Invoices are prepared in accordance with organisational procedures 4.2 Invoices are checked against source documents for accuracy 4.3 Any errors or inaccuracies are corrected 4.4 Invoices and related documents are filed for auditing purposes Notes prepared for Quicken by Ken Boyle Education Consultant Page 2

SAM S SALMON Samantha is the proprietor of an Atlantic Salmon fishing business called Sam s Salmon which is located at Post Office Box 123, Dover 7117. Sam possesses the necessary licence from the State Fisheries Board at $20,000.00 per salmon pen. Sam grows the Salmon and sells them to export wholesalers. This means that for GST purposes, Sam s coding is EXP (sales of salmon) and NCF (spending items). (That is all of his sales are GST free and he does not have to pay any GST on expenditure items.) As the bookkeeper Sam has authorized you to process invoices and cheques up to the value of $100.00, ready for her signature. Any amount in excess of this level has to have Sam s prior approval before any processing is to take place. Task 1: Establish a QuickBooks data file for Sam. Open the program QuickBooks 2010/11. File, New Company, Startup Interview. Make sure you complete the following 1. Company Information 2. Individual Tax return 3. Financial Year July 4. Continue to select Next until you are asked to create the company file and select the location. The balance sheet as at October 1, 2010 included: ASSETS $ EQUITIES $ Current assets Current Liabilities Cash at Bank Dover Com Bnk Salmon Pens Petty Cash Salmon License 1200 4200 200 1,200,000 Non-current liabilities Loan Dover Credit Union 200,000 Non-current assets 2 Delivery Utes Office Furniture & Equipment Salmon Boat 2 Dinghies & Outboard Motors 14500 2000 250,000 7500 Owner s Equity Capital Sam 1279600 TOTAL ASSETS 1479600 TOTAL EQUITIES 1479600 Notes prepared for Quicken by Ken Boyle Education Consultant Page 3

Task 2: Key in the October budget figures. The budgeted amounts for October, 2010 include: Sales (31 days x 150 kilograms x $35.00 per kg) $162,750.00 Boat Expenses (tax codes NCF for each) Petrol & Oil 50000.00 Depreciation of Salmon Boat 5000.00 Salmon Boat Registration & Insurance 2500.00 Depreciation of Outboard Boats 1250.00 Outboard Boats Registration & Insurance 1450.00 Repairs to Salmon Boat Equipment 4500.00 Mobile Phone Expenses 1250.00 Two Assistant s Wages, Superannuation, Sick Leave etc 36000.00 Salmon Pens Expenses (tax codes NCF for each) Repairs to Salmon Pens 5500.00 Fish food Expenses 20000.00 License Fee 2000.00 Vehicle Expenses (tax codes NCF for each) Petrol, Oil & Tyres 750.00 Depreciation of Vehicles 1700.00 Vehicles Registration & Insurance 400.00 Administration Expenses (tax codes NCF for each) Post Box Hire 10.00 Depreciation of Office Equipment 250.00 Stationery 25.00 Home Office Electricity 70.00 Fishing Association Subscription 250.00 Sickness & Accident Insurance 2500.00 Finance (tax codes NCF for each) Interest Expense 3200.00 State Payroll Tax 100.00 Bank Charges 150.00 Total Budgeted Monthly Expenses 138855.00 Budgeted Net Profit for October 23895.00 Notes prepared for Quicken by Ken Boyle Education Consultant Page 4

Task 3: The actual salmon harvests for October were: October 1: 25 kilos October 2: 225 kilos October 3: 200 kilos October 4: 150 kilos October 5: 180 kilos October 6: 195 kilos October 7: 226 kilos October 8: 165 kilos October 9: 170 kilos October 10: 170 kilos October 11: 120 kilos October 12: 100 kilos October 13: 75 kilos October 14: 80 kilos October 15: 170 kilos October 16: 120 kilos October 17: 130 kilos October 18: 0 kilos October 19: 0 kilos October 20: 75 kilos October 21: 150 kilos October 22: 85 kilos October 23: 90 kilos October 24: 30 kilos October 25: 70 kilos October 26: 120 kilos October 27: 190 kilos October 28: 85 kilos October 29: 135 kilos October 30: 0 kilos October 31: 165 kilos Notes prepared for Quicken by Ken Boyle Education Consultant Page 5

Task 4: Record the following transactions in Sam s QuickBooks During October, Sam undertook the following transactions: October 1: Purchased frozen Salmon Fish food from Dover Fisheries ch200 $4250 October 1: Sam purchased petrol for the salmon boat ch201 $10000 October 1: Sam purchased petrol for the vehicles ch202 $200 October 1: Purchased salmon pen license ch203 $10000 October 1: Purchased Salmon Boat ($12500) & Outboard Boats Rego & Insurances ($7250) ch204 October 2: Cash Sale of 483 kilograms of Salmon to Huon Fisheries @ $38.00 per kg October 3: Sam purchased petrol for the salmon boat ch205 $10000 October 7: Paid Dover Engineering for salmon pen repairs ch206 $2500 October 8: Cash Sale of 951 kilograms of Salmon to Geveston Enterprises @ $39.00 per kg October 9: Purchased frozen Salmon Fish food from Dover Fisheries ch207 $2800 October 10: Purchased spare light globes (petty cash voucher 25) $3 October 11: Cash Sale of 625 kilograms of Salmon to Huon Fisheries @ $35.00 per kg October 11: Sam purchased petrol for the salmon boat ch208 $10000 October 12: Paid Fishing Association subscriptions ch209 $250 October 13: Purchased frozen Salmon Fish food from Dover Fisheries ch210 $3000 October 14: Cash Sale of 255 kilograms of Salmon to Huon Fisheries @ $38.00 per kg October 14: Purchased tea, sugar & biscuits for morning teas (petty cash voucher 26) $10 October 15: Purchased frozen Salmon Fish food from Dover Fisheries ch211 $2150 October 16: Sam purchased petrol for the vehicles ch212 $250 October 17: Cash Sale of 420 kilograms of Salmon to Huon Fisheries @ $38.00 per kg October 18: Paid Dover Engineering for salmon pen repairs ch213 $500 October 19: Sam purchased petrol for the salmon boat ch214 $10000 October 20: Cash Sale of 75 kilograms of Salmon to Geveston Enterprises @ $42.00 per kg October 20: Paid for petrol for the delivery van ch215 $60 October 20: Purchased frozen Salmon Fish food from Dover Fisheries ch216 $1500 October 21: Cash Sale of 150 kilograms of Salmon to Huon Fisheries @ $38.00 per kg October 22: Paid Dover Printing for new office stationary ch217 $100 October 23: Paid Dover Insurance Co for Sickness & Accident Insurance ch 218 $2500 October 24: Paid Eastern Energy for lighting ch219 $55 October 24: Sam purchased petrol for the salmon boat ch220 $10000 October 25: Cash Sale of 275 kilograms of Salmon to Geveston Enterprises @ $37.00 per kg October 26: Purchased frozen Salmon Fish food from Dover Fisheries ch221 $2650 October 27: Cash drawings ch222 $300 October 28: Purchased milk for morning teas petty cash voucher 27) $2 October 29: Paid phone account ch223 $1150 October 30: Paid Assistants wages 30000; superannuation 2400; tax 600; Work cover 2000 ch224 October 31: Cash Sale of 695 kilograms of Salmon to Huon Fisheries @ $30.00 per kg Notes prepared for Quicken by Ken Boyle Education Consultant Page 6

Task 5: Reconcile Sam s bank account. Bank Statement for October: SAM S SALMON Dover Community Bank BANK STATEMENT Branch Account Number Number 6666 1000-0000 DATE TRANSACTION DETAIL DEBIT CREDIT BALANCE 1 OCT BALANCE FORWARD 1200.00 CR 6 OCT 200 4250.00 3050.00 DR 6 OCT DEPOSIT 18354.00 15304.00 CR 8 OCT 202 200.00 15104.00 CR 8 OCT DEPOSIT 37089.00 52193.00 CR 9 OCT 201 10000.00 42193.00 CR 11 OCT DEPOSIT 21875.00 64068.00 CR 13 OCT 203 10000.00 54068.00 CR 13 OCT 204 19750.00 34318.00 CR 14 OCT INTEREST EXPENSE 3200.00 31118.00 CR 15 OCT 205 10000.00 21118.00 CR 16 OCT 210 3000.00 18118.00 CR 16 OCT DEPOSIT 9690.00 27808.00 CR 17 OCT 211 2150.00 25658.00 CR 18 OCT 212 250.00 25408.00 CR 18 OCT DEPOSIT 15960.00 41368.00 CR 20 OCT 216 1500.00 39868.00 CR 23 OCT 217 100.00 39768.00 CR 23 OCT 206 2500.00 37268.00 CR 23 OCT DEPOSIT 3150.00 40418.00 CR 25 OCT BANK FEES 112.50 40305.50 CR 25 OCT 213 500.00 39805.50 CR 25 OCT DEPOSIT 5700.00 45505.50 CR 26 OCT 207 2800.00 42705.50 CR 26 OCT 215 60.00 42645.50 CR 26 OCT DEPOSIT 10175.00 52820.50 CR 27 OCT 208 10000.00 42820.50 CR 27 OCT 209 250.00 42570.50 CR 28 OCT 214 10000.00 32570.50 CR 29 OCT BANK FEES 125.25 32445.25 CR 29 OCT 218 2500.00 29945.25 CR 30 OCT 220 10000.00 19945.25 CR 30 OCT 222 300.00 19645.25 CR 30 OCT 219 55.00 19590.25 CR 31 OCT DEPOSIT 20850.00 40440.25 CR 31 OCT BALANCE 40440.25 CR Notes prepared for Quicken by Ken Boyle Education Consultant Page 7

Task 6: complete the balance day adjustments for depreciation Print the following reports for the month of October From the Report Centre: Select a type of report: Select a Report Company & Financial Profit & Loss October Budgets & Forecasts Budget v/s Actual Graph Notes prepared for Quicken by Ken Boyle Education Consultant Page 8

Task 7: From the Report Centre, select Company & Financial, Balance Sheet. Change the date to October 31, 2010. Click on Refresh. Click on the Export button. Send the report to a new Excel workbook. Click on Export. 1: Calculate the Working Capital ratio. 2: Graph the Working Capital 3: Calculate the Quick Asset ratio 4: Calculate the Equity ratio 5: Copy, into Excel, the Profit & Loss Standard for October and calculate the gross profit ratio & the net profit ratio. Notes prepared for Quicken by Ken Boyle Education Consultant Page 9

Task 8: Key in the budget figures The budgeted amounts for November include: Sales (30 days x 150 kilograms x $35.00 per kg) $157,500.00 Boat Expenses (tax codes NCF for each) Petrol & Oil 48000.00 Depreciation of Salmon Boat 5000.00 Salmon Boat Registration & Insurance 2500.00 Depreciation of Outboard Boats 1250.00 Outboard Boats Registration & Insurance 1450.00 Repairs to Salmon Boat Equipment 6500.00 Mobile Phone Expenses 1200.00 Two Assistant s Wages, Superannuation, Sick Leave etc 36000.00 Salmon Pens Expenses (tax codes NCF for each) Repairs to Salmon Pens 7500.00 Fish food Expenses 18000.00 License Fee 2000.00 Vehicle Expenses (tax codes NCF for each) Petrol, Oil & Tyres 730.00 Depreciation of Vehicles 1700.00 Vehicles Registration & Insurance 400.00 Administration Expenses (tax codes NCF for each) Post Box Hire 10.00 Depreciation of Office Equipment 250.00 Stationery 25.00 Home Office Electricity 70.00 Fishing Association Subscription 250.00 Sickness & Accident Insurance 2500.00 Finance Expenses (tax codes NCF for each) Interest Expense 3200.00 State Payroll Tax 100.00 Bank Charges 150.00 Total Budgeted Monthly Expenses 138785.00 Budgeted Net Profit for November 18715.00 Notes prepared for Quicken by Ken Boyle Education Consultant Page 10

Task 9: The actual salmon catches for November were: November 1: 165 kilos November 2: 175 kilos November 3: 100 kilos November 4: 250 kilos November 5: 180 kilos November 6: 135 kilos November 7: 206 kilos November 8: 55 kilos November 9: 170 kilos November 10: 190 kilos November 11: 180 kilos November 12: 130 kilos November 13: 175 kilos November 14: 180 kilos November 15: 70 kilos November 16: 20 kilos November 17: 30 kilos November 18: 0 kilos November 19: 0 kilos November 20: 35 kilos November 21: 10 kilos November 22: 55 kilos November 23: 50 kilos November 24: 30 kilos November 25: 90 kilos November 26: 120 kilos November 27: 90 kilos November 28: 95 kilos November 29: 15 kilos November 30 60 kilos Notes prepared for Quicken by Ken Boyle Education Consultant Page 11

Task 10: Key in the following transactions: During November, Sam undertook the following transactions: November 1: Purchased frozen Salmon Fish food from Dover Fisheries ch225 $3250 November 2: Sam purchased petrol for the salmon boat ch226 $11000 November 2: Sam purchased petrol for the vehicles ch227 $300 November 4: Paid for Post Box Hire ch228 $50 November 4: Cash Sale of 690 kilograms of Salmon to Huon Fisheries @ $38.00 per kg November 7: Sam purchased petrol for the salmon boat ch229 $8000 November 7: Paid Dover Engineering for salmon pen repairs ch230 $1500 November 8: Cash Sale of 576 kilograms of Salmon to Geveston Enterprises @ $39.00 per kg November 9: Purchased frozen Salmon Fish food from Dover Fisheries ch231 $4800 November 10: Purchased tea, sugar & biscuits for morning teas (petty cash voucher 28) $20 November 11: Cash Sale of 540 kilograms of Salmon to Huon Fisheries @ $35.00 per kg November 11: Sam purchased petrol for the salmon boat ch232 $11000 November 13: Purchased frozen Salmon Fish food from Dover Fisheries ch233 $3500 November 14: Cash Sale of 485 kilograms of Salmon to Huon Fisheries @ $38.00 per kg November 14: Paid Dover Engineering for salmon pen repairs ch234 $1500 November 15: Purchased frozen Salmon Fish food from Dover Fisheries ch235 $2550 November 16: Sam purchased petrol for the vehicles ch236 $150 November 17: Cash Sale of 120 kilograms of Salmon to Huon Fisheries @ $38.00 per kg November 19: Sam purchased petrol for the salmon boat ch237 $7000 November 20: Cash Sale of 35 kilograms of Salmon to Geveston Enterprises @ $42.00 per kg November 20: Paid for petrol for the delivery van ch238 $160 November 20: Purchased frozen Salmon Fish food from Dover Fisheries ch239 $1500 November 21: Cash Sale of 10 kilograms of Salmon to Huon Fisheries @ $38.00 per kg November 22: Sam purchased petrol for the salmon boat ch240 $10000 November 23: Purchased milk for morning teas petty cash voucher 29) $22 November 24: Paid Eastern Energy for lighting ch241 $45 November 24: Paid phone account ch242 1150 November 25: Cash Sale of 225 kilograms of Salmon to Geveston Enterprises @ $37.00 per kg November 26: Purchased frozen Salmon Fish food from Dover Fisheries ch243 $1450 November 27: Cash drawings ch244 $700 November 30: Cash Sale of 380 kilograms of Salmon to Huon Fisheries @ $30.00 per kg November 30: Paid Assistants wages $30000; superannuation $2400; tax $600; work cover $2000 ch245 Notes prepared for Quicken by Ken Boyle Education Consultant Page 12

Task 11: Reconcile Sam s bank account for November. Bank Statement for November: SAM S SALMON Dover Community Bank BANK STATEMENT Branch Account Number Number 6666 1000-0000 DATE TRANSACTION DETAIL DEBIT CREDIT BALANCE 1 NOV BALANCE FORWARD 40440.25 CR 3 NOV 225 3250.00 37190.25 CR 4 NOV 227 300.00 36890.25 CR 5 NOV DEPOSIT 26220.00 63110.25 CR 6 NOV 221 2650.00 60460.25 CR 8 NOV 226 11000.00 49460.25 CR 9 NOV 228 50.00 49410.25 CR 10 NOV 229 8000.00 41410.25 CR 10 NOV DEPOSIT 22464.00 63874.25 CR 11 NOV 230 1500.00 62374.25 CR 13 NOV 223 1150.00 61224.25 CR 15 NOV 224 35000.00 26224.25 CR 17 NOV INTEREST EXPENSE 3200.00 23024.25 CR 17 NOV 231 4800.00 18224.25 CR 18 NOV 234 1500.00 16724.25 CR 20 NOV 232 11000.00 5724.25 CR 20 NOV DEPOSIT 18430.00 24154.25 CR 22 NOV DEPOSIT 4560.00 28714.25 CR 23 NOV DEPOSIT 1470.00 30184.25 CR 23 NOV 233 3500.00 26684.25 CR 25 NOV DEPOSIT 380.00 27064.25 CR 25 NOV BANK FEES 112.50 26951.75 CR 26 NOV DEPOSIT 8325.00 35276.75 CR 26 NOV 237 7000.00 28276.75 CR 27 NOV 238 160.00 28116.75 CR 27 NOV 239 1500.00 26616.75 CR 27 NOV 244 700.00 25916.75 CR 29 NOV BANK FEES 125.25 25791.50 CR 30 NOV 240 10000.00 15791.50 CR 30 NOV 241 45.00 15746.50 CR 30 NOV 242 1150.00 14596.50 CR 30 NOV 243 1150.00 13446.50 CR 30 NOV DEPOSIT 11400.00 24846.50 CR 30 NOV 245 35000.00 10153.50 DR 31 NOV BALANCE 10153.50 DR Notes prepared for Quicken by Ken Boyle Education Consultant Page 13

Task 13: Complete the balance day adjustments for depreciation Print the following reports for the month of November From the Report Centre: Select a type of report: Select a Report Company & Financial Profit & Loss November Profit & Loss October & November Budgets & Forecasts Budget v/s Actual Graph Notes prepared for Quicken by Ken Boyle Education Consultant Page 14

Task 13: From the Report Centre, select Company & Financial, Balance Sheet & Net Worth, Standard. Change the date to November 30, 2010. Click on Refresh. Send the report to a new Excel workbook. Click on OK. 1: Calculate the Working Capital ratio. 2: Graph the Working Capital 3: Calculate the Quick Asset ratio 4: Calculate the Equity ratio 5: Copy, into Excel, the Profit & Loss Statement for October and November and calculate the gross profit ratio & the net profit ratio. Notes prepared for Quicken by Ken Boyle Education Consultant Page 15

Part C: Observation Checklist Element Process financial forms and applications Performance Criteria Information from documents is identified, checked and recorded Documents are processed and recorded or transmitted to appropriate personnel All work undertaken is in accordance with organisational procedures,legislation and regulations C or NYC Prepare and process banking documents and petty cash documents Process petty cash transactions Prepare and process invoices for payment to creditors and for debtors Deposits and withdrawals are accurately entered and balanced according to organisational procedures, where applicable Cheques and card vouchers are checked for validity before processing, where applicable Banking documentation is reconciled with organisation's financial records, where applicable Documentation is completed in accordance with banking guidelines Petty cash claims and vouchers are checked, processed and recorded and petty cash book is balanced according to organisation's procedures Any irregularities are referred to nominated person Invoices are prepared in accordance with organisational procedures Invoices are checked against source documents for accuracy Any errors or inaccuracies are corrected Invoices and related documents are filed for auditing purposes Part D: 3 rd Party Verification Observation / Reference Element Performance Criteria This is to certify that has provided my company with: Process financial forms and applications Prepare and process banking documents and petty cash documents Process petty cash transactions Prepare and process invoices for payment to creditors and for debtors Signed: Name: 1 2 3 4 ALL ALL ALL ALL Notes prepared for Quicken by Ken Boyle Education Consultant Page 16

Dated: Part E: Outcome: Assessment Matrix Element of Competency C/NYC Detail if NYC 1. Process financial forms and applications 2. Prepare and process banking documents and petty cash documents 3. Process petty cash transactions 4. Prepare and process invoices for payment to creditors and for debtors Learner is Competent Not Yet Competent Trainer Details Name: Signature: Date: Assessor Details Name: Signature: Date: Further action / strategies if learner is Not Yet Competent Notes prepared for Quicken by Ken Boyle Education Consultant Page 17