Students studying finance and accounting courses in Australia are required to write several assignments under the unit FNSACC311. These tasks require students to use methods for preparing financial documents, ledger accounts, journal entries, bank reconciliation financial statements, and interim reports. Dealing with such financial transactions and reports cannot be easy because it needs a specialised set of skills and complete accounting and financial knowledge. If you are the one that needs help in this assignment, then do hire our experts to get FNSACC311 process financial transactions and extract interim reports answers.
Background to the FNSACC311 Financial Transaction Process Assessment
The FNSACC311 assessment comprises three different tasks, i.e., theoretical tasks, practical exercises, and oral communication. Under these tasks, being a student, you are required to prepare several reports and documents, answering questions, etc. Each task should be answered accurately as per the instructions and guidelines. Our experts providing FNSACC311 assessment answers have explained the tasks under.
Task 1: Practical Exercise
In this task, you are required to complete the following activities:
- Process Transactions
- Prepare journals such as SJ, PJ, CPJ, CRJ, GJ, and Petty Cash Book against the transactions given. Process these transactions by including putting transactions in Accounts Payable, Accounts Receivable, and ledger accounts.
- Prepare a Petty Cash Book for appropriate transactions.
- Prepare adjustment notes, statements, cheques, receipts, invoices, and remittance advice as required.
- Prepare the banking summary for the given months.
- Make sure that entire journal entries are made in the books of Accounts Payable and Accounts Receivable Subsidiary ledgers. All the tasks should be completed within the scheduled time.
- You must include a detailed action for the O/s creditors and debtors according to GC Policies & Procedures Manual.
Task 2: Theory
In this section, you are needed to answer a set of 17 questions. Few are given below.
In addition to these, a few more questions are required to be answered that need a strong fundamental knowledge of the Accounting System used by Gold Catering, features of the accounting system, a professional email requesting payment, etc. You will be given a company’s bank statement and asked to prepare a bank reconciliation statement based on that statement. If any type of issue is faced while writing the process of financial transactions and extract interim reports, feel free to take help from our assignment writing experts.
Task 3: Oral Communication
The last task covered under FNSACC311 assessment is oral communication where you are asked to play the role of Bookkeeper. During the role-play, you must showcase the oral communication skills so that you can communicate professionally. Activities to be performed under this task are mentioned below:
- Being a bookkeeper, you should interact with the accountant and manager of First Class Functions and discuss the negotiation of payment and debts.
- Based on the information in assessment task 1, you must talk over the following:
- Determine persons roles and responsibility to whom you are interacting
- Find the invoice date and outstanding amount
- Determine the total debt of Gold Catering
- Participate in negotiating payment method with the accountant
- Ensure that the accountant and/or manager and yourself are agreed over the payment decisions made
- Thank the accountant to discuss the problem
An Effective Approach to Writing the FNSACC311 Process Financial Transactions and Extract Interim Reports Answers
There could be many students facing issues in writing FNSACC311 process financial transactions and extract interim reports. Such students can follow the methods explained below.
Find and confirm supporting documents
- Find, review, and confirm the financial information
- Determine the supporting documents to develop completeness, accuracy, and authorisation
Develop petty cash and banking documents
- Include all the deposits and withdrawals as per the organisational procedures
- Validate the e-payments and cheques before processing
- Reconcile all the banking documentation accurately
- Identify and note down the petty cash vouchers
Prepare received and paid invoices
- Here, you are required to track and manage all the invoices for the payment received and paid by the organisation for auditing purposes. You may follow the organisational procedures and policies.
Prepare journal entries
- You may prepare journal entries for each transaction held in the organisation. You may include an accurate date, amount, transaction description, and reference number. Request for an FNSACC311 process of financial transactions and extract interim reports sample for your reference.
Prepare lodge flows and the deposit facility
- You must present your understanding and knowledge of lodge flows and deposit facility by choosing appropriate deposit facility for banking methods that can be used and applying safety and security measures as per the organisational rules and legislative requirements.
Extract interim reports and trial balance
- Conclude the scope of further transactions and processing the transactions
- Include all the credit and cash transaction and then post them to the general ledger
- Finalise the trial balance and make the interim reports
- Review trial balance to ensure completeness with 100% accuracy
How to Score Better Grades in the FNSACC311 Assessments?
In addition to the above-given steps, students must have few fundamental skills such as reading, writing, oral communication, communicating with others, etc., to complete the process of financial transactions and extract interim reports effectively. Let’s read them in-detail.
Reading: It helps in analysing, matching, and interpreting data and information, and taking extra care to identify errors.
Writing: You must be proficient in recording information that is free from grammar, spelling, and terminology errors.
Oral communication: Here, you are required to show your active listening and questioning skills to convey your recommendation.
Numeracy: Accounting and finance is a subject that includes knowledge of economics, management and asks you to do mathematical calculations. Therefore, our financial accounting assignment experts suggest you to be proficient in performing the calculation, presenting financial data and reconciling numerical data.
Navigation: Here, navigation is referred to as adhering legislative and industry requirements, organisational policies, protocols, and procedures.
If you need the help of our experts in writing the FNSACC311 assessment answers, then do contact us by submitting your query by filling in the form available on our website.
What Makes Online Assignment Expert the Best Assignment Help Provider for Accounting and Finance Subjects?
Online Assignment Expert is an assignment help service provider assisting students in writing FNSACC311 process financial transactions and extract interim reports. Our experts take extra care and attention while writing your assessment and include all the essential information as per the university guidelines. They have helped students studying in Deakin, Monash, The University of Sydney, The University of Melbourne, and others and have adequate knowledge of the following:
- Contra accounting, key principles, and accrual accounting
- Banking guidelines and procedures followed in Australia
- Adequate knowledge of regulatory and legislative requirements
- Characteristics of organisational procedures and policies for preparing, processing, and authorisation procedures
- Well-versed with preparation of trial balance, bank account reconciliation statement, and interim reports
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