BSBFIN302 — Maintain financial records
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What an assessment for BSBFIN302 must cover
31 assessable components: 3 elements (12 performance criteria), 2 performance evidence and 10 knowledge evidence requirements, plus 7 foundation skills. An audit-defensible tool maps every question and task back to these — that mapping is the coverage matrix Auditori generates alongside the assessment.
Elements & performance criteria
1 Prepare journals required for posting to general ledger
- 1.1Identify transactions required to be included in journal entries
- 1.2Identify general ledger accounts affected according to organisational policies, procedures and accounting standards
- 1.3Prepare and document the journal entries according to organisational policies, procedures and accounting standards
- 1.4Assess follow-up steps for journal entries
2 Post journal entries and reconcile discrepancies
- 2.1Post journal entries into general ledger system according to organisational policies, procedures and accounting standards
- 2.2Reconcile accounts payable and accounts receivable subsidiary ledger systems with general ledger
- 2.3Rectify any discrepancies and escalate, where required if outside scope of individual authority
- 2.4Prepare adjusted journal entries and closing entries for general ledger
3 Maintain general ledger
- 3.1Prepare closing and post-closing trial balance from general ledger system of the organisation
- 3.2Prepare trial balance
- 3.3Check general ledger for accuracy of information and despatch to relevant stakeholders, where required
- 3.4Check trial balance meets accounting equation requirements
Performance evidence
- record and process daily transactions for five different days, and identify and respond to discrepancies and errors, according to accounting principles.
- enter, transfer and record financial data.
Knowledge evidence
- key provisions of relevant legislation, codes of practice and national standards that may affect both: financial record keeping, aspects of financial operations
- key components of organisational accounting systems and procedures
- procedures for checking for errors or discrepancies
- organisational policies and procedures relating to maintaining financial records
- types of financial entries including credits and debits
- tax records required to be kept by businesses
- principles of double entry bookkeeping and accrual accounting
- methods of presenting financial data
- processes for rectifying or referring discrepancies or errors in documentation or transactions to designated persons according to organisational and legislative requirements
- accounting software used in the maintenance of financial records.
Foundation skills
- Numeracy: Uses a limited range of mathematical calculations to reconcile amounts using whole numbers and decimals Integrates data from different sources and records numerical information in a format appropriate to context and purpose of material Arranges and compares numerical information
- Reading: Recognises and interprets numerical and textual information to determine job requirements and complete required activities
- Writing: Uses factual and suitable financial language to refer issues and inconsistencies in data
- Teamwork: Recognises strengths and expertise of others and seeks their assistance as required
- Planning and organising: Identifies and monitors adherence to applicable industry standards, legislative and organisational requirements in undertaking own work
- Self-management: Selects appropriate practices and protocols when handling confidential information Recognises and addresses problems in the context of own work and seeks advice from others, as necessary
- Technology: Uses digital technologies to access, record, store, organise and compile data as required
Unit content sourced from training.gov.au — © Commonwealth of Australia, licensed under CC BY 4.0. Auditori is not affiliated with the Department of Employment and Workplace Relations.
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Questions about assessing BSBFIN302
What does an assessment tool for BSBFIN302 need to cover?
To satisfy the Principles of Assessment and Rules of Evidence, an assessment for BSBFIN302 needs to address all 31 unit components: 3 elements with 12 performance criteria, 2 performance evidence requirements, 10 knowledge evidence requirements, and the foundation skills. A coverage matrix mapping each question and task to these components is what an auditor looks for.
How does Auditori generate an assessment tool for BSBFIN302?
Auditori pulls the current release of BSBFIN302 from training.gov.au and generates a complete package: candidate assessment, assessor guide with model answers and observation criteria, and a coverage matrix mapping every component. A suitably qualified person then reviews and approves the draft in a built-in workflow — consistent with ASQA's guidance on AI use in VET — before export as branded PDF and editable Word.
Is the first assessment tool really free?
Yes. Every new account includes one free credit — enough to generate the complete assessment tool for BSBFIN302 — with no card and no subscription required. After that it's pay-as-you-go per unit.
Can I check my existing BSBFIN302 assessment instead of generating a new one?
Yes — upload your existing assessment or learner guide and Auditori maps it against every element, performance criterion, PE and KE of BSBFIN302, showing exactly what's covered and what's missing. Mapping costs a quarter of a credit.
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