FNSACM312 — Reconcile financial transactions
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What an assessment for FNSACM312 must cover
27 assessable components: 3 elements (13 performance criteria), 2 performance evidence and 6 knowledge evidence requirements, plus 6 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 Reconcile financial transactions to accounting system records and invoices
- 1.1Obtain receipts data for required period
- 1.2Match financial transactions where data shows match
- 1.3Update accounting records for financial transactions not in the accounting system
- 1.4Process over and underpayments received according to organisational policies and procedures
2 Action unmatched transactions
- 2.1Identify unmatched receipts and payments and investigate according to organisational policies and procedures
- 2.2Check possible receipt matches and confirm correct allocation
- 2.3Record and allocate payments made to suppliers to correct expense account according to organisational policies and procedures
- 2.4Follow up payments made to suppliers but not yet showing on banking data according to organisational policies and procedures
- 2.5Identify irreconcilable financial transitions and action according to organisational policies and procedures
- 2.6Identify data and allocation discrepancies and follow up with customers, suppliers, the bank and internal staff as required according to organisational policies and procedures
3 Complete reconciliation process
- 3.1Finalise reconciliation within required timeframes and according to organisational policies and procedures
- 3.2Report unresolved reconciliation issues according to organisational policies and procedures
- 3.3Prepare, update and file documentation according to organisational policies and procedures
Performance evidence
- perform bank reconciliations on at least three different occasions with each occasion involving at least 10 financial transactions and at least four transaction types.
- In the course of the above, the candidate must: • identify at least two discrepancies and liaise with required personnel to resolve outstanding issues.
Knowledge evidence
- organisational policies and procedures for bank reconciliation and accounts
- accounts system procedures and operational steps for reconciliation using computerised systems
- accounting information, including: • GST calculation and application • invoices and tax invoices • source records maintenance requirements
- procedures for resolving common discrepancies between bank financial transactions and accounting system records, including: • overpayments • underpayments • missing invoice or purchase order details • bank data or import issues • incorrectly allocated payments
- investigative approaches used to identify and action unreconciled items
- types of financial transactions.
Foundation skills
- Numeracy: • Uses a calculator or other systems to perform mathematical calculations and reconcile numerical and financial data • Inputs accurate numerical data
- Oral communication: • Uses clear, specific and culturally sensitive language to convey information • Uses listening and questioning techniques to confirm understanding of requirements • Follows accepted organisational practices and protocols for communicating information or seeking advice
- Reading: • Identifies discrepancies in financial information
- Planning and organising: • Plans, organises and implements tasks according to organisational requirements
- Problem solving: • Follows structured processes to make routine decisions relevant to own role
- Technology: • Uses the main features and functions of digital tools to complete work tasks
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 FNSACM312
What does an assessment tool for FNSACM312 need to cover?
To satisfy the Principles of Assessment and Rules of Evidence, an assessment for FNSACM312 needs to address all 27 unit components: 3 elements with 13 performance criteria, 2 performance evidence requirements, 6 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 FNSACM312?
Auditori pulls the current release of FNSACM312 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 FNSACM312 — with no card and no subscription required. After that it's pay-as-you-go per unit.
Can I check my existing FNSACM312 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 FNSACM312, showing exactly what's covered and what's missing. Mapping costs a quarter of a credit.
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