FNSACC322_AE_Sk3of3 Role play

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School

TAFE NSW - Sydney Institute *

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Course

FNSACC322

Subject

Accounting

Date

Feb 20, 2024

Type

docx

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Uploaded by ElderMoon11633

/Assessment event 3 of 3: Skills Unit code and name FNSACC322 – Administer subsidiary accounts and ledgers Course code and name Select your Qualification/Course code and name from the dropdown . Student name Student number Document title: FNSACC322_AE_Sk3of3 Page 1 of 17 Resource ID: POP_SAI_23_001_FNSACC322_AE_Sk3of3

Version: 202308011 Date created: 20 February 2023 © 2022 TAFE NSW RTO Provider Number 90003 | CRICOS Provider Code: 00591E This assessment can be found in the: Learning Bank The content in this document is copyright © TAFE NSW 2022 and should not be reproduced without the permission of TAFE NSW. Information contained in this document is correct at the time of printing: 16 February 2024. For current information please refer to our website or your Teacher/Assessor as appropriate. TAFE NSW has reproduced and contextualised parts of this work, as per the terms and conditions of a license agreement held by TAFE NSW with Deloitte. The contents of this document are copyright ©TAFE NSW 2022 and Deloitte and should not be reproduced without the permission of TAFE NSW. Document title: FNSACC322_AE_Sk3of3 Page 2 of 17 Resource ID: POP_SAI_23_001_FNSACC322_AE_Sk3of3

Assessment information Table 1 Assessment information Information Details Assessment event overview The aim of this assessment event is to assess your performance in reconciling and monitoring subsidiary accounts and ledgers in financial accounts receivable and accounts payable systems. This includes identifying bad and doubtful debts, communicating with identified clients, and planning a recovery action, recording creditor invoices, and remitting payments to sundry creditors. This assessment is in 1 part:  Role play (Accounts and ledgers – debtor management)  Role play (Obtain approval from supervisor on developed Debt Repayment Plan) And is supported by:  Observation checklist  Assessor checklist  Assessment feedback (not provided here)  ABAFS Customer Debt Collection Policy Note : This assessment may contain links to external resources. Access to the long URL is provided via the External resources – Links and URLs section located at the end of this document. Unit assessment. guide (UAG) Refer to the Unit assessment guide (UAG) before attempting this assessment event. The UAG contains information including assessment requirements and how to achieve a satisfactory result. Submission instructions When you complete this assessment, submit it for marking as directed by the assessor. Refer to the Submission Checklist at the end of the assessment to ensure you have submitted all requirements. It’s important to keep a copy of all the electronic and hardcopy assessments you submit to TAFE NSW and complete the assessment declaration when submitting the Document title: FNSACC322_AE_Sk3of3 Page 3 of 17 Resource ID: POP_SAI_23_001_FNSACC322_AE_Sk3of3

Information Details assessment. Task instructions The assessor will use the criteria outlined in the following tasks to determine if you have satisfactorily completed this assessment event. Follow these instructions to ensure you demonstrate the required knowledge and skills. Save your MS Word file in the following format: FNSACC322_Sk3of3_Name. For example, FNSACC322_Sk3of3_JaneSmith. When you have completed the assessment, submit your files to your assessor by uploading them onto the online learning platform. Document title: FNSACC322_AE_Sk3of3 Page 4 of 17 Resource ID: POP_SAI_23_001_FNSACC322_AE_Sk3of3

Part 1: Role play (Accounts and ledgers – debtor management) This part of the Skill Assessment requires the student to participate and facilitate a role play meeting with Peter Crowe, a client from Hurst & Smith Plumbing Pty Ltd, who owes Azure Beach Accountants and Financial Services (ABAFS) $2,985.00. Part of the debt has been outstanding for 90 days. To complete this part of the assessment, you will participate in 2 role plays with the help of a colleague or peer to demonstrate your ability to complete skills-based tasks to industry standards. If you are completing your course online, you will need to digitally record and submit the role play as video evidence. Follow the Video recording instruction (pdf) . These instructions include useful tips, links to resources, and a demonstration video. Read all instructions carefully and complete all the assessment requirements. In addition, refer to the Observation checklist and Assessor checklist , which your assessor will use to assess your performance and record your results. Role play 1: Meet with the client to negotiate payment of debt The scenario You are the Accounts Receivable Clerk at Azure Beach Accountants and Financial Services (ABAFS). Your client, Peter Crowe, a director from Hurst & Smith Plumbing Pty Ltd, has 3 outstanding invoices for BAS and IAS services that ABAFS has provided over the last 90 days. The total debt is currently $2,985.00, which is now above the agreed credit limit of $2000. You must meet with your client to discuss their arrears and negotiate for them to repay their debt in full or develop a repayment plan in accordance with ABAFS organisational policies and procedures. Refer to the ABAFS Customer Debt Collection Policy to understand the procedures you must follow. You have followed organisational procedures while communicating with your client and they have agreed to meet with you to discuss the repayment of the debt. Refer to the Customer Collection Notes below, which details your communication attempts to date. Document title: FNSACC322_AE_Sk3of3 Page 5 of 17 Resource ID: POP_SAI_23_001_FNSACC322_AE_Sk3of3

Table 2– Customer Collection Notes Date Item Notes Outcome 28 Jan 2022 First Contact call with Hurst & Smith Left message for Peter Crowe to contact me No response from Peter Crowe 15 Feb 2022 Sent First Overdue Reminder Notice Sent by email to Peter Crowe No response from Peter Crowe 2 Mar 2022 Sent Second Overdue Reminder Notice Sent by post to Peter Crowe No response from Peter Crowe 28 Mar 2022 Sent Final Notice to Peter Crowe Sent by email and post Peter Crowe called 31 March 31 Mar 2022 Peter Crowe called office and agreed to meet to discuss repayment of debt Meeting arranged for 2 April 2022 Your task 1. You must complete the Debt Repayment Plan in readiness for your meeting with Peter Crowe using the template in Table 3 below. 2. Now that you have a debt repayment plan ready, organise and facilitate a meeting with Peter Crowe to discuss how he can pay back his debt. Suggested meeting agenda  Introductions  Meeting purpose  Problem with the debt owed to ABAFS  Verify details of debt status, consequences of non-payment and repayment capacity  Possible solutions to the problem and debt repayment in accordance with organisational policies and procedures.  Confirm an agreement on the repayment schedule using the Debt Repayment Plan template.  Agree on follow-up actions  Close the meeting Document title: FNSACC322_AE_Sk3of3 Page 6 of 17 Resource ID: POP_SAI_23_001_FNSACC322_AE_Sk3of3

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