A20814: Identify transactions required to be included in the journal entries and Identify general ledger accounts: Finance in Business Assignment, APC, Australia

University Australian Pacific College (APC)
Subject A20814 Finance in Business


1. Prepare journals required for posting to the general ledger

  • Identify transactions required to be included in the journal
  •  Identify general ledger accounts affected according to organizational policies, procedures, and accounting standards.
  • Prepare and document the journal entries according to organizational policies, procedures, and accounting standards.

2. Post journal entries and reconcile discrepancies

  • Post journal entries into the general ledger system according to organizational policies, procedures, and accounting standards
  • Reconcile accounts payable and accounts receivable subsidiary ledger systems with general ledger
  • Rectify any discrepancies and escalate, where required if outside the scope of individual authority Prepare to adjust journal entries and closing entries for the general ledger.

3. Maintain general ledger

  • Prepare closing and post-closing trial balance from the general ledger system of the organization
  • Prepare a trial balance
  • Check general ledger for accuracy of information and despatch to relevant stakeholders, where required
  • Check trial balance meets the accounting equation requirements

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