THIS IS DAMAT HOTEL & BUSINESS

COLLEGE
ONLINE VEDIO
TRAINING
PRESENTATION

COMPILED BY MERKEB.T

10/23/2021 Compiled by Merkeb.T 1

 Occupational Standard:
Accounts and Budget Support Level III

Unit Title Administer Financial Accounts

Unit Code BUF ACB3 05 0812

Unit This unit describes the
Descriptor performance outcomes, skills and
knowledge required to correctly
allocate payments, reconcile
accounts and maintains customer
details.

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 Accounting is a technical business function responsible
for recording, reporting and analyzing financial
information.
Transaction process control standards
The goal of a well-managed financial transaction process
is to ensure that each completed transaction complies
with all of the following seven transaction control
standards applicable to the process:
 Appropriate
 Valid
 Reasonable
 Accurately recorded
 Timely recorded:

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 Reconcile accounts
Reconciliation is the process of
comparing transactions and activity to
supporting documentation.

Proving or documenting that an

account balance is correct.

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 Reconciliation is the process of comparing
information that exists in two systems or
locations, analyzing differences and making
corrections so that the information is accurate,
complete and consistent in both locations.

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 Preparing Required Documentation Prepare a
separate work paper for each balance sheet account to
document the reconciliation. The work paper must
contain the following information:

a. The balance sheet account number and account

name.
b. A statement of purpose for the account.
c. A brief description of the debit/credit activity that
normally processes through the account.
d. The accounting period for which the analysis is being
completed.

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 Completing the Analysis
Perform the following activities after each month end
close:
a. Confirm the opening balance with previous work
papers, or that balance was zero if this is a new
account.
b. Review the activity posted to the account to ensure
that detail items are:
1. Properly classified to the account
2. Authorized in accordance with University policies, State and
Federal laws and regulations, and specific sponsor or donor
requirements or restrictions.
3. Within the guidelines of the stated purpose of the account.

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 c. Ensure that all expected charges, receipts or
other activity appears in the account.
d. Take appropriate actions to record necessary
adjustments.
e. Take immediate action to resolve errors

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 Reviewing the Analysis Submit the account analysis at
the end of each quarter for review to the Office of the
Controller. The reviewer verifies that:
a. Analysis includes all of the funds within this balance
sheet account.
b. Ending balances agrees to the general ledger.
c. Ending balances are substantiated with supporting
documents.

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 Maintaining Customer Accounts
A client's financial situation may change, so it is
important for representatives to verify periodically that
the customer's information is still accurate.
Address Changes
Transferring Accounts
Account Statements
Customer accounts
Managing Customer Accounts
Creating a Customer Account

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 Ways to Maintain Clean and Accurate
Customer Information
 Maintain Complete Data
 Avoid Entry of Duplicate Leads & Contacts
 Existing Duplicate Records? Merge Them
 Maintain a Style Sheet
 Use Roles for Security

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 Give Your Customers Payment Options
It's just good business to offer your customers options for
making payments. These options can include payment plans,
using credit or debit card, online payments, checks, cash,
money orders,
cashier’s checks, automatic withdrawals or western.

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 When setting up your payment agreement:
 Review your customers history before you call
 Have two or more options for payment
 arrangements in mind before the call
 Repeat everything to the customer
 Get it in writing and have your customer sign it 5.
Follow up and follow up

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 THANK
YOU
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