accounting department processes
The different processes, duties, jargon, role in an organisation, and other specificities of the accounting department within an organisation such as bookkeeping, invoices, recording, and taxing.
Bookkeepers record and assemble the day-to-day financial transactions of an organisation or company, consisting usually of sales, purchases, payments and receipts. They ensure all financial transactions are documented in the appropriate (day) book and general ledger, and that they are balanced out. Bookkeepers prepare the recorded books and ledgers with financial transactions for an accountant to then analyse balance sheets and income statements.
Competences and skills
36 ESCO relationsEssential knowledge 9 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
4 competencescommercial law
The legal regulations that govern a specific commercial activity.
company policies
The set of rules that govern the activity of a company.
depreciation
The accounting method of dividing the value of an asset over its useful life for the allocation of cost per fiscal year and in parallel to decrease the value of the asset from the accounts of the company.
Cross-sector
5 competencesaccounting entries
The financial transactions recorded in accounting systems or books of a company together with the metadata linked to the entry such as the date, the amount, the accounts affected, and a description of the transaction.
accounting techniques
The techniques of recording and summarising business and financial transactions and analysing, verifying, and reporting the results.
bookkeeping regulations
The methods and regulations involved in the process of accurate bookkeeping.
financial statements
The set of financial records disclosing the financial position of a company at the end of a set period or of the accounting year. The financial statements consisting of five parts which are the statement of financial position, the statement of comprehensive income, the statement of changes in equity (SOCE), the statement of cash flows and notes.
tax legislation
Tax legislation applicable to a specific area of specialisation, such as import tax, government tax, etc.
Essential skills and competences 9 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
0 competencesNo competences in this bucket.
Cross-sector
9 competencesattach accounting certificates to accounting transactions
Collate and link documents such as invoices, contracts, and payment certificates in order to back up the transactions made in the accounting of the company.
follow the statutory obligations
Understand, abide by, and apply the statutory obligations of the company in the daily performance of the job.
identify accounting errors
Trace accounts, revise the accuracy of the records, and determine the faults in order to solve them.
maintain financial records
Keep track of and finalise all formal documents representing the financial transactions of a business or project.
manage the general ledger
Enter data and revise the adequate maintenance of general ledgers in order to follow up on the financial transactions of the company, and other non routine transactions such as depreciation.
perform balance sheet operations
Make up a balance sheet displaying an overview of the organisation's current financial situation. Take into account income and expenses; fixed assets such as buildings and land; intangible assets such as trademarks and patents.
prepare financial statements
Collect, entry, and prepare the set of financial records disclosing the financial position of a company at the end of a certain period or accounting year. The financial statements consisting of five parts which are the statement of financial position, the statement of comprehensive income, the statement of changes in equity (SOCE), the statement of cash flows and notes.
prepare trial accounting balances
Ensure that all transactions are recorded in the books of the company and totalise all the debits and the credits of the accounts to find out balance in the accounts.
use accounting systems
Employ accounting systems for recording and managing the accounts, obligations, and rights that the company possesses. Utilise these systems for accounting operations, financial analysis, and preparation of financial statements.
Optional knowledge 3 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
1 competencefinancial department processes
The different processes, duties, jargon, role in an organisation, and other specificities of the financial department within an organisation. Understanding of financial statements, investments, disclosing policies, etc.
Cross-sector
2 competenceslabour legislation
Legislation, on a national or international level, that governs labour conditions in various fields between labour parties such as the government, employees, employers, and trade unions.
statistics
The study of statistical theory, methods and practices such as collection, organisation, analysis, interpretation and presentation of data. It deals with all aspects of data including the planning of data collection in terms of the design of surveys and experiments in order to forecast and plan work-related activities.
Optional skills and competences 15 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
4 competencesarchive documentation related to work
Select relevant documentation related to the ongoing or complete work and take steps to archive it in a way that ensures its future accessibility.
issue sales invoices
Prepare the invoice of goods sold or services provided, containing individual prices, the total charge, and the terms. Complete order processing for orders received via telephone, fax and internet and calculate the customer’s final bill.
manage cash desk
Ensure compliance with company operating procedures and relevant legislation for cash desk activities. Apply the CCF policy and actively control debt management and recovery within agreed parameters.
support development of annual budget
Support the development of the annual budget by producing base data as defined by the operations budget process.
Cross-sector
11 competencesallocate bills
Prepare and issue bills to clients and debtors taken from the accounts receivable of the financial statements. Disclose the amount to pay, the due date, taxing information, and additional details as necessary.
calculate tax
Calculate the taxes which have to be paid by an individual or organisation, or paid back by a governmental institution, compliant with specific legislation.
ensure compliance with accounting conventions
Exercise accounting management and abidance by generally accepted accounting conventions such as recording transactions at the current price, quantifying goods, separating personal accounts of managers from those of the company, making effective the transfer of legal ownership of assets in its realisation time, and ensuring the principle of materiality.
follow up accounts receivables
Revise the accounts receivables section in the financial statements in order to breakdown the financial rights that the company has over other entities. Take actions in order to close the accounts and collect the money.
handle financial transactions
Administer currencies, financial exchange activities, deposits as well as company and voucher payments. Prepare and manage guest accounts and take payments by cash, credit card and debit card.
handle petty cash
Handle petty cash for minor expenses and transactions required for the daily running of a business.
interpret financial statements
Read, understand, and interpret the key lines and indicators in financial statements. Extract the most important information from financial statements depending on the needs and integrate this information in the development of the department's plans.
manage accounts
Manage the accounts and financial activities of an organisation, supervising that all the documents are correctly maintained, that all the information and calculations are correct, and that proper decisions are being made.
manage payroll reports
Maintain personnel records as well as payroll reports. Record evaluations, promotions or disciplinary actions.
organise business documents
Put together documents coming from the photocopier, the mail, or the daily operations of businesses.
prepare tax returns forms
Totalise all the deductible tax collected during the quarter or fiscal year in order to fill tax return forms and claim it back to the governmental authorities for declaring taxation liability. Keep the documents and records supporting the transaction.