SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Prepare and Maintain Financial Records and Statements 
SAQA US ID UNIT STANDARD TITLE
7878  Prepare and Maintain Financial Records and Statements 
ORIGINATOR
SGB Hospitality,Tourism,Travel, Leisure and Gaming 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 11 - Services Hospitality, Tourism, Travel, Gaming and Leisure 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 5  NQF Level 05  12 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
Each learner must be able to accurately prepare, maintain and interpret financial records and statements to support business activities, thereby exercising fiscal discipline in their area of operation. 

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
`Communicate in a Business Environment`;
`Operate a Computer`;
`Function in a Business Environment`;
`Manage Information Flow`. 

Specific Outcomes and Assessment Criteria: 

SPECIFIC OUTCOME 1 
Explain the importance of keeping financial records and statements updated and secured. 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
The importance of accuracy and confidentiality in financial record keeping is explained. 

ASSESSMENT CRITERION 2 
The importance of ensuring that financial records are updated within set deadlines is explained. 

ASSESSMENT CRITERION 3 
Source documents are filed correctly and they are cross-referenced within agreed deadlines. 

SPECIFIC OUTCOME 2 
Describe the content of financial records and how it should be interpreted. 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
The basic format and content of financial records/statements are described. 

ASSESSMENT CRITERION 2 
The use of Generally Accepted Accounting Practice (GAAP) is explained. 

ASSESSMENT CRITERION 3 
Information is accurately interpreted and distributed to appropriate people within set deadlines and the importance of preparing and interpreting it is explained. 
ASSESSMENT CRITERION RANGE 
The range of information is: positive and negative variances, trends and anomilies.
 

SPECIFIC OUTCOME 3 
Complete month end reports and returns accurately in accordance with ogranisational procedures. 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
The importance of regularly backing up data when using a computerised bookkeeping system is explained. 

ASSESSMENT CRITERION 2 
Supporting month end figures are prepared and completed accurately. 

ASSESSMENT CRITERION 3 
Data is recorded on the nominated bookkeeping system within set deadlines. 
ASSESSMENT CRITERION RANGE 
The range of returns is: VAT and RSC levy.
 

ASSESSMENT CRITERION 4 
Month end reports and returns are generated. 

SPECIFIC OUTCOME 4 
Complete transaction documents in accordance with financial procedures and requirements. 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
The flow of data from source documents and records to statements is explained. 

ASSESSMENT CRITERION 2 
Entries for the transactions are identified, accurately and correctly recorded and deadlines set. 
ASSESSMENT CRITERION RANGE 
The range of entries is: Cash receipts, credit sales, petty cash, purchases, goods received, adjustments/accruals and payroll records.
 

ASSESSMENT CRITERION 3 
Entries are supported with explanations and cross referenced to relevant documentation. 

ASSESSMENT CRITERION 4 
Reconciliations are accurately completed within agreed deadlines. 
ASSESSMENT CRITERION RANGE 
The range of reconciliations is: Petty cash, bank, creditors, stock and debtors.
 

ASSESSMENT CRITERION 5 
Transaction documents and account balances are accurately checked to ensure correctness. 

SPECIFIC OUTCOME 5 
Rectify financial accounting concepts in accordance with fundamental accounting concepts. 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
Errors, irregularities and discrepancies are identified, investigated and rectified. 

ASSESSMENT CRITERION 2 
All work is carried out in accordance with fundamental accounting concepts. 
ASSESSMENT CRITERION RANGE 
The range of accounting concepts is: Prudence, matching, consistency and going concern.
 

ASSESSMENT CRITERION 3 
Standard accounting formats may be adopted for deviations. 

ASSESSMENT CRITERION 4 
Ways to adapt financial record-keeping processes and procedures are explained. 


UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
1. Anyone assessing a learner against this unit standard must be registered as an assessor with the relevant ETQA

2. Any institution offering learning that will enable achievement of this unit standard must be registered with the FE/HE Registrar.

3. Any institution wishing to receive skill development grants must be accredited with the relevant ETQA. Such an institution will also be registered with the relevant SETA.

4. Moderation of assessment will be done by the relevant ETQA at its discretion. 

UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
Essential embedded knowledge is dealt with under the outcomes section. 


Critical Cross-field Outcomes (CCFO): 

UNIT STANDARD CCFO IDENTIFYING 
Identify and solve problems (this critical cross field outcome is covered in this unit standard under the outcomes section). 

UNIT STANDARD CCFO COLLECTING 
Collect, analyse and evaluate information (this critical cross field outcome is covered in this unit standard under the outcomes section). 

UNIT STANDARD CCFO DEMONSTRATING 
Demonstrate an understanding of the world as a set of related systems (this critical cross field outcome is covered in this unit standard under the outcomes section). 

REREGISTRATION HISTORY 
As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

UNIT STANDARD NOTES 
Recommendations and exemplars for the design of:

Learning curriculum

This deals with the skills and knowledge required to keep financial records with basic bookkeeping skills and to prepare financial statements required to monitor business performance.
  • Learning should include basic bookkeeping principles and terminology, which should include:
  • The double entry system
  • Books of original entry
  • The concept of debits and credits
  • An understanding of the basic transaction groups - assets, liabilities, owners equity, income and expenses
  • Balance Sheet preparation
  • Income/Profit and Loss Statement preparation
  • The four accounting concepts (prudence, matching, consistency, going concern)
  • The learner must be able to demonstrate the above accounting practices. The learner should work in a financial department over an extended period of time in order to gain these skills and a thorough understanding of the basic accounting principles and practices.
  • The bookkeeping system can be maintained manually or on the computer depending on the requirements of the organisation.
  • A structured learning programme must be put in place for the learner to ensure that all the basic bookkeeping principles are understood so that the learner can demonstrate competence in this unit standard.
  • Emphasis must be placed on accuracy and an ability to complete work within agreed deadlines.
  • Confidentiality remains an issue of professional conduct.
  • Learners` own area of responsibility must be clearly defined, particularly with reference to discrepancies.
  • The learner could be given an exercise to complete for both debtors and creditors.
  • Learner could practice each of the generally accepted accounting practices and produce exercises for each one. Case studies could assist in this exercise.
  • Learner could be given a section/department within the hotel/restaurant for which the bookkeeping system must be maintained for a given period of time.
  • Learner could prepare 3 month end reconciliations.
  • Learner could be given a set of financial statements to produce within a specified time frame. The interpretation on the statements must be presented to the financial department/expert, together with an action plan to address identified anomolies. The content of presentation and report must also be evaluated.
  • A portfolio of evidence could be collected of the exercises and project that have been completed. 

  • QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  24433   Diploma: Hospitality Operations  Level 5  NQF Level 05  Passed the End Date -
    Status was "Reregistered" 
    2012-06-30  CATHSSETA 
    Core  20188   National Certificate: Real Estate  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2023-06-30  SERVICES 
    Core  48865   National Diploma: Policing  Level 5  Level TBA: Pre-2009 was L5  Passed the End Date -
    Status was "Registered" 
    2007-12-02  Was SAS SETA until Last Date for Achievement 
    Core  49783   National Diploma: Joint and Multi-National Operations  Level 6  NQF Level 06  Reregistered  2023-06-30  SAS SETA 
    Fundamental  20415   National Certificate: Conservation Resource Guardianship  Level 2  NQF Level 02  Passed the End Date -
    Status was "Reregistered" 
    2008-02-06  Was CATHSSETA until Last Date for Achievement 
    Fundamental  96401   National Certificate: Export Administration  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2023-06-30  As per Learning Programmes recorded against this Qual 
    Fundamental  21813   National Certificate: First Line Manufacturing Management: Food and Beverage  Level 5  Level TBA: Pre-2009 was L5  Passed the End Date -
    Status was "Registered" 
    2005-06-12  Was FOODBEV until Last Date for Achievement 
    Fundamental  22444   National Diploma: Freight Forwarding  Level 5  Level TBA: Pre-2009 was L5  Passed the End Date -
    Status was "Reregistered" 
    2007-11-28  Was TETA until Last Date for Achievement 
    Elective  49086   National Certificate: Auctioneering Management  Level 5  Level TBA: Pre-2009 was L5  Passed the End Date -
    Status was "Reregistered" 
    2011-02-16  Was SERVICES until Last Date for Achievement 
    Elective  50419   National Certificate: Port Control and Admissions  Level 5  Level TBA: Pre-2009 was L5  Passed the End Date -
    Status was "Registered" 
    2009-06-29  Was PSETA until Last Date for Achievement 
    Elective  48395   National Certificate: Sugar Technology  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2023-06-30  AgriSETA 
    Elective  48553   National Diploma: Corrections Science  Level 5  NQF Level 05  Reregistered  2023-06-30  SAS SETA 
    Elective  20613   National Diploma: Event Co-ordination  Level 5  NQF Level 05  Reregistered  2023-06-30  CATHSSETA 
    Elective  20414   National Diploma: Service Management  Level 5  NQF Level 05  Reregistered  2023-06-30  CATHSSETA 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. RCL Foods-Sugar & Milling 
    2. SOUTH AFRICAN NATIONAL WAR COLLEGE 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.