Processing and Recording Financial Transactions
Processing financial transactions to ensure the effective recording and tracking of revenues and expenditures.
Level 1 Demonstrates introductory understanding, directing people to the appropriate source for further information.
BEHAVIORS
- Explains basic accounting principles and concepts, (e.g. financial statement components and purpose, General Ledger, and GAAP).
- Describes the internal control methodologies, processes and frameworks.
- Conducts basic financial transactions (e.g., processing ledger entries, account receivable).
- Uses standard accounting software and packages.
QUESTIONS
- Using examples from your work experience, outline your understanding of one of the following concepts and its purpose: Income Statement, Balance Sheet, General Ledger and relevant accounting standards.
Probing Questions
* How did you build your knowledge of these concepts?
* What were your responsibilities?
* What was the purpose of the work you were doing?
* How are you maintaining and upgrading your professional knowledge base?
Level 2 Applies the competency in common situations that present limited difficulties, working with a moderate level of guidance.
BEHAVIORS
- Follows the organizational financial accounting systems, standards and costing, processes and practices.
- Compiles financial information to identify or estimate expenditures, costs and/or revenues.
- Performs transaction processing functions such as supplier invoice processing and payroll input.
- Applies the organization’s financial policies for revenue recognition and expense recording.
- Prepares straightforward financial summaries.
QUESTIONS
- Describe a time when you were required to estimate expenditures or costs.
Probing Questions
* What were the circumstances surrounding this initiative?
* What specific techniques did you use?
* How did you ensure that your work was accurate and timely?
* What was the feedback from stakeholders on your work?
- Tell us about a time when you worked in a position where you were required to process payments.
Probing Questions
* What was your role?
* What resources did you use?
* How did you ensure that your work was accurate and timely?
* What was the feedback from stakeholders on your work?
- Tell me about a time when you had to perform a processing function like a credit check or IS processing in your job.
Probing Questions
* What were the circumstances surrounding this initiative?
* What exactly did you do?
* How did you ensure that your work was accurate and timely?
* What was the feedback from the stakeholders on your work?
Level 3 Applies the competency in the full range of typical situations, requiring guidance in only the most complex or new situations.
BEHAVIORS
- Identifies compliance and reporting obligations related to financial contracts and transactions.
- Validates and reconciles accounts receivable and ensures timely delivery of invoices and statements.
- Ensures the timely and accurate processing of payroll and related government reporting.
- Identifies unusual transactions that require a complex evaluation of the organization’s financial policies.
- Validates and reconciles organizational accounting records and G/L accounts.
QUESTIONS
- Describe a time when you were required to validate and reconcile organizational accounting records and/or G/L accounts.
Probing Questions
* What were the circumstances surrounding this task?
* What exactly did you do?
* How accurate was your work?
* What were the results?
* What was the feedback from users and clients?
- Describe a time when you recognized an anomaly in the financial information that you were reviewing.
Probing Questions
* What were your role and responsibilities?
* What did you find?
* What did you do when you recognized the anomalies?
* What action did you recommend?
- Describe a time when you were required to validate and reconcile accounts receivable.
Probing Questions
* What were your role and responsibilities?
* How did you proceed?
* What did you find?
* What did you to do ensure timely delivery?
Level 4 Applies the competency in new or complex situations and advises others.
BEHAVIORS
- Explains the financial, accounting and reporting linkages with collaborators.
- Recommends process and procedural improvements to maintain the accuracy and integrity of financial transactions.
- Coordinates the preparation of complex, public financial statements including consolidation across organizations.
- Coaches and advises junior practitioners on accounting principles and practices.
QUESTIONS
- Describe a time when you provided advice and coaching to junior practitioners on accounting concepts, techniques or methodologies.
Probing Questions
* Why was the coaching necessary?
* How did you convey the information so that it was easily understood?
* What was the result of your coaching?
- Describe a time when you prepared a public financial statement.
Probing Questions
* What were your role and responsibilities?
* What was the financial statement for?
* What resources did you use while preparing the statement?
* How did you proceed?
Level 5 Develops new approaches and methods in the area. Is recognized as an expert within the organization.
BEHAVIORS
- Implements organizational financial accounting software and systems, standards, processes and practices.
- Advises and coaches managers and junior practitioners on revenue, expenditure and cash management practices.
- Develops organizational processes and guidelines to support operational frameworks or/ to implement organization-wide policies and regulations.
QUESTIONS
- Describe a time when you implemented a new accounting process and/or procedures and subsequently made recommendations for improvements based on your evaluation of the implementation.
Probing Questions
* What were your role and responsibilities?
* What factors did you consider during your evaluation?
* What were your recommendations?
* What was the result of your recommendations?
- Tell us about a time when you developed an organizational-wide policy.
Probing Questions
* What were the circumstances surrounding this initiative?
* What was the trigger for the development of the policy?
* What was the solution?
* What did you do to assist in leading the change?
* What was the result of your efforts?