Financial transactions and ledgers

Original to this reference.

Levels

1. Awareness

You can:

• explain the purchase-to-pay and order-to-cash processes and your part in them
• enter invoices, receipts, and payments accurately, following set procedures
• check that a transaction has the right approval and supporting documents

2. Working

You can:

• process a range of transactions, including credit notes, refunds, and journals
• reconcile supplier statements, bank accounts, and control accounts
• resolve routine queries from suppliers, customers, and budget holders
• spot duplicate, unusual, or unauthorised transactions and raise them

3. Practitioner

You can:

• manage a ledger or transaction process and keep it accurate and up to date
• investigate and clear complex reconciling items and aged balances
• improve transaction processes, for example by automating matching or approvals
• train and check the work of other staff

4. Expert

You can:

• design the organisation's transaction processes and the controls within them
• set performance standards, such as payment times and debt recovery targets
• lead the move to new ways of processing, such as automation and self-service
• assure senior leaders and auditors that ledgers are complete and accurate

Closest ESCO skills

• carry out financial transactions (close match)
• maintain records of financial transactions (close match)
• manage the general ledger (narrow match)
• accounting entries (narrow match)

Contains ESCO v1.2.1 data (https://esco.ec.europa.eu/). © European Union. Reuse authorised under Commission Decision 2011/833/EU.

Role levels that expect this skill