Bookkeeping Duties and Scope of Work

Each bookkeeping engagement through the Felcorp Bookkeeping Outsourcing service is delivered against the duties listed below, as part of the Felcorp Accounting BPO offering. Work is completed to your practice standards using your accounting software, chart of accounts and file structure.

Transaction Coding

Transaction coding ensures every financial transaction is accurately categorised against the correct account in your chart of accounts. Felcorp bookkeepers code transactions from bank feeds, statements and source documents in line with your established coding rules and client-specific requirements.

• Code transactions from bank feeds against a defined chart of accounts
• Apply consistent coding rules across client entities using your preferred methodology
• Identify and flag ambiguous or unmatched transactions for clarification
• Maintain coding accuracy across high-volume transaction periods
• Document recurring coding decisions for client file reference

Bank Reconciliation

Bank reconciliation confirms that the accounting records align with actual bank activity, resolves discrepancies and keeps the general ledger accurate and audit-ready.

• Reconcile bank accounts, credit cards and loan facilities on the agreed frequency
• Identify and resolve duplicate entries, timing differences and outstanding items
• Prepare reconciliation workpapers in your preferred format
• Escalate unresolved discrepancies to the practice or client for resolution
• Maintain a reconciliation log for ongoing review and audit purposes

Accounts Payable

Accounts payable processing covers the full supplier invoice cycle, from receipt through to coding, matching and payment preparation support.

• Code and enter supplier invoices with the correct GL accounts and cost centres
• Match invoices to purchase orders and delivery receipts where applicable
• Prepare accounts payable ageing reports for practice or client review
• Support payment run preparation in accordance with client instructions
• Reconcile supplier statements against accounts payable records periodically

Accounts Receivable

Accounts receivable management keeps debtor records accurate and ensures outstanding invoices are tracked and followed up in accordance with client procedures.

• Record client invoices and apply receipts to the correct debtor accounts
• Prepare accounts receivable ageing reports for review
• Flag overdue accounts for follow-up in line with client instructions
• Reconcile the debtor ledger against sales records on an agreed frequency
• Support credit note processing and debtor write-off documentation

Payroll Processing

Payroll processing covers pay run execution, superannuation lodgement and STP compliance in accordance with your established payroll configuration.

• Process pay runs in your payroll software on the agreed frequency
• Apply superannuation contributions and ensure SGC compliance each period
• Lodge STP submissions to the ATO through your payroll software
• Prepare payroll summaries and exception reports for practice review
• Flag changes to employment status, rates or entitlements for confirmation before processing

BAS Preparation

BAS preparation covers the calculation and drafting of Business Activity Statements from reconciled accounts, ready for review and lodgement by your registered BAS or tax agent.

• Calculate GST collected and paid from reconciled transaction data
• Prepare PAYG withholding amounts from payroll records
• Draft the BAS in your accounting software or ATO Business Portal format
• Flag discrepancies or unusual movements for review before lodgement
• Maintain a BAS workpaper for each lodgement period

Month-End Close

Month-end close covers the processing steps required to finalise each accounting period accurately and on time, ready for reporting or review.

• Post accruals and prepayments in line with agreed month-end procedures
• Complete all bank and account reconciliations before close
• Post recurring journal entries and adjustments under practice direction
• Prepare a month-end checklist confirming all required steps are complete
• Flag any open items or unresolved balances before the period is finalised

Management Reporting

Management reporting covers the preparation of financial reports from the completed accounts, formatted to your practice or client standards on an agreed frequency.

• Prepare monthly or quarterly P&L and balance sheet reports
• Produce cash flow summaries and working capital reports as required
• Prepare budget variance reports where a budget has been entered in the software
• Format reports to your practice or client's preferred template
• Identify significant movements or anomalies and flag for review

Document Processing

Document processing ensures all source documents are captured, matched and stored in accordance with your practice's file structure and naming conventions.

• Capture, rename and file receipts, invoices and bank statements to your file structure
• Match source documents to transactions in your accounting software
• Flag missing or incomplete documentation for client follow-up
• Maintain an organised document archive aligned to your file structure
• Ensure document integrity ahead of month-end close and audit periods