FBSFT 501- PROCESSING FINANCIAL TRANSACTIONS
Introduction
This module Processing financial transaction describes the skills, knowledge
and attitudes required for a learner of certificate 5, level V FBS to process
financial transactions. By the end of this module, the learner will be able to
record and balance petty cash transactions, to balance all transactions, in
hospitality establishments without supervision. Transaction processing
system (TPS) can be considered as an activity consisting of three major
subsystems called cycles: the revenue cycle, the expenditure cycle, and the
conversion cycle. While each cycle performs different specific tasks and
supports different objectives, they share common characteristics. For
example, all three TPS cycles capture financial transactions, record the
effects of transactions in accounting records, and provide information about
transactions to users in support of their day-to-day activities. In addition,
transaction cycles produce much of the raw data from which management
reports and financial statements are derived. Because of their financial
impact on the organization transaction cycles command much of the
accountant’s professional attention.