Prepare and Pursue Statements of Account for Financial Products and Services Legacy

Overview & Purpose

What This Standard Covers

This NOS outlines the procedures for preparing and managing statements of account in financial services, focusing on accurate communication and resolution of customer queries regarding payments. It emphasizes the necessity of attention to detail and adherence to organizational policies.

Performance Criteria

• Dispatch statements in priority order
• Allocate outstanding cash and agree on entries for settlement
• Execute special account arrangements as agreed with customers
• Identify and address areas of concern
• Maintain accurate records of statement dispatch dates
• Identify and resolve disputes and provide requested documentation
• Evaluate validity of unagreed entries
• Inform relevant personnel of accounting actions
• Settle resolved outstanding items and escalate unresolved ones
• Comply with legal, industry, and organizational regulations

Knowledge & Understanding Requirements

• Sources of information within the organization
• Organizational timescale standards
• Information storage and access methods
• Customer service procedures, including complaints
• Limits of authority and necessary escalation actions
• Communication policies with customers
• Customer payment procedures and ledger systems
• Organizational systems for account statements
• Methods of receiving financial information
• Regulatory and ethical requirements impacting activities

Relevent Roles

• Financial Accountants
• Customer Service Representatives in Financial Services
• Accounts Receivable Clerks
• Billing Specialists