Assessor Resource

SISXFIN002
Process financial transactions

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the performance outcomes, skills and knowledge required to accept and process cash and other payments for products and services, and to reconcile takings at the end of the service period or day.

This unit applies to individuals who work in customer contact roles such as activity assistants or customer service assistants in locations such as community recreation centres, indoor recreation facilities, sporting complexes, fitness venues, and leisure and aquatic centres. It may also apply to those working on-site during sport, fitness or recreation events. These individuals work under supervision and according to relevant legislation and organisational policies and procedures.

No occupational licensing, certification or specific legislative requirements apply to this unit at the time of publication.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Process customer payments.

1.1 Receive, check and record cash float.

1.2 Check customer payments against sale value.

1.3 Provide correct change for cash payments.

1.4 Process and record transactions according to organisational procedures.

1.5 Prepare and issue accurate receipts including all relevant tax details.

1.6 Complete transactions using appropriate software applications in line with organisational speed and customer service requirements.

2. Reconcile takings.

2.1 Balance customer payments at the designated time according to organisational policy.

2.2 Separate cash floats from takings prior to balancing.

2.3 Determine point-of-sale records of customer payments.

2.4 Accurately count and calculate customer payments.

2.5 Balance cash and other payments with point-of-sale records.

2.6 Investigate or report discrepancies in the reconciliation.

2.7 Record takings according to organisational procedures.

2.8 Transport and secure cash floats, cash and other payments according to organisational security procedures.

Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:

process at least six of the following financial transactions to address different types of customer payments in line with security and other relevant procedures:

advance payments

application of Goods and Services Tax (GST)

cash

cheques

credit cards

deposits

electronic funds transfer at point-of-sale (EFTPOS)

petty cash for internal customers

refunds

vouchers

process above customer payments in a logical and fair sequence within customer time constraints so that all customers are served effectively

complete reconciliations of three different work or service periods within designated timelines.

Demonstrated knowledge required to complete the tasks outlined in elements and performance criteria of this unit:

organisational proceduresfor processing and recording financial transactions:

completing reconciliation records

complying with financial institution documents and procedures

designated times for completing reconciliations

handling customer claims of short change

how and where large sums of cash should be counted

maintaining low levels of cash in tills

managing petty cash

process for providing receipts and invoices to customers

process for taking cash from customers

securing credit card imprints

securing takings in the event of a hold-up

features and functions of point-of-sale equipment and software

role and importance of the reconciliation process to organisational financial management system

security procedures for transporting and securing cash floats, cash and other payments:

obtaining receipts or sign-off for takings handed over to financial personnel

separating and securing cash floats

transporting takings to back office areas and internal cashiers

transporting takings to the bank and obtaining receipts or sign-off

different products and services that attract GST

services provided by the facility and related transaction types.

Skills must be demonstrated in:

a workplace or simulated industry environment.

Assessment must ensure access to:

point-of-sale equipment and software used to process and reconcile financial transactions

current commercial procedures and documentation for the processing of financial transactions

forms of payments

customers from whom the individual can take payments and with whom they can interact; these can be

customers in an industry workplace who are assisted by the individual during the assessment process or

individuals who participate in role plays or simulated activities, set up for the purpose of assessment, in a simulated industry environment operated within a training organisation.

Assessors must satisfy the Standards for Registered Training Organisations’ requirements for assessors.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Process customer payments.

1.1 Receive, check and record cash float.

1.2 Check customer payments against sale value.

1.3 Provide correct change for cash payments.

1.4 Process and record transactions according to organisational procedures.

1.5 Prepare and issue accurate receipts including all relevant tax details.

1.6 Complete transactions using appropriate software applications in line with organisational speed and customer service requirements.

2. Reconcile takings.

2.1 Balance customer payments at the designated time according to organisational policy.

2.2 Separate cash floats from takings prior to balancing.

2.3 Determine point-of-sale records of customer payments.

2.4 Accurately count and calculate customer payments.

2.5 Balance cash and other payments with point-of-sale records.

2.6 Investigate or report discrepancies in the reconciliation.

2.7 Record takings according to organisational procedures.

2.8 Transport and secure cash floats, cash and other payments according to organisational security procedures.

Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:

process at least six of the following financial transactions to address different types of customer payments in line with security and other relevant procedures:

advance payments

application of Goods and Services Tax (GST)

cash

cheques

credit cards

deposits

electronic funds transfer at point-of-sale (EFTPOS)

petty cash for internal customers

refunds

vouchers

process above customer payments in a logical and fair sequence within customer time constraints so that all customers are served effectively

complete reconciliations of three different work or service periods within designated timelines.

Demonstrated knowledge required to complete the tasks outlined in elements and performance criteria of this unit:

organisational proceduresfor processing and recording financial transactions:

completing reconciliation records

complying with financial institution documents and procedures

designated times for completing reconciliations

handling customer claims of short change

how and where large sums of cash should be counted

maintaining low levels of cash in tills

managing petty cash

process for providing receipts and invoices to customers

process for taking cash from customers

securing credit card imprints

securing takings in the event of a hold-up

features and functions of point-of-sale equipment and software

role and importance of the reconciliation process to organisational financial management system

security procedures for transporting and securing cash floats, cash and other payments:

obtaining receipts or sign-off for takings handed over to financial personnel

separating and securing cash floats

transporting takings to back office areas and internal cashiers

transporting takings to the bank and obtaining receipts or sign-off

different products and services that attract GST

services provided by the facility and related transaction types.

Skills must be demonstrated in:

a workplace or simulated industry environment.

Assessment must ensure access to:

point-of-sale equipment and software used to process and reconcile financial transactions

current commercial procedures and documentation for the processing of financial transactions

forms of payments

customers from whom the individual can take payments and with whom they can interact; these can be

customers in an industry workplace who are assisted by the individual during the assessment process or

individuals who participate in role plays or simulated activities, set up for the purpose of assessment, in a simulated industry environment operated within a training organisation.

Assessors must satisfy the Standards for Registered Training Organisations’ requirements for assessors.
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Receive, check and record cash float. 
Check customer payments against sale value. 
Provide correct change for cash payments. 
Process and record transactions according to organisational procedures. 
Prepare and issue accurate receipts including all relevant tax details. 
Complete transactions using appropriate software applications in line with organisational speed and customer service requirements. 
Balance customer payments at the designated time according to organisational policy. 
Separate cash floats from takings prior to balancing. 
Determine point-of-sale records of customer payments. 
Accurately count and calculate customer payments. 
Balance cash and other payments with point-of-sale records. 
Investigate or report discrepancies in the reconciliation. 
Record takings according to organisational procedures. 
Transport and secure cash floats, cash and other payments according to organisational security procedures. 
Receive, check and record cash float. 
Check customer payments against sale value. 
Provide correct change for cash payments. 
Process and record transactions according to organisational procedures. 
Prepare and issue accurate receipts including all relevant tax details. 
Complete transactions using appropriate software applications in line with organisational speed and customer service requirements. 
Balance customer payments at the designated time according to organisational policy. 
Separate cash floats from takings prior to balancing. 
Determine point-of-sale records of customer payments. 
Accurately count and calculate customer payments. 
Balance cash and other payments with point-of-sale records. 
Investigate or report discrepancies in the reconciliation. 
Record takings according to organisational procedures. 
Transport and secure cash floats, cash and other payments according to organisational security procedures. 

Forms

Assessment Cover Sheet

SISXFIN002 - Process financial transactions
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

SISXFIN002 - Process financial transactions

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: