Google Links

Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Process petty cash transactions
   • Petty cash claims and vouchers are checked for approval, accuracy and authenticity prior to processing
   • Petty cash transactions are processed and recorded within designated time limits
   • Irregularities are noted and referred to nominated person for resolution
   • Transactions are checked and petty cash book balanced according to organisational requirements
2. Prepare and process banking documents
   • Deposits and withdrawals are accurately entered and balanced according to organisational requirements
   • Cheques and credit card vouchers are checked for validity (signatures, dates, amounts) before processing
   • Cash, cheques and credit cards are listed on banking forms in accordance with the banking institution's guidelines
   • Pay-in documentation is reconciled with all money calculations
3. Reconcile invoices for payment to creditors
   • Discrepancies between invoices and source documents are identified and reported to nominated person for resolution
   • Adjustments and errors are identified, reported and rectified in accordance with organisational requirements
   • Creditor enquiries are answered and/or referred to nominated person for resolution
4. Prepare invoices for debtors
   • Invoices are prepared accurately in accordance with organisational requirements
   • Invoices are distributed to nominated person for verification prior to despatch
   • Adjustments are made as required in accordance with organisational requirements
   • Invoices and other related documents are copied and filed for auditing purposes

Required Skills

Not applicable

Evidence Required

The Evidence Guide identifies the critical aspects underpinning knowledge and skills to be demonstrated to confirm competency for this unit This is an integral part of the assessment of competency and should be read in conjunction with the Range Statement

Critical Aspects of Evidence

Application of organisations policy and procedures for financial transactions in regard to petty cash invoicing and bank processes

Accurate processing of petty cash claims and vouchers including identification of irregularities or errors

Accurate preparing and processing of banking documents including identification of irregularities or errors

Accurate reconciliation and payment of invoices for creditors and debtors including identification of irregularities or errors

The recording and reporting of transactions

Underpinning Knowledge

At this level the learner must demonstrate basic operational knowledge in a moderate range of areas

The relevant legislation from all levels of government that affects business operation especially in regard to Occupational Health and Safety and environmental issues equal opportunity industrial relations and antidiscrimination

Understanding procedures for cash and noncash handling

Knowledge of organisational policies and procedures relating to petty cash banking security invoicing procedures relating to debtors and creditors

Understanding banking institutions guidelines

Knowledge of methods and techniques for simple calculations

Methods of presenting financial data

Underpinning Skills

Literacy skills to read and interpret financial information maintain records and banking documents

Numeracy skills for checking accuracy of calculations and reconciliations of accounts

Proofreading skills for maintaining accuracy of information

Communication skills including reporting of irregularities and errors

Ability to relate to people from a range of social cultural and ethnic backgrounds and physical and mental abilities

Resource Implications

The learner and trainer should have access to appropriate documentation and resources normally used in the workplace

Consistency of Performance

In order to achieve consistency of performance evidence should be collected over a set period of time which is sufficient to include dealings with an appropriate range and variety of situations

Contexts of Assessment

Competency is demonstrated by performance of all stated criteria including paying particular attention to the critical aspects and the knowledge and skills elaborated in the Evidence Guide and within the scope as defined by the Range Statement

Assessment must take account of the endorsed assessment guidelines in the Business Services Training Package

Assessment of performance requirements in this unit should be undertaken in an actual workplace or simulated environment

Assessment should reinforce the integration of the key competencies and the Business Services Common Competencies for the particular AQF Level Refer to the Key Competency Levels at the end of this unit

Key Competency Levels

Collecting analysing and organising information Level to process financial documentation

Communicating ideas and information Level with members of the work team

Planning and organising activities Level for payment of invoices etc

Working with teams and others Level in completing scheduled tasks

Using mathematical ideas and techniques Level in processing business transactions

Solving problems Level to identify irregularities and errors

Using technology Level to complete allocated tasks

Please refer to the Assessment Guidelines for advice on how to use the Key Competencies

The Evidence Guide identifies the critical aspects underpinning knowledge and skills to be demonstrated to confirm competency for this unit This is an integral part of the assessment of competency and should be read in conjunction with the Range Statement

Critical Aspects of Evidence

Application of organisations policy and procedures for financial transactions in regard to petty cash invoicing and bank processes

Accurate processing of petty cash claims and vouchers including identification of irregularities or errors

Accurate preparing and processing of banking documents including identification of irregularities or errors

Accurate reconciliation and payment of invoices for creditors and debtors including identification of irregularities or errors

The recording and reporting of transactions

Underpinning Knowledge

At this level the learner must demonstrate basic operational knowledge in a moderate range of areas

The relevant legislation from all levels of government that affects business operation especially in regard to Occupational Health and Safety and environmental issues equal opportunity industrial relations and antidiscrimination

Understanding procedures for cash and noncash handling

Knowledge of organisational policies and procedures relating to petty cash banking security invoicing procedures relating to debtors and creditors

Understanding banking institutions guidelines

Knowledge of methods and techniques for simple calculations

Methods of presenting financial data

Underpinning Skills

Literacy skills to read and interpret financial information maintain records and banking documents

Numeracy skills for checking accuracy of calculations and reconciliations of accounts

Proofreading skills for maintaining accuracy of information

Communication skills including reporting of irregularities and errors

Ability to relate to people from a range of social cultural and ethnic backgrounds and physical and mental abilities

Resource Implications

The learner and trainer should have access to appropriate documentation and resources normally used in the workplace

Consistency of Performance

In order to achieve consistency of performance evidence should be collected over a set period of time which is sufficient to include dealings with an appropriate range and variety of situations

Contexts of Assessment

Competency is demonstrated by performance of all stated criteria including paying particular attention to the critical aspects and the knowledge and skills elaborated in the Evidence Guide and within the scope as defined by the Range Statement

Assessment must take account of the endorsed assessment guidelines in the Business Services Training Package

Assessment of performance requirements in this unit should be undertaken in an actual workplace or simulated environment

Assessment should reinforce the integration of the key competencies and the Business Services Common Competencies for the particular AQF Level Refer to the Key Competency Levels at the end of this unit

Key Competency Levels

Collecting analysing and organising information Level to process financial documentation

Communicating ideas and information Level with members of the work team

Planning and organising activities Level for payment of invoices etc

Working with teams and others Level in completing scheduled tasks

Using mathematical ideas and techniques Level in processing business transactions

Solving problems Level to identify irregularities and errors

Using technology Level to complete allocated tasks

Please refer to the Assessment Guidelines for advice on how to use the Key Competencies

---

Range Statement

The Range Statement provides advice to interpret the scope and context of this unit of competency, allowing for differences between enterprises and workplaces. It relates to the unit as a whole and facilitates holistic assessment. The following variables may be present for this particular unit:

Legislation, codes and national standards relevant to the workplace which may include:

award and enterprise agreements and relevant industrial instruments

relevant legislation from all levels of government that affects business operation, especially in regard to Occupational Health and Safety and environmental issues, equal opportunity, industrial relations and anti-discrimination

relevant industry codes of practice

Checking claims for accuracy and authenticity may include:

requiring a receipt

ensuring items purchased are business related

accepting claims from authorised personnel only

Recording petty cash transactions may include:

paper based

electronic

organisational accounting system

Nominated persons include:

petty cash officer

supervisor

accounts department

Organisational requirements may include:

totalling and balancing petty cash book procedures

legal and organisation policy/guidelines and requirements

all cash being accounted for at all times

procedures for entering and balancing deposits

procedures for checking validity of cheques and credit card vouchers

security procedures

Occupational Health and Safety policies, procedures and programs

format of documents for reimbursement

guidelines for updating receipts

Australian Accounting and Auditing standards

designated timelines for petty cash period/pay period

Banking institution's guidelines may include:

deposit slips filled out accurately

cash bundled

banking summary provided

banking electronically

Source documents may include:

purchase orders

invoices

receipts

delivery dockets/receipts

credit notes

statements

remittance advices

deposit books

The Range Statement provides advice to interpret the scope and context of this unit of competency, allowing for differences between enterprises and workplaces. It relates to the unit as a whole and facilitates holistic assessment. The following variables may be present for this particular unit:

Legislation, codes and national standards relevant to the workplace which may include:

award and enterprise agreements and relevant industrial instruments

relevant legislation from all levels of government that affects business operation, especially in regard to Occupational Health and Safety and environmental issues, equal opportunity, industrial relations and anti-discrimination

relevant industry codes of practice

Checking claims for accuracy and authenticity may include:

requiring a receipt

ensuring items purchased are business related

accepting claims from authorised personnel only

Recording petty cash transactions may include:

paper based

electronic

organisational accounting system

Nominated persons include:

petty cash officer

supervisor

accounts department

Organisational requirements may include:

totalling and balancing petty cash book procedures

legal and organisation policy/guidelines and requirements

all cash being accounted for at all times

procedures for entering and balancing deposits

procedures for checking validity of cheques and credit card vouchers

security procedures

Occupational Health and Safety policies, procedures and programs

format of documents for reimbursement

guidelines for updating receipts

Australian Accounting and Auditing standards

designated timelines for petty cash period/pay period

Banking institution's guidelines may include:

deposit slips filled out accurately

cash bundled

banking summary provided

banking electronically

Source documents may include:

purchase orders

invoices

receipts

delivery dockets/receipts

credit notes

statements

remittance advices

deposit books

---