- SIRXFIN003A - Produce financial reports
Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners
SIRXFIN003A Mapping and Delivery Guide
Produce financial reports
Version 1.0
Issue Date: May 2024
Qualification | - |
Unit of Competency | SIRXFIN003A - Produce financial reports |
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Description | This unit describes the performance outcomes, skills and knowledge required to produce financial reports in a retail environment. It involves entering payment summaries into journals, reconciling accounts to balance, preparing bank reconciliations, and receiving and documenting payments and takings. It also involves dispatching statements to debtors, dispatching payments to creditors and preparing financial reports. | ||
Employability Skills | This unit contains employability skills. | ||
Learning Outcomes and Application | This unit applies to team members who produce accurate financial reports according to store policy and procedures. It requires the accurate and effective recording of data for preparation of trial balances, and receiving, recording and dispatching records and payments to debtors and creditors. These tasks are performed under some supervision. | ||
Duration and Setting | X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting. |
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Prerequisites/co-requisites | Nil | ||
Competency Field | Finance |
Development and validation strategy and guide for assessors and learners | Student Learning Resources | Handouts Activities |
Slides PPT |
Assessment 1 | Assessment 2 | Assessment 3 | Assessment 4 | |
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Elements of Competency | Performance Criteria | |||||||
Element: Enter payment summaries into journals. |
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Element: Reconcile accounts to balance. |
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Element: Prepare bank reconciliations. |
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Element: Receive and document payments and takings. |
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Element: Dispatch statements to debtors and follow up outstanding accounts. |
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Element: Dispatch payments to creditors. |
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Element: Generate financial documents. |
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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.
The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, the range statement and the Assessment Guidelines for this Training Package. | |
Critical aspects for assessment and evidence required to demonstrate competency in this unit | Evidence of the following is essential: consistently applies store policy and procedures when producing financial reports consistently applies store policy and procedures in regard to handling cash consistently applies store policy and procedures in regard to the accurate and effective recording of data for reporting and processing document discrepancies and the reconciliation of reports for preparation of trial balances consistently applies store policy and procedures in regard to receiving, recording and dispatching to debtors and creditors applies follow-up procedures for outstanding accounts. |
Context of and specific resources for assessment | Assessment must ensure access to: a retail work environment relevant documentation, such as: financial transaction dockets, slips and invoices recording and tally sheets store policy and procedures manuals recording, documenting and filing systems registers and related equipment, including EFTPOS facilities and equipment. |
Methods of assessment | A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit: observation of performance in the workplace third-party reports from a supervisor customer feedback answers to questions about specific skills and knowledge review of portfolios of evidence and third-party workplace reports of on-the-job performance. |
Guidance information for assessment | Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended. |
Submission Requirements
List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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.
This section describes the essential skills and knowledge and their level, required for this unit. |
Required skills |
literacy skills to: interpret documentation write reports numeracy skills to: reconcile accounts count cash calculate non report on takings interpersonal skills to: verify cheque and credit card payments with relevant personnel or department prior to acceptance clarify purpose of report with relevant personnel identify and obtain relevant data through clear and direct communication ask questions to identify and confirm requirements use language and concepts appropriate to cultural differences use and interpret non-verbal communication |
Required knowledge |
store policy and procedures in regard to: register or terminal balance cash and non cash balances banking procedures purchase requisitions and orders issuing of receipts delivery dockets credit notes statements remittance advices cash register rolls deposit books change required and denomination of change operation of equipment used at register or terminal processing delivery document discrepancies invoicing procedures for debtors and creditors payment and invoice procedures, including GST requirements relevant legislation and statutory requirements cash and non balancing point recording takings security of cash and non change required and denominations of change EFTPOS credit cards gift vouchers lay-by credits and returns |
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording in the performance criteria is detailed below. | |
Transactions may include: | cash cheque credit card EFTPOS store card internet payments lay-by gift vouchers returns. |
Nominated system may include: | recording documenting reporting systems accounting. |
Relevant personnel may include: | supervisor team leader manager. |
Store policy and procedures in regard to: | financial systems cash handling reconciling accounts. |
Records may be: | manual electronic. |
Sources may include: | staff members formal or informal reports written or verbal data formal or informal meetings quantitative and qualitative data. |
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 |
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Fill payment documents out identifying relevant details. | |||
Check payment documents for authenticity of claim. | |||
Balance payment documents on a routine basis. | |||
Identify discrepancies betweentransaction documentation and account balances. | |||
Rectify errors in documentation. | |||
Record data on nominated system within designated time limits. | |||
Check deposit entries and cash payment summaries for accuracy against bank statements. | |||
Note and resolve discrepancies. | |||
Produce regular reconciliation reports within designated time limits to provide data for preparation of trial balance. | |||
Complete pay in documentation accurately. | |||
Balance all transaction calculations. | |||
Count cash correctly and give correct change, if applicable. | |||
Verify cheque and credit card payments with the relevant personnel or department prior to acceptance. | |||
Complete and issue receipts. | |||
Check debtor statements for accuracy of contents. | |||
Rectify any noted discrepancies accurately. | |||
Dispatch debtor statements within designated time limits. | |||
Collect outstanding accounts within designated credit periods. | |||
Review and control credit terms to ensure payment within designated time limits. | |||
Maintain debtors ledger to reflect current situation. | |||
Review customer credit terms when indicated, according to store policy and procedures. | |||
Check payment documentation prepared by others for accuracy of information and dispatch to creditors within designated time limits. | |||
Reconcile creditors’ statements with accounting records. | |||
Input relevant data to creditors’ ledger. | |||
Reconcile general ledger against accounting records. | |||
Clarify purpose of the report with relevant personnel. | |||
Identify and obtain relevant data from nominated internal or external sources. | |||
Update nominated internal records to show current status of financial report. | |||
Transcribe data onto nominated form and in the authorised manner. |
Forms
Assessment Cover Sheet
SIRXFIN003A - Produce financial reports
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
SIRXFIN003A - Produce financial reports
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: