Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

SITXFIN001A Mapping and Delivery Guide
Process financial transactions

Version 1.0
Issue Date: April 2024


Qualification -
Unit of Competency SITXFIN001A - Process financial transactions
Description This unit describes the performance outcomes, skills and knowledge required to process simple financial transactions in a range of workplace contexts. Cash and other types of transactions are included in the unit.
Employability Skills The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary of the qualification in which this unit is packaged will assist in identifying employability skills requirements.
Learning Outcomes and Application This unit applies to individuals working in a frontline service role whose job role includes accepting and processing payments for services and reconciling takings at the end of a given service period.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
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
Elements of Competency Performance Criteria              
Element: Process receipts and payments.
  • Receive and check cash float accurately where appropriate using correct documentation.
  • Check payments received from the customer and give correct change where appropriate.
  • Prepare and issue accurate receipts including all relevant tax details.
  • Process and record transactions according to organisation and financial institution procedures.
  • When cash payments are required, check documents and issue cash according to organisation procedures.
  • Conduct transactions using appropriate software applications.
  • Conduct transactions to meet organisation speed and customer service standards.
       
Element: Reconcile takings.
  • Perform balancing procedures at the designated times according to organisation policy and in consultation with colleagues.
  • Where appropriate, separate any cash floats from takings prior to balancing procedure and secure according to organisation procedures.
  • Determine register or terminal reading or printout where appropriate.
  • Remove payments received and transport according to organisation security procedures.
  • Count and calculate payments accurately.
  • Determine balance between register or terminal reading and sum of payments accurately.
  • Investigate or report discrepancies in the reconciliation within scope of individual responsibility.
  • Record takings according to organisation procedures.
       


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:

ability to conduct accurate and secure financial transactions

ability to balance transactions within acceptable organisation timeframes

knowledge of security principles and procedures in relation to tender and other financial documentation

ability to work within time constraints typical of the industry environment, such as several people waiting to pay their bill

processing of multiple and varied transactions to address different situations and contexts.

Context of and specific resources for assessment

Assessment must ensure:

use of legal tender and industry-current processing equipment, such as credit card machines and tills

completion of transactions with a number of customers with varying requirements.

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:

direct observation of the candidate processing financial transactions and balancing takings

review of reconciliation documentation prepared by the candidate

written or oral questions to assess knowledge of procedures for cash or non-cash transactions

review of portfolios of evidence and third-party workplace reports of on-the-job performance by the candidate.

Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended.

Assessing employability skills

Employability skills are integral to effective performance in the workplace and are broadly consistent across industry sectors. How these skills are applied varies between occupations and qualifications due to the different work functions and contexts.

Employability skills embedded in this unit should be assessed holistically with other relevant units that make up the skill set or qualification and in the context of the job role.

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.

The following skills must be assessed as part of this unit:

problem-solving skills to identify and investigate a range of routine reconciliation discrepancies

literacy skills to read and interpret documentation, such as credit card details, receipts or cash float documentation

numeracy skills to tender correct change and undertake simple financial reconciliations.

The following knowledge must be assessed as part of this unit:

procedures for processing different types of transactions in the relevant industry context

underpinning principles of the reconciliation and balancing process

relevant software, such as point of sale

role and importance of the reconciliation and balancing process in a broader financial management context

security procedures for cash and other financial documentation

how GST affects financial transactions in a given industry context.

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

credit cards

cheques

EFTPOS

deposits

advance payments

vouchers

company charges

refunds

travellers cheques

foreign currency.

Balancing procedures may be:

manual

electronic.

Security procedures may relate to:

process for taking cash from customers

managing floats, such as when to reduce cash held

maintaining low levels of cash in tills

rules for when and how cash should be counted

handling customer claims of short change

transporting takings to the bank

procedures in the event of a hold-up.

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 and check cash float accurately where appropriate using correct documentation. 
Check payments received from the customer and give correct change where appropriate. 
Prepare and issue accurate receipts including all relevant tax details. 
Process and record transactions according to organisation and financial institution procedures. 
When cash payments are required, check documents and issue cash according to organisation procedures. 
Conduct transactions using appropriate software applications. 
Conduct transactions to meet organisation speed and customer service standards. 
Perform balancing procedures at the designated times according to organisation policy and in consultation with colleagues. 
Where appropriate, separate any cash floats from takings prior to balancing procedure and secure according to organisation procedures. 
Determine register or terminal reading or printout where appropriate. 
Remove payments received and transport according to organisation security procedures. 
Count and calculate payments accurately. 
Determine balance between register or terminal reading and sum of payments accurately. 
Investigate or report discrepancies in the reconciliation within scope of individual responsibility. 
Record takings according to organisation procedures. 

Forms

Assessment Cover Sheet

SITXFIN001A - 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

SITXFIN001A - 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: