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

SITXFIN201 Mapping and Delivery Guide
Process financial transactions

Version 1.0
Issue Date: March 2024


Qualification -
Unit of Competency SITXFIN201 - Process financial transactions
Description 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.
Employability Skills This unit contains employability skills.
Learning Outcomes and Application This unit applies to all tourism, travel, hospitality and event sectors.This unit mainly applies to frontline sales and operations personnel who operate with some level of independence and under limited supervision. It does, however, describe a fundamental operational function and those people who work with very little independence under close supervision would also use this skill.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites Not applicable.
Competency Field
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 customer payments.
  • 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.
  • Complete transactions within organisation speed and customer service requirements.
       
Element: Reconcile takings.
  • 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.
       


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, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

process multiple and varied transactions to address different types of customer payments

integrate knowledge of security and other procedures when processing financial transactions

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

complete reconciliations within designated timelines.

Context of and specific resources for assessment

Assessment must ensure use of:

a real or simulated tourism, hospitality or events industry business operation where financial transactions are processed

point-of-sale equipment and software currently used by the tourism, hospitality and events industries to process and reconcile financial transactions

current commercial procedures and documentation for the processing of financial transactions

cash and other forms of payments

customers from whom the individual can take payments and with whom they can interact.

Method 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 individual processing financial transactions and reconciling takings

review of reconciliation documentation prepared by the individual

written or oral questioning to assess knowledge of security and other procedures

review of portfolios of evidence and thirdparty workplace reports of onthejob performance by the individual.

Guidance information for assessment

The assessor should design integrated assessment activities to holistically assess this unit with other units relevant to the industry sector, workplace and job role, for example:

SITTTSL303 Sell tourism products and services

SITXCCS302 Provide club reception services

SITXCCS303 Provide service to customers.


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.

Required skills

communication skills to discuss payments with customers and discrepancies with appropriate personnel

literacy skills to:

read and interpret organisational procedures for processing financial transactions, cash float documentation, credit card and receipt details and reconciliation information

write receipts and record reconciliations and basic reports about discrepancies

numeracy skills to:

count cash floats

calculate and check the total customer payment required

tender correct change

check and issue accurate receipts including Goods and Services Tax (GST)

calculate total customer payments for the service period or day

complete reconciliations of takings against point-of-sale records

planning and organising skills to process customer payments in a logical sequence and to complete reconciliations within designated timelines

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

technology skills to use point-of-sale equipment and software applications.

Required knowledge

procedures for processing different types of transactions

features and functions of point-of-sale 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

the application of GST to different products and services.

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, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Transactions may include:

advance payments

cash

cheques

credit cards

deposits

Electronic Funds Transfer at Point of Sale (EFTPOS)

foreign currency

petty cash for internal customers

refunds

travellers cheques

vouchers.

Organisational proceduresfor processing and recording financial transactions may involve:

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

management of 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.

Security procedures may relate to:

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.

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. 
Complete transactions within organisation 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

SITXFIN201 - 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

SITXFIN201 - 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: