Application
Not applicable.
Prerequisites
Not applicable.
Elements and Performance Criteria
Elements and Performance Criteria | |||
Element | Performance Criteria | ||
1 | Process petty cash transactions | 1.1 | Petty cash claims and vouchers are checked for approval, accuracy and authenticity prior to processing |
1.2 | Petty cash transactions are processed and recorded within designated time limits | ||
1.3 | Irregularities are noted and referred to nominated person for resolution | ||
1.4 | Transactions are checked and petty cash book balanced according to organisational requirements | ||
2 | Prepare and process banking documents | 2.1 | Deposits and withdrawals are accurately entered and balanced according to organisational requirements |
2.2 | Cheques and credit card vouchers are checked for validity (signatures, dates, amounts) before processing | ||
2.3 | Cash, cheques and credit cards are listed on banking forms in accordance with the banking institution's guidelines | ||
2.4 | Pay-in documentation is reconciled with all money calculations | ||
3 | Reconcile invoices for payment to creditors | 3.1 | Discrepancies between invoices and source documents are identified and reported to nominated person for resolution |
3.2 | Adjustments and errors are identified, reported and rectified in accordance with organisational requirements | ||
3.3 | Creditor enquiries are answered and/or referred to nominated person for resolution | ||
4 | Prepare invoices for debtors | 4.1 | Invoices are prepared accurately in accordance with organisational requirements |
4.2 | Invoices are distributed to nominated person for verification prior to despatch | ||
4.3 | Adjustments are made as required in accordance with organisational requirements | ||
4.4 | 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 anti-discrimination
Understanding procedures for cash and non-cash handling
Knowledge of organisational policies and procedures relating to petty cash, banking, security, invoicing procedures relating to debtors and creditors
Understanding banking institution's 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
Context/s 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 2) - to process financial documentation
Communicating ideas and information (Level 1) - with members of the work team
Planning and organising activities (Level 1) - for payment of invoices etc
Working with teams and others (Level 1) - in completing scheduled tasks
Using mathematical ideas and techniques (Level 2) - in processing business transactions
Solving problems (Level 1) - to identify irregularities and errors
Using technology (Level 1) - 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 anti-discrimination
Understanding procedures for cash and non-cash handling
Knowledge of organisational policies and procedures relating to petty cash, banking, security, invoicing procedures relating to debtors and creditors
Understanding banking institution's 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
Context/s 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 2) - to process financial documentation
Communicating ideas and information (Level 1) - with members of the work team
Planning and organising activities (Level 1) - for payment of invoices etc
Working with teams and others (Level 1) - in completing scheduled tasks
Using mathematical ideas and techniques (Level 2) - in processing business transactions
Solving problems (Level 1) - to identify irregularities and errors
Using technology (Level 1) - 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
Sectors
Not applicable.
Employability Skills
Not applicable.
Licensing Information
Not applicable.