This unit describes the skills required to update an official bank account, process related financial adjustments and prepare data for inclusion in monthly reports.

This unit applies to those working in the public sector Finance Domain who would be required to undertake financial administration activities related to banking activities as part of their duties.

The skills and knowledge described in this unit must be applied within the legislative, regulatory and policy environment in which they are carried out. Organisational policies and procedures must be consulted and adhered to, particularly those related to financial management activities.

Those undertaking this unit would be working under supervision while undertaking financial management tasks. They would perform routine tasks in familiar context.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1

Update official bank account

1.1

Monitor cash balances

1.2

Conduct daily bank reconciliations

1.3

Adjust bank account balances

2

Process financial adjustments

2.1

Process daily journals

2.2

Process end of month journals

3

Prepare data for monthly reporting activities

3.1

Gather data from relevant financial systems for inclusion in monthly reports

3.2

Provide data for inclusion in reports

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria on at least one occasion and include:

complying with cash management policies

complying with delegations and policies

performing reconciliations

preparing accounting journals

producing monthly reports

using complex spreadsheet formulas and functions.

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria and include knowledge of:

the Australian banking legislation, national and international banking systems and international banking policies

the Foreign Exchange (FOREX) implications for contracts and the purpose of the FOREX budget

the nature and type of transactions

the policies and procedures governing the use of special accounts in the Government environment

the types of risks relevant to Government banking and cash management.

As a minimum, assessors must satisfy applicable regulatory requirements, which include requirements in the Standards for Registered Training Organisations, current at the time of assessment.

As a minimum, assessment must satisfy applicable regulatory requirements, which include requirements in the Standards for Registered Training Organisations, current at the time of assessment.

Assessment must occur in workplace operational situations where it is appropriate to do so; where this is not appropriate, assessment must occur in simulated workplace operational situations that replicate workplace conditions.

Assessment processes and techniques must be appropriate to the language, literacy and numeracy requirements of the work being performed and the needs of the candidate.

Resources for assessment must include access to:

a range of relevant exercises, case studies and/or other simulations

relevant and appropriate materials, tools, equipment and personal protective equipment (PPE) currently used in industry

applicable documentation, including workplace procedures, regulations, codes of practice and operation manuals

acceptable means of simulated assessment.

Foundation skills essential to performance are explicit in the performance criteria of this unit of competency.

Range is restricted to essential operating conditions and any other variables essential to the work environment.

Non-essential conditions may be found in the Companion Volume Implementation Guide.

Not applicable.

Financial Management