This unit applies to a range of job roles in the financial services industry. |
ELEMENT | PERFORMANCE CRITERIA |
1. Receive, identify and record receipts | 1.1. Established procedures are followed and receipts are checked for accuracy against remittance documents 1.2. All receipts are recorded with remittance types accurately identified to ensure correct allocation in accordance with organisation policy and procedures 1.3. Batching is completed in accordance with organisation systems and operating procedures and relevant departments advised of total daily receipts |
2. Match receipts to documentation | 2.1. Receipts are checked and matched to documentation accurately and promptly and documentation security maintained to protect interests of all parties to transaction 2.2. Unmatched receipts are noted for follow-up or referral in accordance with organisation, industry and legislative requirements |
3. Enter data to systems | 3.1. All receipts are accurately allocated to appropriate chart of account areas and data entered onto receipt systems without error and within time requirements specified in relevant organisation policy and procedures 3.2. All receipts are accurately matched to system debit with any data and allocation discrepancies identified promptly to enable early follow-up 3.3. Advice on source and solution to discrepancies is sought, where necessary, to solve outstanding problems 3.4. Related systems are updated, reconciliations completed and discrepancies between general ledger and sub-systems resolved |
4. File documentation | 4.1. Documentation is filed promptly in accordance with organisation policy and procedures 4.2. Location of filed documentation is accessible and easily traceable when required |
Required skills |
communication skills to: determine and confirm work requirements and interact with customers, using questioning and active listening as required share information, listen and understand use language and concepts appropriate to cultural differences numeracy skills to make financial calculations information technology skills for accessing and using accounting systems, spreadsheets, databases and internet information evaluation skills to determine payment status and any discrepancies literacy skills for data analysis and entry organisational skills, including the ability to plan and sequence work |
Required knowledge |
industry codes of practice awareness of relevant acts and regulations relevant legal systems and procedures impacting on payment systems organisation policy and procedures |
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: interpret and apply organisation policies and procedures for preparing, matching and processing receipts comply with legislative requirements for processing receipts accurately match receipts to relevant documentation enter data into organisation systems and correctly file documentation. |
Context of and specific resources for assessment | Assessment must ensure: competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment access to and the use of a range of common office equipment, technology, software and consumables access to an integrated financial software system and data |
Method of assessment | A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit: evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency verbal or written questioning on underpinning knowledge and skills evaluating samples of work accessing and validating third party reports. |
Guidance information for assessment | |
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. | |
Receipts may include: | bankers orders cash cash journal entry cheques credit cards: direct telephone direct debits direct drawing payroll deduction postal money order. |
Organisation policy and procedures may include: | computer systems documentation internal control guidelines operations manuals. |
Industry and legislative requirements may cover: | Cash Transaction Act consumer credit legislation industry codes of practice occupational health and safety (OHS) acts and guidelines Privacy Act relevant Insurance Act Stamp Duties Act Taxation Act. |
Receipt systems may include: | assets cash receipts debiting commissions investment loans receipting system may take account of optimising legislative requirements including Financial Institutions Duty (FID). |
Systems may be: | computer based manual. |
Data and allocation discrepancies may include: | incorrect account allocation keystroke error. |
Unit sector | Account management |
This unit contains employability skills. |
Not applicable.