This unit applies to a range of financial services job roles and sectors.

ELEMENT

PERFORMANCE CRITERIA

1. Verify validity and accuracy of payment request

1.1. Payment requests are matched to order or other supporting information to ensure validity of payment and to comply with internal control requirements

1.2. Supporting documentation is checked to ensure it is correct and complete and an authorisation of request is confirmed with any discrepancies followed up without delay

1.3. Confirmation of goods or services supply is obtained where required to validate request for payment

2. Prepare payment documentation

2.1. All payments are coded and allocated to accounts accurately with payments matched against invoice or other relevant documentation

2.2. All documentation is completed in accordance with organisation policy and procedures

3. Authorise payment

3.1. All payments are authorised accurately and according to organisation policy and procedures

3.2. Funds are not released prior to authorisation of payment in accordance with organisation procedures

3.3. Payment authorisations are within relevant authority levels and follow relevant organisation policy and procedures and industry and legislative requirements

Required skills

communication skills to:

determine and confirm work requirements and interact with customers and internal clients, 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

well developed IT skills for:

accessing and using accounting systems, spreadsheets and databases

data analysis and interpretation

using internet information

evaluation and analysis 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

awareness of relevant acts and regulations impacting on payment authorisation

legal systems and procedures relevant to organisation payment systems

organisation policy and procedures

relevant organisation and industry codes of practice

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 and industry and legislative requirements for evaluating and authorising payment requests

verify and validate the accuracy of payment requests and accurately prepare payment documentation

use sound judgement to evaluate payment requests and authorise payments.

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.

Payment requests may relate to:

claims

commissions

management expenses

periodic payments

return of premium and reinsurance premium

sundry expenses.

Supporting documentation may include:

cheque requisitions

invoices

receipts.

Payments coded and allocated to accounts may include:

cost centres

organisation or system chart of accounts

product or service allocation.

Organisation policy and procedures may include:

computer system documentation

internal control guidelines

operations manuals.

Industry and legislative requirements may cover:

Anti-Money Laundering and Counter Terrorism Financing Acts

Australian Accounting Standards

Consumer Credit Protection (Fees) Act

industry code of practice

Privacy Act

relevant Insurance Act

Stamp Duties Act

Taxation Act

Trade Practices Act.

Unit sector

Account management

This unit contains employability skills.