Elements and Performance Criteria

Element

Performance Criteria

1

Enter data to system

1.1

Data is entered into systems without error and within time requirements as specified in relevant company policy and procedures

1.2

Data is allocated to correct systems and accounts

1.3

Related systems are updated

1.4

Data entry is undertaken in accordance with relevant health and safety requirements

1.5

System controls are maintained to ensure the integrity and security of client/payee database

2

Create payment facility

2.1

Payment facility is processed accurately in accordance with company policy and procedures

2.2

Documentation is maintained in a secure manner to protect the privacy and interests of all parties

3

Verify payments against documentation

3.1

Authorisation for payment is confirmed

3.2

Information on payment facility matches approved documentation

3.3

Discrepancies are identified and followed up promptly

4

Effect payment

4.1

Payments are made within agreed credit arrangements in accordance with company policy and procedures and industry and legislative requirements

4.2

Payment instruments are signed in accordance with relevant authority levels

4.3

Related systems are updated promptly to ensure that the integrity of accounting systems are maintained

4.4

Primary documentation associated with payment is cancelled, or noted, to ensure multiple payments are not made

5

File documentation

5.1

Documentation is filed promptly in accordance with company policy and procedures

5.2

Location of filed documentation is traceable

REQUIRED KNOWLEDGE&SKILLS

Knowledge requirements include:

company policy and procedures

knowledge or awareness of relevant acts and regulations

legal systems and procedures

industry codes of practice

computer systems

procedure writing

Skills requirements include:

computerised spreadsheet and database

data analysis and interpretation

evaluative and general analytical

negotiation and interpersonal

EVIDENCE GUIDE

Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace.

Overview of assessment requirements

To achieve competency in this unit, a person must be able to demonstrate:

knowledge of industry and legislative requirements for processing payment documentation

knowledge of organisational policies and procedures for processing payment documentation

ability to enter data in organisational systems

ability to create payment facilities

ability to verify payments against documentation

ability make payments

ability to file necessary documentation

Critical aspects of evidence

Evidence required for demonstration of consistent performance:

Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.

Delivery/relationship to other units:

This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge.

Evidence is most relevant when provided through an integrated activity, which combines the elements of competency for the unit, or a cluster of units of competency.

Assessment requirements

Method of assessment:

For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.

Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.

Context of assessment:

Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability.

Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.

Resources required for assessment:

Unless otherwise specified, there are no significant resource implications for assessment of this unit, apart from access to a relevant workplace or closely simulated office environment and the use of a range of office equipment, technology and consumables. These may include standard commercial computer hardware, software, telephones, facsimiles, and other relevant office equipment.

The Range Statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance.

The following variables 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. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement.

Company policy and procedures may include:

operations manuals

internal control guidelines

computer system documentation

Related systems may include:

assets system

commissions and fees

receivables

reinsurance

holding/suspense accounts

tax related

claims

Systems controls:

protect against the corruption of payee name, address and/or bank account details

Payment documentation/facilities may include:

invoices

confirmation of receipt

stop payments

payment requests

delivery dockets

cheque cancellations

batch records

periodic approvals

authorisation slips

signature verifications

Industry and legislative requirements may cover:

Australian Accounting Standards

relevant Insurance Act

industry codes of practice

Consumer Credit legislation

Privacy Act

Taxation Act

Australian Securities and Investments Commission (ASIC) Code

Trade Practices Act

Stamp Duties Act

occupational health and safety (OH&S) acts and guidelines