Application
This unit describes the skills and knowledge required to clear registers, count money, calculate non-cash transactions and reconcile takings, and balance cash holdings.
It applies to individuals who use numeracy skills to undertake financial duties, including checks for accuracy of transactions, and closely adhere to organisational requirements and procedures.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Maintain accurate cash floats | 1.1 Maintain cash in drawer in accordance with organisational policy and procedures 1.2 Conduct regular cash transaction processing and proofings within specified timeframes, and appropriately record and check accuracy with cash withdrawn and deposited 1.3 Count cash at close of business in accordance with organisational policy and procedures, and investigate and correct discrepancies to balance float 1.4 Maintain cash within set limits in compliance with organisational budget |
2. Remove receipts from terminal | 2.1 Follow organisational policy and procedures to perform terminal balances, ensuring float is separated from takings prior to balancing, and supply cash to terminal 2.2 Record terminal information appropriately after accurate checking 2.3 Follow security policy and procedures in removal and transportation of cash, cash float and non-cash documents |
3. Reconcile takings | 3.1 Correctly count and calculate cash and non-cash documents with terminal reading, and compare sum of cash and non-cash transactions appropriately to achieve balance 3.2 Accurately document records of individual takings in accordance with organisational policy and procedures |
Evidence of Performance
Evidence of the ability to:
maintain cash float limit in accordance with cash requirements
conduct regular checks of cash transaction processing in a timely and efficient manner
check the system for discrepancies and perform cashier daily balance processes
accurately count and reconcile cash holdings in accordance with organisational requirements and procedures
accurately check cash and non-cash transactions, and complete required documentation.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
Evidence of Knowledge
To complete the unit requirements safely and effectively, the individual must:
outline the key steps and reasons for maintaining cash float and reconciliation of cash holdings
describe the key features of organisational policy and procedures relating to:
terminal balancing
cash and non-cash transaction security
cash float handling
processing timeframes.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial retail services field of work and include access to:
common office equipment, technology, software and consumables
equipment relevant to balancing cash holdings
financial cash and non-cash transaction system and consumables.
Assessors must satisfy NVR/AQTF assessor requirements.
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 1.1-1.3, 2.2, 3.1 | Reads and interprets written information to determine requirements, check for discrepancies and complete necessary actions |
Writing | 1.2, 2.2, 3.2 | Completes forms and transaction records accurately |
Numeracy | 1.1-1.4, 2.1, 2.2, 3.1, 3.2 | Uses mathematical equations to make basic cash and non-cash balancing calculations |
Navigate the world of work | 1.1, 1.3, 1.4, 2.1, 2.3, 3.2 | Follows explicit organisational policy and procedures to complete tasks securely and accurately |
Get the work done | 1.1, 1.2, 1.3, 2.1, 2.3, 3.1 | Takes responsibility for sequencing and prioritising tasks within own workload for efficiency and effective outcomes Responds to familiar problems by implementing standard or logical solutions Uses the main features and functions of digital tools and systems to complete work tasks |
Sectors
Financial retail services