SIRXFIN003A
Produce financial reports

This unit describes the performance outcomes, skills and knowledge required to produce financial reports in a retail environment. It involves entering payment summaries into journals, reconciling accounts to balance, preparing bank reconciliations, and receiving and documenting payments and takings. It also involves dispatching statements to debtors, dispatching payments to creditors and preparing financial reports.

Application

This unit applies to team members who produce accurate financial reports according to store policy and procedures. It requires the accurate and effective recording of data for preparation of trial balances, and receiving, recording and dispatching records and payments to debtors and creditors. These tasks are performed under some supervision.


Prerequisites

Nil


Elements and Performance Criteria

Element

Performance Criteria

Elements describe the essential outcomes of a unit of competency.

Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide.

1. Enter payment summaries into journals.

1.1.Fill payment documents out identifying relevant details.

1.2.Check payment documents for authenticity of claim.

1.3.Balance payment documents on a routine basis.

2. Reconcile accounts to balance.

2.1.Identify discrepancies betweentransaction documentation and account balances.

2.2.Rectify errors in documentation.

2.3.Record data on nominated system within designated time limits.

3. Prepare bank reconciliations.

3.1.Check deposit entries and cash payment summaries for accuracy against bank statements.

3.2.Note and resolve discrepancies.

3.3.Produce regular reconciliation reports within designated time limits to provide data for preparation of trial balance.

3.4.Complete pay in documentation accurately.

3.5.Balance all transaction calculations.

4. Receive and document payments and takings.

4.1.Count cash correctly and give correct change, if applicable.

4.2.Verify cheque and credit card payments with the relevant personnel or department prior to acceptance.

4.3.Complete and issue receipts.

5. Dispatch statements to debtors and follow up outstanding accounts.

5.1.Check debtor statements for accuracy of contents.

5.2.Rectify any noted discrepancies accurately.

5.3.Dispatch debtor statements within designated time limits.

5.4.Collect outstanding accounts within designated credit periods.

5.5.Review and control credit terms to ensure payment within designated time limits.

5.6.Maintain debtors ledger to reflect current situation.

5.7.Review customer credit terms when indicated, according to store policy and procedures.

6. Dispatch payments to creditors.

6.1.Check payment documentation prepared by others for accuracy of information and dispatch to creditors within designated time limits.

6.2.Reconcile creditors’ statements with accounting records.

6.3.Input relevant data to creditors’ ledger.

6.4.Reconcile general ledger against accounting records.

7. Generate financial documents.

7.1.Clarify purpose of the report with relevant personnel.

7.2.Identify and obtain relevant data from nominated internal or external sources.

7.3.Update nominated internal records to show current status of financial report.

7.4.Transcribe data onto nominated form and in the authorised manner.

Required Skills

This section describes the essential skills and knowledge and their level, required for this unit.

Required skills

literacy skills to:

interpret documentation

write reports

numeracy skills to:

reconcile accounts

count cash

calculate noncash transactions

report on takings

interpersonal skills to:

verify cheque and credit card payments with relevant personnel or department prior to acceptance

clarify purpose of report with relevant personnel

identify and obtain relevant data through clear and direct communication

ask questions to identify and confirm requirements

use language and concepts appropriate to cultural differences

use and interpret non-verbal communication

Required knowledge

store policy and procedures in regard to:

register or terminal balance

cash and noncash transactions security

cash balances

banking procedures

purchase requisitions and orders

issuing of receipts

delivery dockets

credit notes

statements

remittance advices

cash register rolls

deposit books

change required and denomination of change

operation of equipment used at register or terminal

processing delivery document discrepancies

invoicing procedures for debtors and creditors

payment and invoice procedures, including GST requirements

relevant legislation and statutory requirements

cash and noncash handling procedures, including:

balancing pointofsale terminal

recording takings

security of cash and noncash transactions

change required and denominations of change

EFTPOS

credit cards

gift vouchers

lay-by

credits and returns

Evidence Required

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, the range statement and the Assessment Guidelines for this Training Package.

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the following is essential:

consistently applies store policy and procedures when producing financial reports

consistently applies store policy and procedures in regard to handling cash

consistently applies store policy and procedures in regard to the accurate and effective recording of data for reporting and processing document discrepancies and the reconciliation of reports for preparation of trial balances

consistently applies store policy and procedures in regard to receiving, recording and dispatching to debtors and creditors

applies follow-up procedures for outstanding accounts.

Context of and specific resources for assessment

Assessment must ensure access to:

a retail work environment

relevant documentation, such as:

financial transaction dockets, slips and invoices

recording and tally sheets

store policy and procedures manuals

recording, documenting and filing systems

registers and related equipment, including EFTPOS facilities and equipment.

Methods of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:

observation of performance in the workplace

third-party reports from a supervisor

customer feedback

answers to questions about specific skills and knowledge

review of portfolios of evidence and third-party workplace reports of on-the-job performance.

Guidance information for assessment

Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended.


Range Statement

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 in the performance criteria is detailed below.

Transactions may include:

cash

cheque

credit card

EFTPOS

store card

internet payments

lay-by

gift vouchers

returns.

Nominated system may include:

recording

documenting

reporting systems

accounting.

Relevant personnel may include:

supervisor

team leader

manager.

Store policy and procedures in regard to:

financial systems

cash handling

reconciling accounts.

Records may be:

manual

electronic.

Sources may include:

staff members

formal or informal reports

written or verbal data

formal or informal meetings

quantitative and qualitative data.


Sectors

Cross-Sector


Competency Field

Finance


Employability Skills

This unit contains employability skills.


Licensing Information

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