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Evidence Guide: CUEFOH07B - Process financial transactions

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

CUEFOH07B - Process financial transactions

What evidence can you provide to prove your understanding of each of the following citeria?

Process payments and receipts

  1. Receive and accurately check cash float using correct documentation where appropriate
  2. Make up float to meet estimated selling requirements and maintain to ensure adequate cash change is available to customers
  3. Check cash payments received, give correct change and record sale as required
  4. Process and record non-cash transactions in accordance with organisational and financial institution procedures
  5. Prepare and issue accurate receipts, including all relevant tax details when required
  6. Use appropriate point of sale software, as required, to conduct transactions
  7. Conduct all transactions to meet organisational standards for speed and customer service
Receive and accurately check cash float using correct documentation where appropriate

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make up float to meet estimated selling requirements and maintain to ensure adequate cash change is available to customers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check cash payments received, give correct change and record sale as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process and record non-cash transactions in accordance with organisational and financial institution procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare and issue accurate receipts, including all relevant tax details when required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Use appropriate point of sale software, as required, to conduct transactions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct all transactions to meet organisational standards for speed and customer service

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Reconcile takings

  1. Balance all takings at the designated times in accordance with organisational policy
  2. Determine point of sale reading or print out, where appropriate or manually calculate sales
  3. Separate cash float from takings prior to balancing and secure both in accordance with organisational procedures.
  4. Count and calculate cash and non-cash payments accurately
  5. Balance the takings against the point of sale equipment readout or manually calculate sales and determine any discrepancies
  6. Investigate or report any discrepancies in the reconciliation, according to individual level of responsibility
  7. Record takings in accordance with organisational procedures
  8. Transport and present payments and float to relevant personnel in accordance with organisational security procedures
Balance all takings at the designated times in accordance with organisational policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine point of sale reading or print out, where appropriate or manually calculate sales

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Separate cash float from takings prior to balancing and secure both in accordance with organisational procedures.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Count and calculate cash and non-cash payments accurately

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Balance the takings against the point of sale equipment readout or manually calculate sales and determine any discrepancies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Investigate or report any discrepancies in the reconciliation, according to individual level of responsibility

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record takings in accordance with organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Transport and present payments and float to relevant personnel in accordance with organisational security procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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

The following evidence is critical to the judgement of competence in this unit:

ability to conduct accurate and secure financial transactions

ability to accurately balance transactions within acceptable organisational timeframes

knowledge of security procedures for handling cash and financial documents.

Context of and specific resources for assessment

The assessment context must provide for:

processing transactions on multiple occasions to ensure that skills can be consistently demonstrated

processing a variety of types of transactions, both cash and non-cash to ensure that skills cover all types and encompass the use of a range of financial equipment and documentation

processing transactions within typical workplace time constraints e.g.: serving a queue of customers waiting to pay for tickets.

Method of assessment

Assessment may incorporate a range of methods to assess practical skills and the application of essential underpinning knowledge, and might include:

direct observation of the candidate processing financial transactions and balancing takings

review of reconciliation documentation prepared by the candidate

written or oral questions and tests to assess knowledge of cash and non-cash transactions

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

Assessment methods should closely reflect workplace demands and the needs of particular groups (e.g. people with disabilities, and people who may have literacy or numeracy difficulties such as speakers of languages other than English, remote communities and those with interrupted schooling).

Guidance information for assessment

Assessment of this unit requires access to:

legal tender

current industry and financial institution equipment used to process non-cash financial transactions, eg: credit card machines, cash registers/tills.

Required Skills and Knowledge

Required skills

basic numeracy skills sufficient to process transactions and reconcile takings

procedures for processing different types of transactions

Required knowledge

principles of the reconciliation/balancing process

the role and importance of the reconciliation/balancing process in the broader financial management context of the organisation

security procedures for handling cash and non-cash transactions documents

broad knowledge of GST and how it affects financial transactions and documents issued to customers

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, 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.

Payments may be received by:

cash

cheques

credit card

EFTPOS

foreign currency

money orders

prepaid vouchers

promotional vouchers

travellers cheques

vouchers

Payments may be received for:

advanced ticket bookings

merchandise

programmes

tickets for the current performance/session/event

vouchers

Organisational procedures may relate to:

billing

cancellations

credit

exchanges/amendments

refunds

Reconciliation may use:

computerised point of sale terminals

electronic cash registers providing a print out of sales transactions

manual calculations

Relevant personnel may include:

cashier

front-of-house manager

supervisor

Security procedures may relate to:

handling customer claims of short change

hold up procedures

maintaining low levels of cash at point of sale

procedures for transporting cash from point of sale to cashier

process for storing cash and other financial documents

process for taking cash from customers

rules for when, where and how cash can be counted