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Evidence Guide: FNSFMK401 - Reconcile 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

 

FNSFMK401 - Reconcile financial transactions

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

Reconcile transaction

  1. Identify accounts and/or data held in operations systems for reconciliation
  2. Check that cash or security movements in one account agree with those in other accounts and/or the organisational systems
  3. Identify any discrepancies within the transaction amounts between accounts according to organisational procedures
Identify accounts and/or data held in operations systems for reconciliation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check that cash or security movements in one account agree with those in other accounts and/or the organisational systems

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify any discrepancies within the transaction amounts between accounts according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Follow up discrepancies

  1. Follow up any discrepancies with the counterparty, correspondent or internal systems according to organisational procedures
  2. Escalate unreconciled discrepancies to appropriate organisational personnel for review
  3. Reconcile accounts once discrepancies have been rectified
Follow up any discrepancies with the counterparty, correspondent or internal systems according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Escalate unreconciled discrepancies to appropriate organisational personnel for review

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Reconcile accounts once discrepancies have been rectified

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Reconcile transaction

1.1 Identify accounts and/or data held in operations systems for reconciliation

1.2 Check that cash or security movements in one account agree with those in other accounts and/or the organisational systems

1.3 Identify any discrepancies within the transaction amounts between accounts according to organisational procedures

2. Follow up discrepancies

2.1 Follow up any discrepancies with the counterparty, correspondent or internal systems according to organisational procedures

2.2 Escalate unreconciled discrepancies to appropriate organisational personnel for review

2.3 Reconcile accounts once discrepancies have been rectified

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Reconcile transaction

1.1 Identify accounts and/or data held in operations systems for reconciliation

1.2 Check that cash or security movements in one account agree with those in other accounts and/or the organisational systems

1.3 Identify any discrepancies within the transaction amounts between accounts according to organisational procedures

2. Follow up discrepancies

2.1 Follow up any discrepancies with the counterparty, correspondent or internal systems according to organisational procedures

2.2 Escalate unreconciled discrepancies to appropriate organisational personnel for review

2.3 Reconcile accounts once discrepancies have been rectified

Evidence of the ability to:

accurately interpret and follow organisational and industry reconciliation procedures

accurately reconcile a range of accounts, following up discrepancies as required using organisational systems.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

describe a range of account types to be reconciled

outline different types of reconciliation

describe key steps of current organisational and industry reconciliation procedures.