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Evidence Guide: FNSFMK401A - 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

 

FNSFMK401A - Reconcile financial transactions

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

Confirm transaction

  1. Transaction is confirmed to ensure details are correct with trading details and organisational requirements
Transaction is confirmed to ensure details are correct with trading details and organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Reconcile transaction

  1. Any discrepancies within the transaction amounts, between client's and the organisation are identified and followed up according to organisational procedures
  2. Unreconciled discrepancies are forwarded to appropriate organisational personnel for review
  3. Trade details are reconciled once discrepancies have been rectified
Any discrepancies within the transaction amounts, between client's and the organisation are identified and followed up according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Unreconciled discrepancies are forwarded to appropriate organisational personnel for review

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Trade details are reconciled once discrepancies have been rectified

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

Evidence of the ability to:

Accurately interpret and apply organisational and industry reconciliation procedures

utilise specialist settlement systems

comprehend and follow master agreement instructions.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to organisational trading system software

Method of assessment

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

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Required Skills and Knowledge

Required skills

communication skills to:

determine and confirm work requirements, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

numeracy and IT skills to:

calculate transaction discrepancies

access and use appropriate software such as organisational trading systems, spreadsheets and databases

access internet information

literacy skills to read and interpret organisational and industry reconciliation procedures

judgement skills for forming recommendations in operational situations

organisational skills, including the ability to plan and sequence work

Required knowledge

current organisational and industry reconciliation procedures

current organisational policies and procedures

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.

Reconciliation may include

broker account reconciliation

nostro reconciliation

vostro reconciliation