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Evidence Guide: RIIFIA401D - Manage financial records

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

 

RIIFIA401D - Manage financial records

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

Prepare/receive invoices

  1. Access, interpret and apply financial record documentation and ensure the work activity is compliant
  2. Estimate all job components accurately
  3. Present financial data and record quotations
  4. Levy charges according to services, and render accounts to clients
  5. Promptly and accurately prepare invoices to help ensure desired cash flow
  6. Verify accounts received for accuracy and pay promptly
Access, interpret and apply financial record documentation and ensure the work activity is compliant

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Estimate all job components accurately

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Present financial data and record quotations

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Levy charges according to services, and render accounts to clients

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Promptly and accurately prepare invoices to help ensure desired cash flow

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Verify accounts received for accuracy and pay promptly

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Maintain cost records

  1. Maintain financial controls and accountability
  2. Record all costs in writing promptly, legibly and accurately
Maintain financial controls and accountability

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Record all costs in writing promptly, legibly and accurately

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Prepare reports on variances from cost estimates

  1. Analyse cost records to detect variances/reasons for variances
  2. Compare final costing with original job tender
  3. Prepare reports in accordance with organisation format
Analyse cost records to detect variances/reasons for variances

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Compare final costing with original job tender

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Prepare reports in accordance with organisation format

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Monitor financial performance

  1. Determine and maintain strategies for managing budget against actual performance
  2. Determine and calculate cost to enterprise requirements
  3. Complete reporting and pricing records
  4. Produce financial reports in a clear and timely manner for distribution to relevant stakeholders
Determine and maintain strategies for managing budget against actual performance

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Determine and calculate cost to enterprise requirements

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Complete reporting and pricing records

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Produce financial reports in a clear and timely manner for distribution to relevant stakeholders

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

1 Prepare/receive invoices

1.1 Access, interpret and apply financial record documentation and ensure the work activity is compliant

1.2 Estimate all job components accurately

1.3 Present financial data and record quotations

1.4 Levy charges according to services, and render accounts to clients

1.5 Promptly and accurately prepare invoices to help ensure desired cash flow

1.6 Verify accounts received for accuracy and pay promptly

2 Maintain cost records

2.1 Maintain financial controls and accountability

2.2 Record all costs in writing promptly, legibly and accurately

3 Prepare reports on variances from cost estimates

3.1 Analyse cost records to detect variances/reasons for variances

3.2 Compare final costing with original job tender

3.3 Prepare reports in accordance with organisation format

4 Monitor financial performance

4.1 Determine and maintain strategies for managing budget against actual performance

4.2 Determine and calculate cost to enterprise requirements

4.3 Complete reporting and pricing records

4.4 Produce financial reports in a clear and timely manner for distribution to relevant stakeholders

Required Skills and Knowledge

1 Prepare/receive invoices

1.1 Access, interpret and apply financial record documentation and ensure the work activity is compliant

1.2 Estimate all job components accurately

1.3 Present financial data and record quotations

1.4 Levy charges according to services, and render accounts to clients

1.5 Promptly and accurately prepare invoices to help ensure desired cash flow

1.6 Verify accounts received for accuracy and pay promptly

2 Maintain cost records

2.1 Maintain financial controls and accountability

2.2 Record all costs in writing promptly, legibly and accurately

3 Prepare reports on variances from cost estimates

3.1 Analyse cost records to detect variances/reasons for variances

3.2 Compare final costing with original job tender

3.3 Prepare reports in accordance with organisation format

4 Monitor financial performance

4.1 Determine and maintain strategies for managing budget against actual performance

4.2 Determine and calculate cost to enterprise requirements

4.3 Complete reporting and pricing records

4.4 Produce financial reports in a clear and timely manner for distribution to relevant stakeholders

Evidence is required to be collected that demonstrates a candidate’s competency in this unit. Evidence must be relevant to the roles within this sector’s work operations and satisfy all of the requirements of the performance criteria of this unit and include evidence that the candidate:

locates and applies relevant legislation, documentation, policies and procedures

demonstrates completion of managing financial records that safely, effectively and efficiently meets all of the required outcomes on more than one (1) occasion including:

identifying and accessing financial data

organising financial data to highlight relevant features

presenting financial data and record quotations in comprehensive format

liaising with suppliers and end users of purchases

preparing and processing invoices

analysing and assessing expenditure

calculating data and to reconcile figures

interpreting and balancing a budget

maintaining financial records

estimating and calculating time/costs for repairing, replacing and servicing site equipment

preparing a written financial report

The candidate must demonstrate knowledge managing financial records through:

complying with codes of ethics and conduct

understanding of provisions of relevant legislation affecting business operations, codes of practice and national standards

complying with organisation policy and procedures relating to:

service delivery, quotation and payment policies and procedures

standard contracting arrangements

employing purchasing and procurement principles for:

accountability

probity and transparency

risk management

value for money

complying with federal government taxes and charges

maintaining record keeping systems

following budgeting procedures