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Evidence Guide: SIRXFIN003A - Produce financial reports

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

 

SIRXFIN003A - Produce financial reports

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

Enter payment summaries into journals.

  1. Fill payment documents out identifying relevant details.
  2. Check payment documents for authenticity of claim.
  3. Balance payment documents on a routine basis.
Fill payment documents out identifying relevant details.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Check payment documents for authenticity of claim.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Balance payment documents on a routine basis.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Reconcile accounts to balance.

  1. Identify discrepancies betweentransaction documentation and account balances.
  2. Rectify errors in documentation.
  3. Record data on nominated system within designated time limits.
Identify discrepancies betweentransaction documentation and account balances.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Rectify errors in documentation.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Record data on nominated system within designated time limits.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Prepare bank reconciliations.

  1. Check deposit entries and cash payment summaries for accuracy against bank statements.
  2. Note and resolve discrepancies.
  3. Produce regular reconciliation reports within designated time limits to provide data for preparation of trial balance.
  4. Complete pay in documentation accurately.
  5. Balance all transaction calculations.
Check deposit entries and cash payment summaries for accuracy against bank statements.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Note and resolve discrepancies.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Complete pay in documentation accurately.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Balance all transaction calculations.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Receive and document payments and takings.

  1. Count cash correctly and give correct change, if applicable.
  2. Verify cheque and credit card payments with the relevant personnel or department prior to acceptance.
  3. Complete and issue receipts.
Count cash correctly and give correct change, if applicable.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Complete and issue receipts.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Dispatch statements to debtors and follow up outstanding accounts.

  1. Check debtor statements for accuracy of contents.
  2. Rectify any noted discrepancies accurately.
  3. Dispatch debtor statements within designated time limits.
  4. Collect outstanding accounts within designated credit periods.
  5. Review and control credit terms to ensure payment within designated time limits.
  6. Maintain debtors ledger to reflect current situation.
  7. Review customer credit terms when indicated, according to store policy and procedures.
Check debtor statements for accuracy of contents.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Rectify any noted discrepancies accurately.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Dispatch debtor statements within designated time limits.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Collect outstanding accounts within designated credit periods.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Maintain debtors ledger to reflect current situation.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Dispatch payments to creditors.

  1. Check payment documentation prepared by others for accuracy of information and dispatch to creditors within designated time limits.
  2. Reconcile creditors’ statements with accounting records.
  3. Input relevant data to creditors’ ledger.
  4. Reconcile general ledger against accounting records.
Check payment documentation prepared by others for accuracy of information and dispatch to creditors within designated time limits.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Reconcile creditors’ statements with accounting records.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Input relevant data to creditors’ ledger.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Reconcile general ledger against accounting records.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Generate financial documents.

  1. Clarify purpose of the report with relevant personnel.
  2. Identify and obtain relevant data from nominated internal or external sources.
  3. Update nominated internal records to show current status of financial report.
  4. Transcribe data onto nominated form and in the authorised manner.
Clarify purpose of the report with relevant personnel.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Transcribe data onto nominated form and in the authorised manner.

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, 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.

Required Skills and Knowledge

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

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.