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Evidence Guide: SITXFIN001A - 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

 

SITXFIN001A - Process financial transactions

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

Process receipts and payments.

  1. Receive and check cash float accurately where appropriate using correct documentation.
  2. Check payments received from the customer and give correct change where appropriate.
  3. Prepare and issue accurate receipts including all relevant tax details.
  4. Process and record transactions according to organisation and financial institution procedures.
  5. When cash payments are required, check documents and issue cash according to organisation procedures.
  6. Conduct transactions using appropriate software applications.
  7. Conduct transactions to meet organisation speed and customer service standards.
Receive and check cash float accurately where appropriate using correct documentation.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check payments received from the customer and give correct change where appropriate.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare and issue accurate receipts including all relevant tax details.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process and record transactions according to organisation and financial institution procedures.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

When cash payments are required, check documents and issue cash according to organisation procedures.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct transactions using appropriate software applications.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct transactions to meet organisation speed and customer service standards.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Reconcile takings.

  1. Perform balancing procedures at the designated times according to organisation policy and in consultation with colleagues.
  2. Where appropriate, separate any cash floats from takings prior to balancing procedure and secure according to organisation procedures.
  3. Determine register or terminal reading or printout where appropriate.
  4. Remove payments received and transport according to organisation security procedures.
  5. Count and calculate payments accurately.
  6. Determine balance between register or terminal reading and sum of payments accurately.
  7. Investigate or report discrepancies in the reconciliation within scope of individual responsibility.
  8. Record takings according to organisation procedures.
Perform balancing procedures at the designated times according to organisation policy and in consultation with colleagues.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Where appropriate, separate any cash floats from takings prior to balancing procedure and secure according to organisation procedures.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine register or terminal reading or printout where appropriate.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Remove payments received and transport according to organisation security procedures.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Count and calculate payments accurately.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine balance between register or terminal reading and sum of payments accurately.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Investigate or report discrepancies in the reconciliation within scope of individual responsibility.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record takings according to organisation 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, 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:

ability to conduct accurate and secure financial transactions

ability to balance transactions within acceptable organisation timeframes

knowledge of security principles and procedures in relation to tender and other financial documentation

ability to work within time constraints typical of the industry environment, such as several people waiting to pay their bill

processing of multiple and varied transactions to address different situations and contexts.

Context of and specific resources for assessment

Assessment must ensure:

use of legal tender and industry-current processing equipment, such as credit card machines and tills

completion of transactions with a number of customers with varying requirements.

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:

direct observation of the candidate processing financial transactions and balancing takings

review of reconciliation documentation prepared by the candidate

written or oral questions to assess knowledge of procedures for cash or non-cash transactions

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

Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended.

Assessing employability skills

Employability skills are integral to effective performance in the workplace and are broadly consistent across industry sectors. How these skills are applied varies between occupations and qualifications due to the different work functions and contexts.

Employability skills embedded in this unit should be assessed holistically with other relevant units that make up the skill set or qualification and in the context of the job role.

Required Skills and Knowledge

This section describes the essential skills and knowledge and their level, required for this unit.

The following skills must be assessed as part of this unit:

problem-solving skills to identify and investigate a range of routine reconciliation discrepancies

literacy skills to read and interpret documentation, such as credit card details, receipts or cash float documentation

numeracy skills to tender correct change and undertake simple financial reconciliations.

The following knowledge must be assessed as part of this unit:

procedures for processing different types of transactions in the relevant industry context

underpinning principles of the reconciliation and balancing process

relevant software, such as point of sale

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

security procedures for cash and other financial documentation

how GST affects financial transactions in a given industry context.

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

credit cards

cheques

EFTPOS

deposits

advance payments

vouchers

company charges

refunds

travellers cheques

foreign currency.

Balancing procedures may be:

manual

electronic.

Security procedures may relate to:

process for taking cash from customers

managing floats, such as when to reduce cash held

maintaining low levels of cash in tills

rules for when and how cash should be counted

handling customer claims of short change

transporting takings to the bank

procedures in the event of a hold-up.