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Evidence Guide: SITXFIN201 - 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

 

SITXFIN201 - Process financial transactions

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

Process customer payments.

  1. Receive, check and record cash float.
  2. Check customer payments against sale value.
  3. Provide correct change for cash payments.
  4. Process and record transactions according to organisational procedures.
  5. Prepare and issue accurate receipts including all relevant tax details.
  6. Complete transactions using appropriate software applications.
  7. Complete transactions within organisation speed and customer service requirements.
Receive, check and record cash float.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check customer payments against sale value.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide correct change for cash payments.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process and record transactions according to organisational procedures.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare and issue accurate receipts including all relevant tax details.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete transactions using appropriate software applications.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete transactions within organisation speed and customer service requirements.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Reconcile takings.

  1. Balance customer payments at the designated time according to organisational policy.
  2. Separate cash floats from takings prior to balancing.
  3. Determine point-of-sale records of customer payments.
  4. Accurately count and calculate customer payments.
  5. Balance cash and other payments with point-of-sale records.
  6. Investigate or report discrepancies in the reconciliation.
  7. Record takings according to organisational procedures.
  8. Transport and secure cash floats, cash and other payments according to organisational security procedures.
Balance customer payments at the designated time according to organisational policy.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Separate cash floats from takings prior to balancing.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine point-of-sale records of customer payments.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Accurately count and calculate customer payments.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Balance cash and other payments with point-of-sale records.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Investigate or report discrepancies in the reconciliation.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record takings according to organisational procedures.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Transport and secure cash floats, cash and other payments according to organisational security 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, 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:

process multiple and varied transactions to address different types of customer payments

integrate knowledge of security and other procedures when processing financial transactions

process customer payments in a logical and fair sequence within customer time constraints so that all customers are served effectively

complete reconciliations within designated timelines.

Context of and specific resources for assessment

Assessment must ensure use of:

a real or simulated tourism, hospitality or events industry business operation where financial transactions are processed

point-of-sale equipment and software currently used by the tourism, hospitality and events industries to process and reconcile financial transactions

current commercial procedures and documentation for the processing of financial transactions

cash and other forms of payments

customers from whom the individual can take payments and with whom they can interact.

Method 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 individual processing financial transactions and reconciling takings

review of reconciliation documentation prepared by the individual

written or oral questioning to assess knowledge of security and other procedures

review of portfolios of evidence and thirdparty workplace reports of onthejob performance by the individual.

Guidance information for assessment

The assessor should design integrated assessment activities to holistically assess this unit with other units relevant to the industry sector, workplace and job role, for example:

SITTTSL303 Sell tourism products and services

SITXCCS302 Provide club reception services

SITXCCS303 Provide service to customers.

Required Skills and Knowledge

Required skills

communication skills to discuss payments with customers and discrepancies with appropriate personnel

literacy skills to:

read and interpret organisational procedures for processing financial transactions, cash float documentation, credit card and receipt details and reconciliation information

write receipts and record reconciliations and basic reports about discrepancies

numeracy skills to:

count cash floats

calculate and check the total customer payment required

tender correct change

check and issue accurate receipts including Goods and Services Tax (GST)

calculate total customer payments for the service period or day

complete reconciliations of takings against point-of-sale records

planning and organising skills to process customer payments in a logical sequence and to complete reconciliations within designated timelines

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

technology skills to use point-of-sale equipment and software applications.

Required knowledge

procedures for processing different types of transactions

features and functions of point-of-sale software

role and importance of the reconciliation process to organisational financial management system

security procedures for transporting and securing cash floats, cash and other payments

the application of GST to different products and services.

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.

Transactions may include:

advance payments

cash

cheques

credit cards

deposits

Electronic Funds Transfer at Point of Sale (EFTPOS)

foreign currency

petty cash for internal customers

refunds

travellers cheques

vouchers.

Organisational proceduresfor processing and recording financial transactions may involve:

completing reconciliation records

complying with financial institution documents and procedures

designated times for completing reconciliations

handling customer claims of short change

how and where large sums of cash should be counted

maintaining low levels of cash in tills

management of petty cash

process for providing receipts and invoices to customers

process for taking cash from customers

securing credit card imprints

securing takings in the event of a hold-up.

Security procedures may relate to:

obtaining receipts or sign off for takings handed over to financial personnel

separating and securing cash floats

transporting takings to back office areas and internal cashiers

transporting takings to the bank and obtaining receipts or sign off.