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Evidence Guide: TLIP3026 - Maintain financial records in a small business

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

 

TLIP3026 - Maintain financial records in a small business

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

Establish financial management system requirements

  1. Financial management system reporting requirements are established, in accordance with business plans, and statutory and regulatory obligations
  2. Financial system needs and statutory reporting requirements are identified
Financial management system reporting requirements are established, in accordance with business plans, and statutory and regulatory obligations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Financial system needs and statutory reporting requirements are identified

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish financial management system

  1. Financial administrative systems are established to match identified business requirements
  2. Mechanisms for the review of terms of trade and fee structures are reconciled to meet business needs and industry standards
  3. Equipment and software needed to operate the financial administrative system are identified, acquired and installed in association with relevant accounting and technical staff
  4. System financial administration, reporting and performance indicators are maintained in accordance with business's statutory obligations
  5. Financial administrative systems are implemented in accordance with planned processes and policies
Financial administrative systems are established to match identified business requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Mechanisms for the review of terms of trade and fee structures are reconciled to meet business needs and industry standards

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Equipment and software needed to operate the financial administrative system are identified, acquired and installed in association with relevant accounting and technical staff

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

System financial administration, reporting and performance indicators are maintained in accordance with business's statutory obligations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Financial administrative systems are implemented in accordance with planned processes and policies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain financial reporting systems

  1. Financial reports required to monitor business performance, to ensure accurate and timely information on working capital and cash flow, and to meet statutory obligations are accurately prepared in the prescribed format and at the required times
  2. Financial reports are distributed to relevant personnel and organisations by due dates
  3. Financial administration and reporting systems are evaluated against established performance indicators
Financial reports required to monitor business performance, to ensure accurate and timely information on working capital and cash flow, and to meet statutory obligations are accurately prepared in the prescribed format and at the required times

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Financial reports are distributed to relevant personnel and organisations by due dates

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Financial administration and reporting systems are evaluated against established performance indicators

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1

Establish financial management system requirements

1.1

Financial management system reporting requirements are established, in accordance with business plans, and statutory and regulatory obligations

1.2

Financial system needs and statutory reporting requirements are identified

2

Establish financial management system

2.1

Financial administrative systems are established to match identified business requirements

2.2

Mechanisms for the review of terms of trade and fee structures are reconciled to meet business needs and industry standards

2.3

Equipment and software needed to operate the financial administrative system are identified, acquired and installed in association with relevant accounting and technical staff

2.4

System financial administration, reporting and performance indicators are maintained in accordance with business's statutory obligations

2.5

Financial administrative systems are implemented in accordance with planned processes and policies

3

Maintain financial reporting systems

3.1

Financial reports required to monitor business performance, to ensure accurate and timely information on working capital and cash flow, and to meet statutory obligations are accurately prepared in the prescribed format and at the required times

3.2

Financial reports are distributed to relevant personnel and organisations by due dates

3.3

Financial administration and reporting systems are evaluated against established performance indicators

Required Skills and Knowledge

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1

Establish financial management system requirements

1.1

Financial management system reporting requirements are established, in accordance with business plans, and statutory and regulatory obligations

1.2

Financial system needs and statutory reporting requirements are identified

2

Establish financial management system

2.1

Financial administrative systems are established to match identified business requirements

2.2

Mechanisms for the review of terms of trade and fee structures are reconciled to meet business needs and industry standards

2.3

Equipment and software needed to operate the financial administrative system are identified, acquired and installed in association with relevant accounting and technical staff

2.4

System financial administration, reporting and performance indicators are maintained in accordance with business's statutory obligations

2.5

Financial administrative systems are implemented in accordance with planned processes and policies

3

Maintain financial reporting systems

3.1

Financial reports required to monitor business performance, to ensure accurate and timely information on working capital and cash flow, and to meet statutory obligations are accurately prepared in the prescribed format and at the required times

3.2

Financial reports are distributed to relevant personnel and organisations by due dates

3.3

Financial administration and reporting systems are evaluated against established performance indicators

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria on at least one occasion and include:

adapting to differences in equipment and software in accordance with workplace procedures

applying relevant legislation and workplace procedures

completing relevant financial documentation

interpreting and following operational instructions and prioritising work

modifying activities depending on operational contingencies, risk situations and environments

monitoring work activities in terms of planned schedule

reading and interpreting relevant instructions, procedures, information and financial documentation

reporting and/or rectifying identified problems promptly, in accordance with regulatory requirements and workplace procedures

using relevant communications systems and equipment when maintaining financial records

using relevant computerised systems for communication and document generation

working collaboratively with others

working systematically with required attention to detail.

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria and include knowledge of:

accounting and auditing processes

contacts and sources of information/documentation needed when maintaining financial records in a small business or cost centre

customer service policies and procedures

debt control processes

documentation requirements of banking institutions, governments and clients

financial control procedures

relevant agreements, codes of practice and legislative requirements for maintaining financial records in a small business or cost centre

typical problems that can occur when maintaining financial records in a small business and appropriate action that can be taken to prevent or solve these problems

workplace procedures for maintaining financial records in a small business or cost centre including:

compilation and use of cash receipts and cash payment journals

basic preparation

interpretation and analysis of financial reports

recording and balancing of petty cash transactions for financial records

completion of tax reconciliations and documentation

development and use of debtors and creditors records systems

completion of tax documentation and requirements

reconciliation of bank statements with cash records.

Range Statement

Range is restricted to essential operating conditions and any other variables essential to the work environment.

Non-essential conditions can be found in the Companion Volume Implementation Guide.