- SIRXFIN003A - Produce financial reports
Produce financial reports
Issue Date: January 2021
This unit applies to team members who produce accurate financial reports according to store policy and procedures. It requires the accurate and effective recording of data for preparation of trial balances, and receiving, recording and dispatching records and payments to debtors and creditors. These tasks are performed under some supervision.
This unit describes the performance outcomes, skills and knowledge required to produce financial reports in a retail environment. It involves entering payment summaries into journals, reconciling accounts to balance, preparing bank reconciliations, and receiving and documenting payments and takings. It also involves dispatching statements to debtors, dispatching payments to creditors and preparing financial reports.
You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)
This unit contains employability skills.
List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
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
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.
List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here
Assessment task 1: [title] Due date:
(add new lines for each of the assessment tasks)
Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.
This section describes the essential skills and knowledge and their level, required for this unit.
literacy skills to:
numeracy skills to:
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
store policy and procedures in regard to:
register or terminal balance
cash and non
purchase requisitions and orders
issuing of receipts
cash register rolls
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 non
security of cash and non
change required and denominations of change
credits and returns
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:
Nominated system may include:
Relevant personnel may include:
Store policy and procedures in regard to:
Records may be:
Sources may include:
formal or informal reports
written or verbal data
formal or informal meetings
quantitative and qualitative data.
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.
|Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice||Yes||No||Comments/feedback|
|Fill payment documents out identifying relevant details.|
|Check payment documents for authenticity of claim.|
|Balance payment documents on a routine basis.|
|Identify discrepancies betweentransaction documentation and account balances.|
|Rectify errors in documentation.|
|Record data on nominated system within designated time limits.|
|Check deposit entries and cash payment summaries for accuracy against bank statements.|
|Note and resolve discrepancies.|
|Produce regular reconciliation reports within designated time limits to provide data for preparation of trial balance.|
|Complete pay in documentation accurately.|
|Balance all transaction calculations.|
|Count cash correctly and give correct change, if applicable.|
|Verify cheque and credit card payments with the relevant personnel or department prior to acceptance.|
|Complete and issue receipts.|
|Check debtor statements for accuracy of contents.|
|Rectify any noted discrepancies accurately.|
|Dispatch debtor statements within designated time limits.|
|Collect outstanding accounts within designated credit periods.|
|Review and control credit terms to ensure payment within designated time limits.|
|Maintain debtors ledger to reflect current situation.|
|Review customer credit terms when indicated, according to store policy and procedures.|
|Check payment documentation prepared by others for accuracy of information and dispatch to creditors within designated time limits.|
|Reconcile creditors’ statements with accounting records.|
|Input relevant data to creditors’ ledger.|
|Reconcile general ledger against accounting records.|
|Clarify purpose of the report with relevant personnel.|
|Identify and obtain relevant data from nominated internal or external sources.|
|Update nominated internal records to show current status of financial report.|
|Transcribe data onto nominated form and in the authorised manner.|
Assessment Cover Sheet
SIRXFIN003A - Produce financial reports
Assessment task 1: [title]
I declare that the assessment tasks submitted for this unit are my own work.
Result: Competent Not yet competent
Feedback to student
Assessment Record Sheet
SIRXFIN003A - Produce financial reports
Assessment task 1: [title] Result: Competent Not yet competent
(add lines for each task)
Feedback to student:
Overall assessment result: Competent Not yet competent