- SIRXFIN003A - Produce financial reports
Produce financial reports
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.
Elements and Performance Criteria
Elements describe the essential outcomes of a unit of competency.
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide.
1. Enter payment summaries into journals.
1.1.Fill payment documents out identifying relevant details.
1.2.Check payment documents for authenticity of claim.
1.3.Balance payment documents on a routine basis.
2. Reconcile accounts to balance.
2.1.Identify discrepancies between
2.2.Rectify errors in documentation.
2.3.Record data on nominated system within designated time limits.
3. Prepare bank reconciliations.
3.1.Check deposit entries and cash payment summaries for accuracy against bank statements.
3.2.Note and resolve discrepancies.
3.3.Produce regular reconciliation reports within designated time limits to provide data for preparation of trial balance.
3.4.Complete pay in documentation accurately.
3.5.Balance all transaction calculations.
4. Receive and document payments and takings.
4.1.Count cash correctly and give correct change, if applicable.
4.2.Verify cheque and credit card payments with the relevant personnel or department prior to acceptance.
4.3.Complete and issue receipts.
5. Dispatch statements to debtors and follow up outstanding accounts.
5.1.Check debtor statements for accuracy of contents.
5.2.Rectify any noted discrepancies accurately.
5.3.Dispatch debtor statements within designated time limits.
5.4.Collect outstanding accounts within designated credit periods.
5.5.Review and control credit terms to ensure payment within designated time limits.
5.6.Maintain debtors ledger to reflect current situation.
5.7.Review customer credit terms when indicated, according to store policy and procedures.
6. Dispatch payments to creditors.
6.1.Check payment documentation prepared by others for accuracy of information and dispatch to creditors within designated time limits.
6.2.Reconcile creditors’ statements with accounting records.
6.3.Input relevant data to creditors’ ledger.
6.4.Reconcile general ledger against accounting records.
7. Generate financial documents.
7.1.Clarify purpose of the report with relevant personnel.
7.2.Identify and obtain relevant data from nominated internal or external sources.
7.3.Update nominated internal records to show current status of financial report.
7.4.Transcribe data onto nominated form and in the authorised manner.
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 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.
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.
This unit contains employability skills.
No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.