Modification History
Not applicable.
Unit Descriptor
This unit describes the functions involved in processing financial payment documents.
This unit describes the functions involved in processing financial payment documents.
Application of the Unit
This unit requires the application of skills and knowledge required to process payment documentation. The unit has application across a variety of financial industry sectors ranging from the insurance sector, retail banking sector and credit and friendly societies.
The unit may apply to any related job positions where the job function has responsibility for processing payment documentation.
This unit requires the application of skills and knowledge required to process payment documentation. The unit has application across a variety of financial industry sectors ranging from the insurance sector, retail banking sector and credit and friendly societies.
The unit may apply to any related job positions where the job function has responsibility for processing payment documentation.
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Not applicable.
Employability Skills Information
The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.
The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.
Elements and Performance Criteria Pre-Content
Elements define the essential outcomes of a unit of competency.
Performance Criteria describe the required performance needed to demonstrate achievement of the Element. Bold, italicised terms are elaborated in the Range Statement. Assessment of performance is to be consistent with the Evidence Guide.
Elements define the essential outcomes of a unit of competency.
Performance Criteria describe the required performance needed to demonstrate achievement of the Element. Bold, italicised terms are elaborated in the Range Statement. Assessment of performance is to be consistent with the Evidence Guide.
Elements and Performance Criteria
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Elements and Performance Criteria |
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Element |
Performance Criteria |
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1 |
Enter data to system |
1.1 |
Data is entered into systems without error and within time requirements as specified in relevant company policy and procedures |
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1.2 |
Data is allocated to correct systems and accounts |
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1.3 |
Related systems are updated |
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1.4 |
Data entry is undertaken in accordance with relevant health and safety requirements |
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1.5 |
System controls are maintained to ensure the integrity and security of client/payee database |
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2 |
Create payment facility |
2.1 |
Payment facility is processed accurately in accordance with company policy and procedures |
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2.2 |
Documentation is maintained in a secure manner to protect the privacy and interests of all parties |
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3 |
Verify payments against documentation |
3.1 |
Authorisation for payment is confirmed |
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3.2 |
Information on payment facility matches approved documentation |
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3.3 |
Discrepancies are identified and followed up promptly |
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4 |
Effect payment |
4.1 |
Payments are made within agreed credit arrangements in accordance with company policy and procedures and industry and legislative requirements |
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4.2 |
Payment instruments are signed in accordance with relevant authority levels |
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4.3 |
Related systems are updated promptly to ensure that the integrity of accounting systems are maintained |
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4.4 |
Primary documentation associated with payment is cancelled, or noted, to ensure multiple payments are not made |
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5 |
File documentation |
5.1 |
Documentation is filed promptly in accordance with company policy and procedures |
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5.2 |
Location of filed documentation is traceable |
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Required Skills and Knowledge
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REQUIRED KNOWLEDGE &SKILLS |
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Knowledge requirements include : company policy and procedures knowledge or awareness of relevant acts and regulations legal systems and procedures industry codes of practice computer systems procedure writing |
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Skills requirements include : computerised spreadsheet and database data analysis and interpretation evaluative and general analytical negotiation and interpersonal |
Evidence Guide
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EVIDENCE GUIDE |
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Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace. |
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Overview of assessment requirements |
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To achieve competency in this unit, a person must be able to demonstrate: knowledge of industry and legislative requirements for processing payment documentation knowledge of organisational policies and procedures for processing payment documentation ability to enter data in organisational systems ability to create payment facilities ability to verify payments against documentation ability make payments ability to file necessary documentation |
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Critical aspects of evidence |
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Evidence required for demonstration of consistent performance : |
Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment. |
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Delivery /relationship to other units : |
This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge. Evidence is most relevant when provided through an integrated activity, which combines the elements of competency for the unit, or a cluster of units of competency. |
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Assessment requirements |
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Method of assessment : |
For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance. Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required. |
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Context of assessment : |
Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability. Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements. |
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Resources required for assessment : |
Unless otherwise specified, there are no significant resource implications for assessment of this unit, apart from access to a relevant workplace or closely simulated office environment and the use of a range of office equipment, technology and consumables. These may include standard commercial computer hardware, software, telephones, facsimiles, and other relevant office equipment. |
Range Statement
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The Range Statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance. The following variables 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. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement. |
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Company policy and procedures may include: |
operations manuals internal control guidelines computer system documentation |
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Related systems may include: |
assets system commissions and fees receivables |
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reinsurance holding/suspense accounts tax related claims |
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Systems controls : |
protect against the corruption of payee name, address and/or bank account details |
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Payment documentation /facilities may include: |
invoices confirmation of receipt stop payments payment requests delivery dockets cheque cancellations batch records periodic approvals authorisation slips signature verifications |
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Industry and legislative requirements may cover: |
Australian Accounting Standards relevant Insurance Act industry codes of practice Consumer Credit legislation Privacy Act Taxation Act Australian Securities and Investments Commission (ASIC) Code Trade Practices Act Stamp Duties Act occupational health and safety (OH&S) acts and guidelines |
Unit Sector(s)
Not applicable.
Relationship to other units
This unit replaces FNSICACC305A.
This unit replaces FNSICACC305A.
