Modification History
The version details of this endorsed unit are in the table below. The latest information is at the top.
Release |
Comments |
Second Release |
Editorial updates |
Unit Descriptor
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.
Application of the Unit
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.
Licensing/Regulatory Information
No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Pre-Requisites
Nil
Employability Skills Information
This unit contains employability skills.
Elements and Performance Criteria Pre-Content
Elements and Performance Criteria
Element |
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 transaction documentation and account balances. 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. |
Required Skills and Knowledge
This section describes the essential skills and knowledge and their level, required for this unit. |
Required skills |
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Required knowledge |
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Evidence Guide
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. |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the following is essential:
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Context of and specific resources for assessment |
Assessment must ensure access to:
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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:
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Guidance information for assessment |
Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended. |
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 in the performance criteria is detailed below. |
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Transactions may include: |
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Nominated system may include: |
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Relevant personnel may include: |
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Store policy and procedures in regard to: |
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Records may be: |
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Sources may include: |
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Unit Sector(s)
Cross-Sector
Competency field
Finance