Unit of competency details

Unit descriptor 

This unit describes the performance outcomes, skills and knowledge required to identify payments for processing and accurately process financial payment documents.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.

Application of the unit 

This unit applies to any job role with responsibility for processing payment documentation.

Prerequisite units 

Employability skills 

This unit contains employability skills.

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.

ELEMENT 

PERFORMANCE CRITERIA 

1. Enter data to system

1.1. Data is entered into systems without error and within time requirements as specified in relevant organisation policy and procedures 

1.2. Data is allocated to correct systems and accounts and related systems  are updated

1.3. System controls  are maintained to ensure the integrity and security of client and payee database

2. Create payment facility

2.1. Payment facility is processed accurately in accordance with organisation policy and procedures

2.2. Documentation  is maintained in a secure manner to protect the privacy and interests of all parties

3. Verify payments against documentation

3.1. Authorisation for payment is confirmed with information on payment facility  matching approved documentation

3.2. Discrepancies are identified and followed up promptly

4. Effect payments

4.1. Payments are made within agreed credit arrangements in accordance with organisation policy and procedures and industry and legislative requirements 

4.2. Payment instruments are signed in accordance with relevant authority levels and related systems updated promptly to ensure that the integrity of accounting systems are maintained

4.3. Primary documentation associated with payment is cancelled or noted to ensure multiple payments are not made

5. File documentation

5.1. Documentation is filed promptly in accordance with organisation policy and procedures

5.2. Location of filed documentation is easily accessible and traceable

REQUIRED SKILLS AND KNOWLEDGE 

This section describes the skills and knowledge required for this unit.

Required skills 

• communication skills to:

• determine and confirm work requirements and interact with customers, using questioning and active listening as required
• share information, listen and understand
• use language and concepts appropriate to cultural differences

• numeracy skills to make financial calculations
• information technology skills for accessing and using accounting systems, spreadsheets, databases and internet information
• evaluation skills to determine payment status and any discrepancies
• literacy skills for data analysis and entry
• organisational skills, including the ability to plan and sequence work

Required knowledge 

• awareness of relevant acts and regulations
• industry codes of practice
• organisation policy and procedures
• relevant legal systems and procedures impacting on payment systems

EVIDENCE GUIDE 

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range Statement and the Assessment Guidelines for the Training Package.

Overview of assessment 

Critical aspects for assessment and evidence required to demonstrate competency in this unit 

Evidence of the ability to:

• interpret and apply organisation, industry and legislative requirements for processing payment documentation
• accurately enter data in organisation systems
• create payment facilities and verify payments against documentation.

Context of and specific resources for assessment 

Assessment must ensure:

• competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
• access to and the use of a range of common office equipment, technology, software and consumables
• access to an integrated financial software system and data

Method of assessment 

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

• evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
• verbal or written questioning on underpinning knowledge and skills
• evaluating samples of work
• accessing and validating third party reports.

Guidance information for assessment 

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, if used in the performance criteria, is detailed below. Essential operating conditions that 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) may also be included.

Organisation policy and procedures  may include:

• computer system documentation
• internal control guidelines
• operations manuals.

Related systems  may include:

• assets system
• claims
• commissions and fees
• holding/suspense accounts
• receivables
• reinsurance
• tax related.

Systems controls :

• protect against the corruption of payee:

• name
• address
• bank account details.

Payment facility documentation  may include:

• authorisation slips
• batch records
• cheque cancellations
• confirmation of receipt
• delivery dockets
• invoices
• payment requests
• periodic approvals
• signature verifications
• stop payments.

Industry and legislative requirements  may cover:

• Anti-Money Laundering and Counter Terrorism Financing Acts
• Consumer Credit Protection (Fees) Act
• industry codes of practice
• occupational health and safety (OHS) acts and guidelines
• Privacy Act
• relevant Insurance Act
• Stamp Duties Act
• Taxation Act.

Unit sector 

Account management

Competency field