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Unit of competency details

FNSACM401 - Evaluate and authorise payment requests (Release 1)

Summary

Usage recommendation:
Superseded
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNSACM401A - Evaluate and authorise payment requestsUpdated to meet Standards for Training Packages Minor rewording to clarify intent of performance criteria 24/Mar/2015
Is superseded by FNSACM411 - Authorise valid expense payments 01/Feb/2021

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 25/Mar/2015


Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  30/Jul/2015 
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Unit Of competency

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to verify the validity and accuracy of payment requests, prepare payment documentation and authorise payments.

It applies to individuals who may work under limited supervision and hold responsibility in ensuring that controls are adhered to when processing financial transactions.

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

Unit Sector

Account management

Elements and Performance Criteria

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Verify validity and accuracy of payment request

1.1 Match payment requests with order or other supporting information to ensure validity of payment and comply with internal control requirements

1.2 Check supporting documentation to ensure it is correct and complete, confirm authorisation of request and follow up any discrepancies without delay

1.3 Obtain confirmation of goods or services supply where required to validate request for payment

2. Prepare payment documentation

2.1 Match payments with invoice or other relevant documentation, and code and allocate payments to correct accounts

2.2 Complete documentation in accordance with organisational policy and procedures

3. Authorise payment

3.1 Check all payments are authorised accurately and according to organisational policy and procedures

3.2 Ensure funds are not released prior to authorisation of payment in accordance with organisational procedures

3.3 Confirm authorisation of payment from delegated authority following relevant organisational policy and procedures, and industry and legislative requirements

Foundation Skills

This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.

Skill 

Performance Criteria 

Description 

Reading

1.1-1.3, 2.1, 3.1, 3.2

  • Interprets and analyses information from a range of sources to confirm accuracy, identify key elements and determine required actions

Writing

1.3, 2.1, 2.2

  • Uses clear and specialised language to accurately document requirements and outcomes

Oral Communication

1.1-1.3, 3.1, 3.2

  • Uses active listening, questioning and summarising skills to effectively identify and confirm requirements

Numeracy

1.2, 2.1, 3.3

  • Performs mathematical calculations and comparisons to check accuracy and completeness, and reconcile numerical and financial data
  • Uses numerically based coding system

Navigate the world of work

1.1, 2.2, 3.1-3.3

  • Recognises and follows organisational protocols, policy and procedures, and industry and legislative requirements, relevant to own role

Get the work done

1.1-1.3, 2.1, 2.2, 3.1-3.3

  • Plans, organises and implements tasks according to organisational requirements
  • Follows structured processes to make required decisions to determine payment status and handle discrepancies
  • Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSACM401 Evaluate and authorise payment requests

FNSACM401A Evaluate and authorise payment requests

Updated to meet Standards for Training Packages

Minor rewording to clarify intent of performance criteria

Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

 

Assessment requirements

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

  • verify and validate the accuracy of payment requests and accurately prepare payment documentation
  • check and authorise payment requests following organisational policy and procedures, and legislative requirements

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • identify the key requirements of legislation and industry codes of practice relevant to payment systems
  • describe organisational procedures for evaluating and authorising payment requests
  • describe the types of payment requests and associated documentation handled by the organisation
  • describe how payments are coded and allocated in the organisational system.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the account management field of work and include access to:

  • common office equipment, technology, software and consumables
  • an integrated financial software system and data.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe