Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, skills and knowledge required to verify the validity and accuracy of payment requests, prepare payment documentation and authorise payments. No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement. |
Application of the Unit
Application of the unit |
This unit applies to a range of financial services job roles and sectors. |
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Prerequisite units |
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Employability Skills Information
Employability skills |
This unit contains employability skills. |
Elements and Performance Criteria Pre-Content
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. |
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
1. Verify validity and accuracy of payment request |
1.1. Payment requests are matched to order or other supporting information to ensure validity of payment and to comply with internal control requirements 1.2. Supporting documentation is checked to ensure it is correct and complete and an authorisation of request is confirmed with any discrepancies followed up without delay 1.3. Confirmation of goods or services supply is obtained where required to validate request for payment |
2. Prepare payment documentation |
2.1. All payments are coded and allocated to accounts accurately with payments matched against invoice or other relevant documentation 2.2. All documentation is completed in accordance with organisation policy and procedures |
3. Authorise payment |
3.1. All payments are authorised accurately and according to organisation policy and procedures 3.2. Funds are not released prior to authorisation of payment in accordance with organisation procedures 3.3. Payment authorisations are within relevant authority levels and follow relevant organisation policy and procedures and industry and legislative requirements |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
Required skills |
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Required knowledge |
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Evidence Guide
EVIDENCE GUIDE |
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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. |
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Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the ability to:
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Context of and specific resources for assessment |
Assessment must ensure:
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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:
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Guidance information for assessment |
Range Statement
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 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. |
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Payment requests may relate to: |
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Supporting documentation may include: |
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Payments coded and allocated to accounts may include: |
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Organisation policy and procedures may include: |
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Industry and legislative requirements may cover: |
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Unit Sector(s)
Unit sector |
Account management |
Competency field
Competency field |