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Unit of competency details

FNSACM411 - Authorise valid expense payments (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes FNSACM401 - Evaluate and authorise payment requests 01/Feb/2021

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 02/Feb/2021


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  10/Mar/2021 
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Unit of competency

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 6.0.

Application

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

The unit applies to those who may work under limited supervision and hold responsibility for 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 required supporting information according to purchasing and accounts procedures

1.2 Check supporting documentation for completeness and accuracy

1.3 Confirm authorisation of request and follow up and rectify discrepancies as required

1.4 Obtain confirmation of goods and services supply as required and validate request for payment

1.5 Identify and report financial risk situations as required

2. Prepare payment

2.1 Authorise payments and approval information according to organisational policies and procedures and commercial terms

2.2 Escalate approvals in excess of personal delegated authority according to organisational policy and procedures

3. Action required adjustments to payments

3.1 Verify GST treatment of payment according to organisational policy and procedures

3.2 Request and process required credit notes and adjustment notes

3.3 Apply billing adjustments to the payment as required according to organisational policies and procedures

3.4 Liaise with suppliers to resolve billing issues as required

4. Make payment and complete documentation

4.1 Make payment using required payment system according to organisational policies and procedures

4.2 Update and maintain documentation and authorisations required according to organisational policies and procedures and legislative obligations

4.3 Update and maintain records of payment according to organisational policies and procedures and legislative obligations

Foundation Skills

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

SKILL 

DESCRIPTION 

Numeracy

  • Uses calculators to perform mathematical calculations and reconciles numerical and financial data

Oral communication

  • Uses active listening, questioning and summarising skills to identify and confirm requirements
  • Negotiates with suppliers

Reading

  • Interprets and analyses information from a range of sources and confirms accuracy

Writing

  • Uses clear and specialised language to document requirements and outcomes

Planning and organising

  • Plans, organises and implements tasks according to organisational requirements
  • Follows structured processes to determine payment status and handle discrepancies

Technology

  • Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSACM401 Evaluate and authorise payment requests.

Links

Companion Volume Implementation Guide is found on 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 6.0.

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

  • assess and document payment for at least six payments, at least one of which has a discrepancy.

In the course of the above, the candidate must:

  • use at least three different payment systems.

Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

  • organisational policies and procedures for:
  • evaluating and authorising payment requests
  • making payments
  • processing financial transactions
  • handling routine queries about payments made and payment systems
  • entering of financial and personal data
  • types of payment requests and associated documentation handled by the organisation
  • authorised personnel within organisation.
  • different payment system features, fees and procedures and key requirements of legislation
  • key requirements of legislation and industry codes of practice relevant to payment systems, including:
  • ePayments code
  • banking codes of practice
  • financial or computer system processes for accepting payments and looking up payment history and allocations
  • types of financial risks, including:
  • improper requests for payments
  • false invoices
  • undersupply of goods
  • fraudulent purchases.

Assessment Conditions

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

  • common office equipment, technology, software and consumables
  • organisational policies and procedures
  • legislation and regulations required for purchasing and payment authorisation
  • integrated financial software system and data.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe