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Unit of competency details

SIRXFIN003A - Produce financial reports (Release 2)

Summary

Usage recommendation:
Deleted
The Deleted usage recommendation was implemented on 13 June 2017 to describe training components that have no replacement. Enrolments in training components and statements of attainment or qualifications issued before 13 June 2017 are valid. For any components marked as deleted after 13 June 2017, the applicable transition/teach-out periods apply. For specific questions regarding the enrolment, delivery or issuance of a statement of attainment/qualification, please contact your training regulator.
Mapping:
MappingNotesDate
DeletedDeleted from SIR07 Retail Services Training Package18/Apr/2016
Supersedes and is equivalent to WRRF3B - Produce financial reportsUpdated and equivalent to WRRF3B25/Feb/2011

Release Status:
Current
Releases:
ReleaseRelease date
2 (this release) 13/Jun/2012
(View details for release 1) 26/Feb/2011

Qualifications that include this unit

CodeSort Table listing Qualifications that include this unit by the Code columnTitleSort Table listing Qualifications that include this unit by the Title columnRelease
AUR10105 - Certificate I in AutomotiveCertificate I in Automotive
SIR40112 - Certificate IV in Community PharmacyCertificate IV in Community Pharmacy1-3 
AUR21105 - Certificate II in Automotive SalesCertificate II in Automotive Sales1-2 
FPI30605 - Certificate III in Timber MerchandisingCertificate III in Timber Merchandising
SIR30212 - Certificate III in Retail OperationsCertificate III in Retail Operations1-2 
AUR20105 - Certificate II in Automotive AdministrationCertificate II in Automotive Administration1-2 
SIR40107 - Certificate IV in Community PharmacyCertificate IV in Community Pharmacy
AUR30105 - Certificate III in Automotive AdministrationCertificate III in Automotive Administration1-2 
AUR31005 - Certificate III in Automotive SalesCertificate III in Automotive Sales1-2 
FPI30611 - Certificate III in Timber MerchandisingCertificate III in Timber Merchandising1-4 
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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  23/Oct/2008 
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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 

  • literacy skills to:
  • interpret documentation
  • write reports
  • numeracy skills to:
  • reconcile accounts
  • count cash
  • calculate non-cash transactions
  • report on takings
  • interpersonal skills to:
  • verify cheque and credit card payments with relevant personnel or department prior to acceptance
  • clarify purpose of report with relevant personnel
  • identify and obtain relevant data through clear and direct communication
  • ask questions to identify and confirm requirements
  • use language and concepts appropriate to cultural differences
  • use and interpret non-verbal communication

Required knowledge 

  • store policy and procedures in regard to:
  • register or terminal balance
  • cash and non-cash transactions security
  • cash balances
  • banking procedures
  • purchase requisitions and orders
  • issuing of receipts
  • delivery dockets
  • credit notes
  • statements
  • remittance advices
  • cash register rolls
  • deposit books
  • change required and denomination of change
  • operation of equipment used at register or terminal
  • processing delivery document discrepancies
  • invoicing procedures for debtors and creditors
  • payment and invoice procedures, including GST requirements
  • relevant legislation and statutory requirements
  • cash and non-cash handling procedures, including:
  • balancing point-of-sale terminal
  • recording takings
  • security of cash and non-cash transactions
  • change required and denominations of change
  • EFTPOS
  • credit cards
  • gift vouchers
  • lay-by
  • credits and returns

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.

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

Evidence of the following is essential:

  • consistently applies store policy and procedures when producing financial reports
  • consistently applies store policy and procedures in regard to handling cash
  • consistently applies store policy and procedures in regard to the accurate and effective recording of data for reporting and processing document discrepancies and the reconciliation of reports for preparation of trial balances
  • consistently applies store policy and procedures in regard to receiving, recording and dispatching to debtors and creditors
  • applies follow-up procedures for outstanding accounts.

Context of and specific resources for assessment 

Assessment must ensure access to:

  • a retail work environment
  • relevant documentation, such as:
  • financial transaction dockets, slips and invoices
  • recording and tally sheets
  • store policy and procedures manuals
  • recording, documenting and filing systems
  • registers and related equipment, including EFTPOS facilities and equipment.

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:

  • observation of performance in the workplace
  • third-party reports from a supervisor
  • customer feedback
  • answers to questions about specific skills and knowledge
  • review of portfolios of evidence and third-party workplace reports of on-the-job performance.

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.

Transactions  may include:

  • cash
  • cheque
  • credit card
  • EFTPOS
  • store card
  • internet payments
  • lay-by
  • gift vouchers
  • returns.

Nominated system  may include:

  • recording
  • documenting
  • reporting systems
  • accounting.

Relevant personnel  may include:

  • supervisor
  • team leader
  • manager.

Store policy and procedures  in regard to:

  • financial systems
  • cash handling
  • reconciling accounts.

Records  may be:

  • manual
  • electronic.

Sources  may include:

  • staff members
  • formal or informal reports
  • written or verbal data
  • formal or informal meetings
  • quantitative and qualitative data.

Unit Sector(s)

Cross-Sector

Competency field

Finance