Assessment Requirements for SISXFIN002 Process financial transactions

Release: 1

Assessment Requirements for SISXFIN002 Process financial transactions

Modification History

Not applicable.

Performance Evidence

Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:

process at least six of the following financial transactions to address different types of customer payments in line with security and other relevant procedures:

advance payments

application of Goods and Services Tax (GST)

cash

cheques

credit cards

deposits

electronic funds transfer at point-of-sale (EFTPOS)

petty cash for internal customers

refunds

vouchers

process above customer payments in a logical and fair sequence within customer time constraints so that all customers are served effectively

complete reconciliations of three different work or service periods within designated timelines.

Knowledge Evidence

Demonstrated knowledge required to complete the tasks outlined in elements and performance criteria of this unit:

organisational procedures for processing and recording financial transactions:

completing reconciliation records

complying with financial institution documents and procedures

designated times for completing reconciliations

handling customer claims of short change

how and where large sums of cash should be counted

maintaining low levels of cash in tills

managing petty cash

process for providing receipts and invoices to customers

process for taking cash from customers

securing credit card imprints

securing takings in the event of a hold-up

features and functions of point-of-sale equipment and software

role and importance of the reconciliation process to organisational financial management system

security procedures for transporting and securing cash floats, cash and other payments:

obtaining receipts or sign-off for takings handed over to financial personnel

separating and securing cash floats

transporting takings to back office areas and internal cashiers

transporting takings to the bank and obtaining receipts or sign-off

different products and services that attract GST

services provided by the facility and related transaction types.

Assessment Conditions

Skills must be demonstrated in:

a workplace or simulated industry environment.

Assessment must ensure access to:

point-of-sale equipment and software used to process and reconcile financial transactions

current commercial procedures and documentation for the processing of financial transactions

forms of payments

customers from whom the individual can take payments and with whom they can interact; these can be

customers in an industry workplace who are assisted by the individual during the assessment process or

individuals who participate in role plays or simulated activities, set up for the purpose of assessment, in a simulated industry environment operated within a training organisation.

Assessors must satisfy the Standards for Registered Training Organisations’ requirements for assessors.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=1ca50016-24d2-4161-a044-d3faa200268b