Assessor Resource

TLIP3026A
Maintain financial records in a small business

Assessment tool

Version 1.0
Issue Date: May 2024


Work must be must be carried out in compliance with the relevant codes of practice and regulations for the maintenance of financial records.

Work is performed in either a team or autonomous working situation. It involves the application of routine accounting principles and procedures to maintain basic financial records in a small business.

This unit involves the skills and knowledge required to maintain financial records in a small business in the transport, warehousing, distribution and/or storage industries, including establishing system requirements, establishing the financial management system, and maintaining the financial reporting systems. Licensing, legislative, regulatory or certification requirements are applicable to this unit.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)

Prerequisites

Not Applicable

Employability Skills

This unit contains employability skills.



Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required knowledge and skills, the range statement and the assessment guidelines for this Training Package.

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

The evidence required to demonstrate competency in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria of this unit and include demonstration of applying:

the underpinning knowledge and skills

relevant legislation and workplace procedures

other relevant aspects of the range statement

Context of and specific resources for assessment

Performance is demonstrated consistently over a period of time and in a suitable range of contexts

Resources for assessment include:

a range of relevant exercises, case studies and/or other simulated practical and knowledge assessment, and/or

access to an appropriate range of relevant operational situations in the workplace

In both real and simulated environments, access is required to:

relevant and appropriate materials and equipment, and

applicable documentation including workplace procedures, regulations, codes of practice and operation manuals

Method of assessment

Assessment of this unit must be undertaken by a registered training organisation

As a minimum, assessment of knowledge must be conducted through appropriate written/oral tests

Practical assessment must occur:

through activities in an appropriately simulated environment at the registered training organisation, and/or

in an appropriate range of situations in the workplace

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

REQUIRED KNOWLEDGE AND SKILLS

This describes the essential knowledge and skills and their level required for this unit.

Required knowledge:

Relevant agreements, codes of practice and legislative requirements pertaining to the maintenance of financial records in a small business or cost centre

Relevant OH&S and environmental procedures and regulations

Workplace procedures for the maintenance of financial records in a small business or cost centre, including: compilation and use of cash receipts and cash payments journals, basic preparation, interpretation and analysis of financial reports, recording and balancing of petty cash transactions for financial records, completion of tax reconciliations and documentation, development and use of debtors and creditors records systems, completion of tax documentation and requirements, and reconciliation of bank statements with cash records

Contacts and sources of information/documentation needed when maintaining financial records in a small business or cost centre

Customer service policies and procedures

Documentation requirements of banking institutions, governments and clients

Accounting and auditing processes

Financial control procedures

Debt control processes

Typical problems that can occur when maintaining financial records in a small business and appropriate action that can be taken to prevent or solve them

Required skills:

Communicate effectively with others when maintaining financial records in a small business

Read and interpret instructions, procedures, information and financial documentation relevant to the maintenance of financial records in a small business

Interpret and follow operational instructions and prioritise work

Complete documentation related to the maintenance of financial records in a small business

Use relevant communications systems and equipment when maintaining financial records

Work collaboratively with others when maintaining financial records in a small business

Adapt appropriately to cultural differences in the workplace, including modes of behaviour and interactions with others

Promptly report and/or rectify any identified problems that may arise when maintaining financial records in a small business in accordance with regulatory requirements and workplace procedures

Implement contingency plans for unanticipated situations that may arise when maintaining financial records in a small business

Monitor work activities in terms of planned schedule

Modify activities depending on differing operational contingencies, risk situations and environments

Work systematically with required attention to detail

Use relevant computerised systems for communication and document generation

Adapt to differences in equipment in accordance with standard operating procedures

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance.

Organisation may include:

small businesses or semi-autonomous cost centres in the transport, warehousing, transport and/or storage industries

Customers may be:

internal or external

Requirements for work may include:

relevant financial and taxation regulations

communications and computing equipment

hours of operation

basic accounting software and documentation

Financial records may include:

invoices

computer spreadsheets

ledgers

wage sheets

tax information

Financial operations may include:

compilation and use of cash receipts and cash payments journals

basic preparation, interpretation and analysis of financial reports

recording and balancing of petty cash transactions for financial records

completion of tax reconciliations and documentation

development and use of debtors and creditors records systems

completion of tax documentation and requirements

reconciliation of bank statements with cash records

Consultative processes may involve:

other employees and supervisors

banking institutions

Australian Taxation Office representatives

suppliers and clients

relevant authorities

other agencies

management

other office or technical staff

Communications systems may involve:

telephone

fax

email

mail

Depending on the type of organisation concerned and the local terminology used, workplace procedures may include:

company procedures

workplace procedures

organisational procedures

established procedures

Documentation/records may include:

workplace financial operating procedures and policies

financial and taxation regulations and requirements

invoices, receipts and other financial documentation

journals and ledgers

operations manuals, job specifications and procedures and induction documentation

manufacturers instructions for the use of calculators, computers and other equipment used in financial operations

relevant Australian and international standards, criteria and certification requirements

competency standards and training materials

supplier and/or client instructions

relevant OH&S procedures

quality assurance procedures

emergency procedures

Applicable regulations and legislation may include:

Australian and state/territory financial regulations, codes and procedures

Australian and international standards and certification requirements

relevant state/territory OH&S legislation

Australian taxation regulations and requirements relevant to small businesses

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
The output requirements of the financial system are established in accordance with business plans and statutory and regulatory obligations 
The system needs and statutory reporting requirements are identified 
The financial administrative systems established match the identified requirements of the business 
Mechanisms for the review of terms of trade and fee structures are suited to the business's needs and meet industry standards 
Equipment and software needed for the operation of the financial administrative system is identified, acquired and installed in association with relevant accounting and technical staff 
Financial administration, reporting and the performance indicators to be provided by the system are in accordance with business's statutory obligations 
Financial administrative systems are implemented in accordance with planned processes and policies 
Financial reports required to monitor business performance, to ensure accurate and timely information on working capital and cash flow, and to meet statutory obligations are accurately prepared to the prescribed format and at the required times 
Financial reports are distributed to the relevant personnel and organisations by the due dates 
Financial administration and reporting systems are evaluated against established performance indicators 

Forms

Assessment Cover Sheet

TLIP3026A - Maintain financial records in a small business
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

TLIP3026A - Maintain financial records in a small business

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: