- SIRXFIN002A - Perform retail finance duties
Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners
SIRXFIN002A Mapping and Delivery Guide
Perform retail finance duties
Version 1.0
Issue Date: June 2024
Qualification | - |
Unit of Competency | SIRXFIN002A - Perform retail finance duties |
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Description | This unit describes the performance outcomes, skills and knowledge required to perform retail finance duties. It involves processing petty cash and non-cash transactions, preparing banking documents, reconciling invoices for payment and preparing invoices for debtors. | ||
Employability Skills | The required outcomes described in this unit contain applicable facets of employability skills. The Employability Skills Summary of the qualification in which this unit is packaged will assist in identifying employability skills requirements. | ||
Learning Outcomes and Application | This unit is undertaken with some supervision. It requires the team member to demonstrate and apply the knowledge and skills required to process petty cash, cash and non-cash transactions; reconcile and process banking; identify and rectify delivery and document discrepancies; and process invoices for creditors and debtors according to store policy and procedures. | ||
Duration and Setting | X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting. |
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Prerequisites/co-requisites | Nil | ||
Competency Field | Finance |
Development and validation strategy and guide for assessors and learners | Student Learning Resources | Handouts Activities |
Slides PPT |
Assessment 1 | Assessment 2 | Assessment 3 | Assessment 4 | |
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Elements of Competency | Performance Criteria | |||||||
Element: Process petty cash transactions. |
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Element: Prepare banking documents. |
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Element: Process non-cash transactions. |
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Element: Reconcile invoices for payment to creditors. |
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Element: Prepare invoices for debtors. |
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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 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 in regard to petty cash and non-cash transactions, invoicing, banking processes and processing delivery and document discrepancies consistently applies skills related to the reconciliation and payments of invoices for creditors and debtors, according to store policy and procedures. |
Context of and specific resources for assessment | Assessment must ensure access to: a real or simulated work environment relevant documentation, such as: store policy and procedures manuals financial transaction dockets, slips and invoices banking deposit forms EFTPOS facilities and equipment registers and related equipment relevant financial management systems. |
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 a role play third-party reports from a supervisor answers to questions about specific skills and knowledge review of portfolios of evidence and third-party workplace reports of on-the-job performance. |
Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example: SIRXADM001A Apply retail office procedures SIRXICT001A Operate retail technology. | |
Assessing employability skills | Employability skills are integral to effective performance in the workplace and are broadly consistent across industry sectors. How these skills are applied varies between occupations and qualifications due to the different work functions and contexts. Employability skills embedded in this unit should be assessed holistically in the context of the job role and with other relevant units that make up the skill set or qualification. |
Submission Requirements
List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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.
This section describes the essential skills and knowledge and their level, required for this unit. |
The following skills must be assessed as part of this unit: completing tasks in a set timeframe literacy skills in regard to interpreting documentation numeracy skills in regard to: processing petty cash transactions receiving and processing deliveries performing sales transactions balancing cashbook entries and takings generating invoices interpersonal communication skills to: refer and report irregularities, discrepancies and errors in transactions to relevant personnel resolve creditor enquiries or refer to relevant personnel 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. |
The following knowledge must be assessed as part of this unit: store policy and procedures in regard to: register or terminal balance security of cash and non-cash transactions petty cash cash balances banking procedures purchase requisitions or 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 and delivery document discrepancies invoicing procedures for debtors and creditors payment and invoice procedures, including GST requirements cash and non-cash handling procedures, including: opening and closing point-of-sale terminal clearance of terminal and transference of tender maintenance of cash balances counting cash calculating non-cash documents customer credit ratings balancing point-of-sale terminal recording takings change required and denominations of change EFTPOS credit cards processing of cheques gift vouchers lay-by cash on delivery (COD) lay-by credits and returns customer refunds. |
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. | |
Store policy and procedures in regard to: | store financial systems. |
Relevant personnel may include: | manager supervisor team leader specialist staff. |
Non-cash transactions may include: | EFTPOS and credit cards customer credit ratings cheques hire-purchase lay-by cash on delivery (COD) customer refunds. |
Documentation may include: | purchase requisitions purchase orders invoices receipts delivery dockets and receipts credit notes statements remittance advices cash register rolls deposit books. |
Preparatory calculations may include: | application of prior credit discounting quantity calculation of GST. |
Methods used to file documents may include: | manual electronic. |
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 |
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Check petty cash claims for approval, accuracy and authenticity before processing. | |||
Check and balance transactions according to store policy and procedures. | |||
Note irregularities and refer to relevant personnel for resolution. | |||
Process and record petty cash transactions within designated time limits. | |||
Balance cashbook entries against record of takings. | |||
Compile and balance deposit entries. | |||
List cash and non-cash transactions on banking deposit forms according to the banking institution's guidelines. | |||
Process in-store credit systems according to store policy. | |||
Balance non-cash transactions and present documentation to relevant personnel for checking. | |||
Note irregularities and refer to relevant personnel for resolution. | |||
Identify discrepancies between invoices and delivery notes and report to relevant personnel or section for resolution. | |||
Identify errors in invoice charges and report to relevant personnel or section for correction or resolution. | |||
Rectify discrepancies and errors as directed. | |||
Process corrected and authorised invoices for payment within designated time limits. | |||
Resolve creditor enquiries or refer to relevant personnel or section for resolution. | |||
Perform preparatory calculations to produce accurate customer invoices. | |||
Complete relevant documentation to ensure accuracy of contents. | |||
Distribute documents to relevant personnel or section for certification prior to being dispatched. | |||
Dispatch verified documents within designated time limits. | |||
Copy and file documents for auditing purposes. |
Forms
Assessment Cover Sheet
SIRXFIN002A - Perform retail finance duties
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
SIRXFIN002A - Perform retail finance duties
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: