Application
This unit describes the skills and knowledge required to verify the validity and accuracy of payment requests, prepare payment documentation and authorise payments.
It applies to individuals who may work under limited supervision and hold responsibility in 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.
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 order or other supporting information to ensure validity of payment and comply with internal control requirements 1.2 Check supporting documentation to ensure it is correct and complete, confirm authorisation of request and follow up any discrepancies without delay 1.3 Obtain confirmation of goods or services supply where required to validate request for payment |
2. Prepare payment documentation | 2.1 Match payments with invoice or other relevant documentation, and code and allocate payments to correct accounts 2.2 Complete documentation in accordance with organisational policy and procedures |
3. Authorise payment | 3.1 Check all payments are authorised accurately and according to organisational policy and procedures 3.2 Ensure funds are not released prior to authorisation of payment in accordance with organisational procedures 3.3 Confirm authorisation of payment from delegated authority following relevant organisational policy and procedures, and industry and legislative requirements |
Evidence of Performance
Evidence of the ability to:
verify and validate the accuracy of payment requests and accurately prepare payment documentation
check and authorise payment requests following organisational policy and procedures, and legislative requirements
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
Evidence of Knowledge
To complete the unit requirements safely and effectively, the individual must:
identify the key requirements of legislation and industry codes of practice relevant to payment systems
describe organisational procedures for evaluating and authorising payment requests
describe the types of payment requests and associated documentation handled by the organisation
describe how payments are coded and allocated in the organisational system.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the account management field of work and include access to:
common office equipment, technology, software and consumables
an integrated financial software system and data.
Assessors must satisfy NVR/AQTF assessor requirements.
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 1.1-1.3, 2.1, 3.1, 3.2 | Interprets and analyses information from a range of sources to confirm accuracy, identify key elements and determine required actions |
Writing | 1.3, 2.1, 2.2 | Uses clear and specialised language to accurately document requirements and outcomes |
Oral Communication | 1.1-1.3, 3.1, 3.2 | Uses active listening, questioning and summarising skills to effectively identify and confirm requirements |
Numeracy | 1.2, 2.1, 3.3 | Performs mathematical calculations and comparisons to check accuracy and completeness, and reconcile numerical and financial data Uses numerically based coding system |
Navigate the world of work | 1.1, 2.2, 3.1-3.3 | Recognises and follows organisational protocols, policy and procedures, and industry and legislative requirements, relevant to own role |
Get the work done | 1.1-1.3, 2.1, 2.2, 3.1-3.3 | Plans, organises and implements tasks according to organisational requirements Follows structured processes to make required decisions to determine payment status and handle discrepancies Uses the main features and functions of digital tools to complete work tasks |
Sectors
Account management