Application
This unit describes the performance outcomes, skills and knowledge required to balance and reconcile a register or terminal in a retail environment, clear registers, count money, calculate non cash transactions, and reconcile and record takings.
It applies to individuals working in frontline operational roles in a diverse range retail industry sectors and business contexts. They operate with some independence under general supervision and guidance from others, and within established organisational policies and procedures.
No occupational licensing, certification or specific legislative requirements apply to this unit at the time of publication.
Elements and Performance Criteria
ELEMENTS | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Balance and secure takings. | 1.1.Perform register or terminal balance at designated times. 1.2.Separate cash float from takings prior to balancing and secure takings. 1.3.Supply change to register or terminal and accurately record. 1.4.Obtain and interpret register or terminal reading or print-out. 1.5.Secure cash and non cash documents according to organisational procedures. |
2. Reconcile takings. | 2.1.Count cash accurately. 2.2.Calculate non cash documents accurately. 2.3.Determine balance between register or terminal reading and sum of cash and non cash transactions. 2.4.Investigate or report discrepancies between register or terminal reading and sum of cash and non cash transactions to relevant personnel. 2.5.Record takings and file records according to organisational procedures. |
Evidence of Performance
Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:
consistently apply organisational policies and procedures to:
balance a register or terminal on three occasions with complete accuracy
reconcile three different sets of takings comprising both cash and non-cash with complete accuracy
identify and resolve three different types of balancing discrepancies
process three different types of takings according to organisational policies and procedures.
Evidence of Knowledge
Demonstrated knowledge required to complete the tasks outlined in elements and performance criteria of this unit:
role and importance of the balancing process
techniques for identifying and resolving discrepancies
functions and procedures for operating point-of-sale equipment:
opening and closing
balancing
clearance of terminal and transference of tender
recording takings
consumables required by system
security
cash handling procedures:
counting cash
handling cash floats
change required, denominations of change and tendering change
security
organisational policies and procedures for non-cash transactions:
credit cards
EFTPOS
vouchers
organisational policies and procedures for:
exchanges
refunds
lay-by
cash handling
cash float
operation of point-of-sale equipment
register or terminal balance
security of cash and non cash transactions.
Assessment Conditions
Skills must be demonstrated in a retail environment. This can be:
an industry workplace
a simulated industry environment.
Assessment must ensure access to:
organisational policies and procedures related to point-of-sale
point-of-sale equipment and consumables
financial transaction documentation for non-cash sales
cash
assessment activities that allow the individual to work with commercial speed, timing and productivity.
Assessors must satisfy the Standards for Registered Training Organisations’ requirements for assessors.
Foundation Skills
Foundation skills essential to performance are explicit in the performance criteria of this unit of competency.
Sectors
Retail
Competency Field
Retail Financials