- SIRXFIN003A - Produce financial reports
SIRXFIN003A
Produce financial reports
Application
This unit applies to team members who produce accurate financial reports according to store policy and procedures. It requires the accurate and effective recording of data for preparation of trial balances, and receiving, recording and dispatching records and payments to debtors and creditors. These tasks are performed under some supervision.
Prerequisites
Nil
Elements and Performance Criteria
Element | Performance Criteria |
Elements describe the essential outcomes of a unit of competency. | Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
1. Enter payment summaries into journals. | 1.1.Fill payment documents out identifying relevant details. 1.2.Check payment documents for authenticity of claim. 1.3.Balance payment documents on a routine basis. |
2. Reconcile accounts to balance. | 2.1.Identify discrepancies between 2.2.Rectify errors in documentation. 2.3.Record data on nominated system within designated time limits. |
3. Prepare bank reconciliations. | 3.1.Check deposit entries and cash payment summaries for accuracy against bank statements. 3.2.Note and resolve discrepancies. 3.3.Produce regular reconciliation reports within designated time limits to provide data for preparation of trial balance. 3.4.Complete pay in documentation accurately. 3.5.Balance all transaction calculations. |
4. Receive and document payments and takings. | 4.1.Count cash correctly and give correct change, if applicable. 4.2.Verify cheque and credit card payments with the relevant personnel or department prior to acceptance. 4.3.Complete and issue receipts. |
5. Dispatch statements to debtors and follow up outstanding accounts. | 5.1.Check debtor statements for accuracy of contents. 5.2.Rectify any noted discrepancies accurately. 5.3.Dispatch debtor statements within designated time limits. 5.4.Collect outstanding accounts within designated credit periods. 5.5.Review and control credit terms to ensure payment within designated time limits. 5.6.Maintain debtors ledger to reflect current situation. 5.7.Review customer credit terms when indicated, according to store policy and procedures. |
6. Dispatch payments to creditors. | 6.1.Check payment documentation prepared by others for accuracy of information and dispatch to creditors within designated time limits. 6.2.Reconcile creditors’ statements with accounting records. 6.3.Input relevant data to creditors’ ledger. 6.4.Reconcile general ledger against accounting records. |
7. Generate financial documents. | 7.1.Clarify purpose of the report with relevant personnel. 7.2.Identify and obtain relevant data from nominated internal or external sources. 7.3.Update nominated internal records to show current status of financial report. 7.4.Transcribe data onto nominated form and in the authorised manner. |
Required Skills
This section describes the essential skills and knowledge and their level, required for this unit. |
Required skills |
literacy skills to: interpret documentation write reports numeracy skills to: reconcile accounts count cash calculate non report on takings interpersonal skills to: verify cheque and credit card payments with relevant personnel or department prior to acceptance clarify purpose of report with relevant personnel identify and obtain relevant data 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 |
Required knowledge |
store policy and procedures in regard to: register or terminal balance cash and non cash balances banking procedures purchase requisitions and 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 document discrepancies invoicing procedures for debtors and creditors payment and invoice procedures, including GST requirements relevant legislation and statutory requirements cash and non balancing point recording takings security of cash and non change required and denominations of change EFTPOS credit cards gift vouchers lay-by credits and returns |
Evidence Required
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 when producing financial reports consistently applies store policy and procedures in regard to handling cash consistently applies store policy and procedures in regard to the accurate and effective recording of data for reporting and processing document discrepancies and the reconciliation of reports for preparation of trial balances consistently applies store policy and procedures in regard to receiving, recording and dispatching to debtors and creditors applies follow-up procedures for outstanding accounts. |
Context of and specific resources for assessment | Assessment must ensure access to: a retail work environment relevant documentation, such as: financial transaction dockets, slips and invoices recording and tally sheets store policy and procedures manuals recording, documenting and filing systems registers and related equipment, including EFTPOS facilities and equipment. |
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 third-party reports from a supervisor customer feedback answers to questions about specific skills and knowledge review of portfolios of evidence and third-party workplace reports of on-the-job performance. |
Guidance information for assessment | Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended. |
Range Statement
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. | |
Transactions may include: | cash cheque credit card EFTPOS store card internet payments lay-by gift vouchers returns. |
Nominated system may include: | recording documenting reporting systems accounting. |
Relevant personnel may include: | supervisor team leader manager. |
Store policy and procedures in regard to: | financial systems cash handling reconciling accounts. |
Records may be: | manual electronic. |
Sources may include: | staff members formal or informal reports written or verbal data formal or informal meetings quantitative and qualitative data. |
Sectors
Cross-Sector
Competency Field
Finance
Employability Skills
This unit contains employability skills.
Licensing Information
No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.