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Evidence Guide: TLIP3026A - Maintain financial records in a small business

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

TLIP3026A - Maintain financial records in a small business

What evidence can you provide to prove your understanding of each of the following citeria?

Establish system requirements

  1. The output requirements of the financial system are established in accordance with business plans and statutory and regulatory obligations
  2. The system needs and statutory reporting requirements are identified
The output requirements of the financial system are established in accordance with business plans and statutory and regulatory obligations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The system needs and statutory reporting requirements are identified

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish financial management system

  1. The financial administrative systems established match the identified requirements of the business
  2. Mechanisms for the review of terms of trade and fee structures are suited to the business's needs and meet industry standards
  3. 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
  4. Financial administration, reporting and the performance indicators to be provided by the system are in accordance with business's statutory obligations
  5. Financial administrative systems are implemented in accordance with planned processes and policies
The financial administrative systems established match the identified requirements of the business

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Mechanisms for the review of terms of trade and fee structures are suited to the business's needs and meet industry standards

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Financial administration, reporting and the performance indicators to be provided by the system are in accordance with business's statutory obligations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Financial administrative systems are implemented in accordance with planned processes and policies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain financial reporting systems

  1. 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
  2. Financial reports are distributed to the relevant personnel and organisations by the due dates
  3. Financial administration and reporting systems are evaluated against established performance indicators
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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Financial reports are distributed to the relevant personnel and organisations by the due dates

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Financial administration and reporting systems are evaluated against established performance indicators

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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

Required Skills and Knowledge

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

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.

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