Unit of competency Outline

Date retreived
23/07/2026 3:37 PM AWST

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Produce financial reports

Produce financial reports

Unit of competency
National Code
SIRXFIN003A
State Code
S6127
TGA Status
Deleted
DTWD Status
Deleted
Current Release Number
2.00
Current Release Date
13/06/2012
View on TGA
State Implementation and Classification
Approved Date
26/11/2012
Field of Education
080101 - Accounting
Original Release Date
26/11/2012
Nominal Hours
35
Description
This unit describes the performance outcomes, skills and knowledge required to produce financial reports in a retail environment. It involves entering payment summaries into journals, reconciling accounts to balance, preparing bank reconciliations, and receiving and documenting payments and takings. It also involves dispatching statements to debtors, dispatching payments to creditors and preparing financial reports.
Notes
Elements and Performance Criteria
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 betweentransaction documentation and account balances.
  • 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.
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.
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.
Replaces
State Code National Code Title Type
N0675 WRRF3B Produce financial reports Unit of competency