Unit of competency Outline
Date retreived
23/07/2026 8:28 AM AWST
23/07/2026 8:28 AM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Manage financial records
Manage financial records
Unit of competency
National Code
RIIFIA401A
RIIFIA401A
State Code
D9329
D9329
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
23/11/2011
Field of Education
080101 - Accounting
Original Release Date
23/11/2011
Nominal Hours
30
Description
This unit covers all components of quoting, invoicing and maintaining financial records.
Notes
Elements and Performance Criteria
1. Prepare/receive invoices
- 1.1. Access, interpret and apply compliance documentation relevant to the work activity
- 1.2. Estimate all job components accurately using company procedures
- 1.3. Follow company procedures for presentation of financial data and recording of quotations
- 1.4. Levy charges according to services, and render accounts to clients
- 1.5. Promptly and accurately prepare invoices to help ensure desired cash flow
- 1.6. Verify accounts received for accuracy and pay promptly
2. Maintain cost records
- 2.1. Follow office procedures for financial controls and accountability
- 2.2. Record all costs promptly, legibly and accurately
3. Prepare reports on variances from cost estimates
- 3.1. Analyse cost records to detect variances/reasons for variances
- 3.2. Compare final costing with original job tender
- 3.3. Prepare reports in accordance with organisation format
4. Monitor financial performance
- 4.1. Determine and maintain strategies for managing cash flow to monitor the relationship between budget/standard and actual performance
- 4.2. Determine and calculate cost to enterprise requirements
- 4.3. Complete reporting and pricing records in line with business policy
- 4.4. Produce financial reports in a clear and timely manner for distribution to relevant stakeholders
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, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Compliance documentation may include:
legislative, organisation and site requirements and procedures
manufacturer's guidelines and specifications
Australian standards
relevant state/territory environmental protection legislation
relevant state/territory OHS legislation
Employment and Workplace Relations legislation
Equal Employment Opportunity and Disability Discrimination legislation
Job components may include:
wages
overheads
accommodation and travel
bank and other financial fees
office administration, accounting and purchasing
printing and stationery
accounting
vehicles and transport
purchased services on location
freight
communications (e.g. phone)
consumables
contractors
hire charges
GST
Information regarding costs may be obtained from:
timesheets
log books
invoices
requisitions
quotations
petty cash records
bank and credit card statements
Records may include:
cash book
petty cash book
wages and salaries
paid purchase and service invoices
sales invoices
machine usage
consumables of fuel usage
parts usage
Compliance documentation may include:
legislative, organisation and site requirements and procedures
manufacturer's guidelines and specifications
Australian standards
relevant state/territory environmental protection legislation
relevant state/territory OHS legislation
Employment and Workplace Relations legislation
Equal Employment Opportunity and Disability Discrimination legislation
Job components may include:
wages
overheads
accommodation and travel
bank and other financial fees
office administration, accounting and purchasing
printing and stationery
accounting
vehicles and transport
purchased services on location
freight
communications (e.g. phone)
consumables
contractors
hire charges
GST
Information regarding costs may be obtained from:
timesheets
log books
invoices
requisitions
quotations
petty cash records
bank and credit card statements
Records may include:
cash book
petty cash book
wages and salaries
paid purchase and service invoices
sales invoices
machine usage
consumables of fuel usage
parts usage
The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
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 worksite operations and satisfy all of the requirements of the performance criteria, required skills and knowledge and the range statement of this unit and include evidence of the following:
organising financial data to highlight relevant features
presenting financial data in comprehensive format
knowledge of relevant legislation
preparation of timely and accurate reports in accordance with company requirements
Context of and specific resources for assessment
This unit must be assessed in the context of the work environment. Where personal safety or environmental damage are limiting factors, assessment may occur in a simulated environment provided it is realistic and sufficiently rigorous to cover all aspects of workplace performance, including task skills, task management skills, contingency management skills and job role environment skills.
Assessment of this competency requires typical resources normally used in a resources and infrastructure sector environment. Selection and use of resources for particular worksites may differ due to the site circumstances.
The assessment environment should not disadvantage the participant. For example, language, literacy and numeracy demands of assessment should not be greater than those required on the job.
Customisation of assessment and delivery environment should sensitively accommodate cultural diversity.
Aboriginal people and other people from a non English speaking background may have second language issues.
Where applicable, physical resources should include equipment modified for people with disabilities.
Access must be provided to appropriate learning and/or assessment support when required.
Method of assessment
This unit may be assessed in a holistic way with other units of competency. The assessment strategy for this unit must verify required knowledge and skill and practical application using more than one of the following assessment methods:
written and/or oral assessment of the candidate's required knowledge
observed, documented and/or first hand testimonial evidence of the candidate's:
implementation of appropriate requirements, procedures and techniques for the safe, effective and efficient achievement of required outcomes
consistent achievement of required outcomes
first hand testimonial evidence of the candidate's:
working with others to undertake and complete the management of financial resources
Guidance information for assessment
Consult the SkillsDMC User Guide for further information on assessment including access and equity issues.
Overview of assessment
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 worksite operations and satisfy all of the requirements of the performance criteria, required skills and knowledge and the range statement of this unit and include evidence of the following:
organising financial data to highlight relevant features
presenting financial data in comprehensive format
knowledge of relevant legislation
preparation of timely and accurate reports in accordance with company requirements
Context of and specific resources for assessment
This unit must be assessed in the context of the work environment. Where personal safety or environmental damage are limiting factors, assessment may occur in a simulated environment provided it is realistic and sufficiently rigorous to cover all aspects of workplace performance, including task skills, task management skills, contingency management skills and job role environment skills.
Assessment of this competency requires typical resources normally used in a resources and infrastructure sector environment. Selection and use of resources for particular worksites may differ due to the site circumstances.
The assessment environment should not disadvantage the participant. For example, language, literacy and numeracy demands of assessment should not be greater than those required on the job.
Customisation of assessment and delivery environment should sensitively accommodate cultural diversity.
Aboriginal people and other people from a non English speaking background may have second language issues.
Where applicable, physical resources should include equipment modified for people with disabilities.
Access must be provided to appropriate learning and/or assessment support when required.
Method of assessment
This unit may be assessed in a holistic way with other units of competency. The assessment strategy for this unit must verify required knowledge and skill and practical application using more than one of the following assessment methods:
written and/or oral assessment of the candidate's required knowledge
observed, documented and/or first hand testimonial evidence of the candidate's:
implementation of appropriate requirements, procedures and techniques for the safe, effective and efficient achievement of required outcomes
consistent achievement of required outcomes
first hand testimonial evidence of the candidate's:
working with others to undertake and complete the management of financial resources
Guidance information for assessment
Consult the SkillsDMC User Guide for further information on assessment including access and equity issues.
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| WH290 | RIIFIA401D | Manage financial records | Unit of competency |