Elements and Performance Criteria

The Range Statement provide the range of applications of this unit of competency to allow for differences within enterprises and workplaces. It provides details of practices, knowledge and requirements referred to in the elements and performance criteria. The variables chosen in training and assessment will depend on the work contexts.

The following variables may include but are not limited to
Store policies and procedures in regard to:
financial systems
reconciling accounts
Nominated system may include:
recording
documenting
reporting systems
accounting
Systems may be:
manual
electronic
Transactions may include:
cash
cheque
credit card
EFTPOS
store card
Internet payments
lay by
Relevant personnel may include:
supervisor
team leader
manager

The following components of the evidence guide relate directly to the performance criteria and the Range Statement for the unit of competency and provide guidance for assessment of the unit in the workplace and/or training program.
Critical Aspects of Evidence

Competency in this unit requires evidence that the candidate:

Consistently applies store policies and procedures, in regard to producing financial reports.
Consistently applies store policies and procedures in regard to handling cash.
Consistently applies store policies 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 trail balances.
Consistently applies store policies and procedures in regard to receiving, recording and dispatching to debtors and creditors.
Applies follow up procedures for outstanding accounts.

Underpinning Skills and Knowledge

Knowledge and skills are essential to apply this unit in the workplace, to transfer to other contexts and deal with unplanned events. The requirements for this unit of competency are listed below:


Knowledge of:


Store policies and procedures, in regard to:

register/terminal balance
cash and non-cash transactions security
petty cash
cash balances
banking procedures
purchase requisitions/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/terminal
processing delivery and delivery document discrepancies
invoicing procedures for debtors and creditors
register/terminal balance
Payment/invoice procedures including Goods and Services Tax (GST) requirements
Relevant legislation and statutory requirements

Cash and non-cash handling procedures, including:

opening and closing point of sale terminal
clearance of terminal and transference of tender
maintenance of cash float
counting cash
calculating non-cash documents
balancing point of sale terminal
recording takings
security of cash and non-cash transactions
change required and denominations of change
EFTPOS/credit cards
gift vouchers/lay by
credits and returns

Skills in:


Literacy skills in regard to:

interpreting documentation
Report writing

Numeracy skills in regard to:

reconciling accounts
counting cash
calculating non-cash transactions
reporting on takings

Assessment Process
For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.
It can be gathered from assessment of the unit of competency alone, through an integrated assessment activity or through a combination of both.
Evidence should be gathered as part of the learning process.

Integrated Competency Assessment
Evidence is most relevant when provided through an integrated activity which combines the elements of competency for each unit, or a cluster of units of competency.

The candidate will be required to:

Apply knowledge and skills which underpin the process required to demonstrate competence, including appropriate key competencies.
Integrate knowledge and skills critical to demonstrating competence in this unit.
Unit WRRF3B can be assessed with other units which make up a particular job function.

Evidence Gathering Methods

Evidence should include products, processes and procedures from the workplace context. Evidence might include:

Observation of the person in the workplace
Third party reports from a supervisor
Customer feedback
Answers to questions about specific skills and knowledge

Resources Required
A retail work environment

Relevant documentation, such as:

financial transaction dockets/slips/invoices
recording/tally sheets
store policy and procedures manuals
Recording, documenting and filing systems
Registers and related equipment including EFTPOS facilities/equipment

There are a number of processes that are learnt throughout work and life which are required in all jobs. They are fundamental processes and generally transferable to other work functions. Some of these are covered by the key competencies, although others may be added. The questions below highlight how these processes are applied in this unit of competency. Following each question a number indicates the level to which the key competency needs to be demonstrated where 0 = not required, 1 = perform the process, 2 = perform and administer the process, and 3 = perform, administer and design the process.
Communicating ideas and information
Financial reports will need to be communicated to others. (2)

Collecting analysing and organising information
Preparing bank reconciliations requires information to be collected, analysed and organised. (2)

Planning and organising activities
Preparing financial reports requires activities to be planned and organised. (2)

Working with others and in teams
Team work may be required when clarifying reports with others. (1)

Using mathematical ideas and techniques
The use of mathematical ideas and techniques will be applied when balancing transactions and preparing bank reconciliations. (2)

Solving problems
Problem solving skills will be applied when rectifying any discrepancies in accounts. (1)

Using technology
The use of technology will be applied when updating records and preparing financial reports. (2)