Unit of competency Outline

Date retreived
23/07/2026 1:33 PM AWST

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Evaluate and authorise payment requests

Evaluate and authorise payment requests

Unit of competency
National Code
FNSACM401A
State Code
D4029
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
24/11/2010
View on TGA
State Implementation and Classification
Approved Date
29/07/2014
Field of Education
080101 - Accounting
Original Release Date
29/07/2014
Nominal Hours
10
Description
This unit describes the performance outcomes, skills and knowledge required to verify the validity and accuracy of payment requests, prepare payment documentation and authorise payments.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Notes
Elements and Performance Criteria
1. Verify validity and accuracy of payment request
  • 1.1. Payment requests are matched to order or other supporting information to ensure validity of payment and to comply with internal control requirements
  • 1.2. Supporting documentation is checked to ensure it is correct and complete and an authorisation of request is confirmed with any discrepancies followed up without delay
  • 1.3. Confirmation of goods or services supply is obtained where required to validate request for payment
2. Prepare payment documentation
  • 2.1. All payments are coded and allocated to accounts accurately with payments matched against invoice or other relevant documentation
  • 2.2. All documentation is completed in accordance with organisation policy and procedures
3. Authorise payment
  • 3.1. All payments are authorised accurately and according to organisation policy and procedures
  • 3.2. Funds are not released prior to authorisation of payment in accordance with organisation procedures
  • 3.3. Payment authorisations are within relevant authority levels and follow relevant organisation policy and procedures and industry and legislative requirements
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, 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.
Payment requests may relate to:
claims
commissions
management expenses
periodic payments
return of premium and reinsurance premium
sundry expenses.
Supporting documentation may include:
cheque requisitions
invoices
receipts.
Payments coded and allocated to accounts may include:
cost centres
organisation or system chart of accounts
product or service allocation.
Organisation policy and procedures may include:
computer system documentation
internal control guidelines
operations manuals.
Industry and legislative requirements may cover:
Anti-Money Laundering and Counter Terrorism Financing Acts
Australian Accounting Standards
Consumer Credit Protection (Fees) Act
industry code of practice
Privacy Act
relevant Insurance Act
Stamp Duties Act
Taxation Act
Trade Practices Act.
EVIDENCE GUIDE
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
Evidence of the ability to:
interpret and apply organisation policies and procedures and industry and legislative requirements for evaluating and authorising payment requests
verify and validate the accuracy of payment requests and accurately prepare payment documentation
use sound judgement to evaluate payment requests and authorise payments.

Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to an integrated financial software system and data

Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports.

Guidance information for assessment
Replaces
State Code National Code Title Type
C9721 FNSICACC401B Evaluate and authorise payment requests Unit of competency
Replaced By
State Code National Code Title Type
AUQ26 FNSACM401 Evaluate and authorise payment requests Unit of competency