Elements and Performance Criteria

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.
Organisational requirements may include:
designated time lines
guidelines for reconciling journals
legal and organisational policies, guidelines and requirements
OHS policies, procedures and programs
procedures for totalling adjusted journals
quality assurance and/or procedures manuals
resolution procedures
security procedures
Discrepancies may relate to:
bank charges
dishonoured cheques
errors in transposing between source documents and journals
interest
Documentation may include:
purchase credit notes
purchase invoices
sales credit notes
sales invoices
Designated persons may include:
bank
line management
organisation's authorisations department
statutory body
supervisor
Journals may include:
cash payments
cash receipts
purchases and purchase returns
sales and sales returns
Transactions may include:
commencing business entries
correction of posting errors
interest expense
interest receivable
non-cash transactions (e.g. writing-off depreciation, stock losses)
purchase of a fixed asset on credit
sale of a fixed asset on credit
withdrawal of stock/assets by owner
write-off a bad debt
Reconciling systems for accounts payable and receivable may include:
checking accuracy of creditor account balances (e.g. cash payments journal, purchases journal, purchases returns journal, general journal)
checking accuracy of debtor account balances (e.g. cash receipts journal, sales return journal, general journal)
checking cash payments and receipt journals against bank statement
checking the total of the creditor's schedule equals the balance of the creditor's control account
checking the total of the debtor's schedule equals the balance of the debtor's control account
Payments may include:
cash
cheque
credit card
direct debit
Designated time lines may include:
by month end
monthly
within agreed period
within organisational deadline

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 following is essential:
identifying and responding to discrepancies and errors
transferring and recording financial data accurately
reconciling expenditures and revenue
knowledge of organisational policies and procedures relating to maintaining financial records.
Context of and specific resources for assessment
Assessment must ensure:
access to an actual workplace or simulated environment
access to office equipment and resources
examples of source documents relating to financial record keeping.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:
direct questioning combined with review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate
review of identification and rectification or referral of discrepancies or errors in documentation or transactions
analysis of responses to case studies and scenarios
demonstration of techniques
oral or written questioning to assess knowledge of financial record keeping
examples of financial documentation.
Guidance information for assessment
Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example:
general administration units
other financial administration units.