Unit of competency Outline

Date retreived
22/07/2026 11:09 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.

Reconcile financial transactions

Reconcile financial transactions

Unit of competency
National Code
FNSFMK401A
State Code
D4120
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
20
Description
This unit describes the performance outcomes, skills and knowledge required to confirm and reconcile financial market trading transactions.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Notes
Elements and Performance Criteria
1. Confirm transaction
  • 1.1. Transaction is confirmed to ensure details are correct with trading details and organisational requirements
2. Reconcile transaction
  • 2.1. Any discrepancies within the transaction amounts, between client's and the organisation are identified and followed up according to organisational procedures
  • 2.2. Unreconciled discrepancies are forwarded to appropriate organisational personnel for review
  • 2.3. Trade details are reconciled once discrepancies have been rectified
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.
Reconciliation may include
broker account reconciliation
nostro reconciliation
vostro reconciliation
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:
Accurately interpret and apply organisational and industry reconciliation procedures
utilise specialist settlement systems
comprehend and follow master agreement instructions.

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 organisational trading system software

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
C9683 FNSFMKT401B Reconcile financial transaction Unit of competency
Replaced By
State Code National Code Title Type
AUR09 FNSFMK401 Reconcile financial transactions Unit of competency