Unit of competency Outline

Date retreived
23/07/2026 4:15 PM AWST

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Process financial transactions

Process financial transactions

Unit of competency
National Code
SITXFIN001
State Code
AWQ55
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
03/03/2016
View on TGA
State Implementation and Classification
Approved Date
12/07/2016
Field of Education
080101 - Accounting
Original Release Date
12/07/2016
Nominal Hours
30
Description
This unit describes the performance outcomes, skills and knowledge required to accept and process cash and other payments for products and services, and reconcile takings at the end of the service period or day.The unit applies to all tourism, travel, hospitality and event sectors.This unit mainly applies to frontline sales and operations personnel who operate with some level of independence and under limited supervision. It does, however, describe a fundamental operational function and those people who work with very little independence under close supervision would also use this skill.No occupational licensing, certification or specific legislative requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Process customer payments.
  • 1.1.Receive, check and record cash float.
  • 1.2.Check customer payments against sale value.
  • 1.3.Provide correct change for cash payments.
  • 1.4.Process and record transactions according to organisational procedures.
  • 1.5.Prepare and issue accurate receipts including all relevant tax details.
  • 1.6.Complete transactions using appropriate software applications in line with organisational speed and customer service requirements.
2. Reconcile takings.
  • 2.1.Balance customer payments at designated time according to organisational policy.
  • 2.2.Separate cash floats from takings prior to balancing.
  • 2.3.Determine point-of-sale records of customer payments.
  • 2.4.Accurately count and calculate customer payments.
  • 2.5.Balance cash and other payments with point-of-sale records.
  • 2.6.Investigate or report discrepancies in the reconciliation.
  • 2.7.Record takings according to organisational procedures.
  • 2.8.Transport and secure cash floats, cash and other payments according to organisational security procedures.
No information
No information
Replaces
State Code National Code Title Type
WF773 SITXFIN201 Process financial transactions Unit of competency
Replaced By
State Code National Code Title Type
OEC47 SITXFIN007 Process financial transactions Unit of competency