Unit of competency Outline

Date retreived
24/07/2026 2:24 AM AWST

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Manage financial records

Manage financial records

Unit of competency
National Code
RIIFIA401E
State Code
OBX08
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
23/09/2020
View on TGA
State Implementation and Classification
Approved Date
05/03/2021
Field of Education
080101 - Accounting
Original Release Date
05/03/2021
Nominal Hours
30
Description
This unit describes the skills and knowledge required to manage financial records in the resources and infrastructure industries.It applies to those working in supervisory roles. They are generally responsible for the output of others, contribute to the development of technical solutions to non-routine problems and apply management plans to the workplace.Licensing, legislative and certification requirements may apply to this unit and can vary between states, territories and industry sectors. Users must check requirements with relevant body before applying the unit.
Notes
Elements and Performance Criteria
1. Prepare/receive invoices
  • 1.1 Obtain, interpret and confirm work requirements
  • 1.2 Access, interpret and apply documentation required to manage financial records
  • 1.3 Estimate all job components accurately
  • 1.4 Present financial data and record quotations
  • 1.5 Levy charges according to services, and render accounts to clients
  • 1.6 Promptly and accurately prepare invoices to help ensure desired cash flow
  • 1.7 Verify accounts received for accuracy and pay promptly
2. Maintain cost records
  • 2.1 Maintain financial controls and accountability according to workplace procedures
  • 2.2 Record all costs in writing promptly, legibly and accurately
3. Prepare reports on variances from cost estimates
  • 3.1 Analyse cost records to detect variances/reasons for variances according to workplace procedures
  • 3.2 Compare final costing with original job tender
  • 3.3 Prepare reports in accordance with workplace procedures
4. Monitor financial performance
  • 4.1 Determine and maintain strategies for managing budget against actual performance
  • 4.2 Determine and calculate cost to enterprise requirements according to workplace procedures
  • 4.3 Complete reporting and pricing records according to workplace procedures
  • 4.4 Produce financial reports in a clear and timely manner for distribution to relevant stakeholders
No information
No information
Replaces
State Code National Code Title Type
WH290 RIIFIA401D Manage financial records Unit of competency