Unit of competency Outline

Date retreived
23/07/2026 11:32 AM AWST

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Perform retail finance duties

Perform retail finance duties

Unit of competency
National Code
SIRXFIN002A
State Code
S6126
TGA Status
Deleted
DTWD Status
Deleted
Current Release Number
2.00
Current Release Date
13/06/2012
View on TGA
State Implementation and Classification
Approved Date
31/07/2014
Field of Education
080101 - Accounting
Original Release Date
31/07/2014
Nominal Hours
25
Description
This unit describes the performance outcomes, skills and knowledge required to perform retail finance duties. It involves processing petty cash and noncash transactions, preparing banking documents, reconciling invoices for payment and preparing invoices for debtors.
Notes
Elements and Performance Criteria
1. Process petty cash transactions.
  • 1.1.Check petty cash claims for approval, accuracy and authenticity before processing.
  • 1.2.Check and balance transactions according to store policy and procedures.
  • 1.3.Note irregularities and refer to relevant personnel for resolution.
  • 1.4.Process and record petty cash transactions within designated time limits.
2. Prepare banking documents.
  • 2.1.Balance cashbook entries against record of takings.
  • 2.2.Compile and balance deposit entries.
  • 2.3.List cash and non cash transactions on banking deposit forms, according to the banking institution’s guidelines.
  • 2.4.Process in store credit systems according to store policy.
3. Process non cash transactions.
  • 3.1.Balance non cash transactions and present documentation to relevant personnel for checking.
  • 3.2.Note irregularities and refer to relevant personnel for resolution.
4. Reconcile invoices for payment to creditors.
  • 4.1.Identify discrepancies between invoices and delivery notes and report to relevant personnel or section for resolution.
  • 4.2.Identify errors in invoice charges and report to relevant personnel or section for correction or resolution.
  • 4.3.Rectify discrepancies and errors as directed.
  • 4.4.Process corrected and authorised invoices for payment within designated time limits.
  • 4.5.Resolve creditor enquiries or refer to relevant personnel or section for resolution.
5. Prepare invoices for debtors.
  • 5.1.Perform preparatory calculations to produce accurate customer invoices.
  • 5.2.Complete relevant documentation to ensure accuracy of contents.
  • 5.3.Distribute documents to relevant personnel or section for certification prior to being dispatched.
  • 5.4.Dispatch verified documents within designated time limits.
  • 5.5.Copy and file documents for auditing purposes.
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 in the Performance Criteria is detailed below.
Store policy and procedures in regard to:
store financial systems.
Relevant personnel may include:
manager
supervisor
team leader
specialist staff.
Non-cash transactions may include:
EFTPOS and credit cards
customer credit ratings
cheques
hire-purchase
lay-by
cash on delivery (COD)
customer refunds.
Documentation may include:
purchase requisitions
purchase orders
invoices
receipts
delivery dockets and receipts
credit notes
statements
remittance advices
cash register rolls
deposit books.
Preparatory calculations may include:
application of prior credit
discounting
quantity
calculation of GST.
Methods used to file documents may include:
manual
electronic.
The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, the range statement and the Assessment Guidelines for this Training Package.
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the following is essential:
consistently applies store policy and procedures in regard to petty cash and non-cash transactions, invoicing, banking processes and processing delivery and document discrepancies
consistently applies skills related to the reconciliation and payments of invoices for creditors and debtors, according to store policy and procedures.
Context of and specific resources for assessment
Assessment must ensure access to:
a real or simulated work environment
relevant documentation, such as:
store policy and procedures manuals
financial transaction dockets, slips and invoices
banking deposit forms
EFTPOS facilities and equipment
registers and related equipment
relevant financial management systems.
Methods of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:
observation of performance in the workplace
a role play
third-party reports from a supervisor
answers to questions about specific skills and knowledge
review of portfolios of evidence and third-party workplace reports of on-the-job performance.
Guidance information for assessment
Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example:
SIRXADM001A Apply retail office procedures
SIRXICT001A Operate retail technology.
Replaces
State Code National Code Title Type
N0674 WRRF2B Perform retail finance duties Unit of competency