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.
Information includes:
account numbers
addresses
amounts of money, figures
card numbers
cheque numbers
dates
names.
Documents may include:
application forms
claim forms
petty cash vouchers
invoices
purchase orders
receipts
credit notes
statements
deposit books
delivery dockets
remittance advice.
Supporting documentation may include information that supports the transaction such as:
suspense reports
reconciliations.
Validity may include:
signature
dates
amounts.
Journals may include:
general
cash receipts
cash payments
sales
purchases
returns and allowances.
Preparing journals accurately and completely means:
meaningful notation
effective date specified
correct allocation
balanced transaction.
Batch items are:
grouped receipts treated as a separate transaction entity.
Organisational policy and procedures may include:
operations manual
internal control guidelines
computer system documentation.
Deposit facilities may include:
bank deposit slips
direct debit transaction reports.
Banking methods include:
personal
through a third party security company
by pick-up.
Security and safety precautions may include:
banking of all negotiable instruments on day received
all batches posted on day of receipt
cash management processes.
Industry and legislative requirements may cover:
Anti-Money Laundering and Counter Terrorism Financing Acts
Australian Accounting Standards
Australian Securities and Investments Commission (ASIC) Code
consumer credit legislation
industry codes of practice
occupational health and safety (OHS) Acts and guidelines
Privacy Act
relevant Insurance Act
Stamp Duties Act
Taxation Act
Trade Practices Act.
Proof of lodgement may include:
bank stamped deposit facility
verified transaction listing.
Special transactions may include:
introduction of additional capital
drawings of cash and goods
purchase and sale of non-current assets at book value
interest payable and receivable on overdue accounts
dishonour of cheques including write-back of discount
bad debts written off or recovered.
Reports may include:
balance sheet
trial balance
unadjusted income statement.
Errors may include:
a transaction not being recorded in a journal or recorded incorrectly
a journal entry not posted to the ledger or posted twice
an entry being made in an incorrect ledger account but on the correct side
entries being made on the wrong side of two ledger accounts
offsetting errors (compensating errors) where two independent errors for the same amount are made.

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 enter and balance deposits and withdrawals
process and balance petty cash transactions
check and verify supporting documentation
apply relevant security measures for preparing and banking receipts
batch monetary items and prepare deposit facilities
use knowledge of organisational policies and procedures and legislative requirements to accurately enter data into accounting systems and process journal entries
prepare and authorise journals and check journal processing reports
extract and check/correct a trial balance
file documentation to meet all organisational and regulatory requirements.

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.

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 which may include formal examinations
setting and reviewing workplace projects and business simulations/scenarios
evaluating samples of work
accessing and validating third party reports.

Guidance information for assessment