Unit of competency Outline

Date retreived
22/07/2026 11:42 PM 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.

Process financial transactions

Process financial transactions

Unit of competency
National Code
SITXFIN001A
State Code
S6520
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
01/01/2011
View on TGA
State Implementation and Classification
Approved Date
24/05/2012
Field of Education
080101 - Accounting
Original Release Date
24/05/2012
Nominal Hours
30
Description
This unit describes the performance outcomes, skills and knowledge required to process simple financial transactions in a range of workplace contexts. Cash and other types of transactions are included in the unit.
Notes
Elements and Performance Criteria
1 Process receipts and payments.
  • 1.1 Receive and check cash float accurately where appropriate using correct documentation.
  • 1.2 Check payments received from the customer and give correct change where appropriate.
  • 1.3 Prepare and issue accurate receipts including all relevant tax details.
  • 1.4 Process and record transactions according to organisation and financial institution procedures.
  • 1.5 When cash payments are required, check documents and issue cash according to organisation procedures.
  • 1.6 Conduct transactions using appropriate software applications.
  • 1.7 Conduct transactions to meet organisation speed and customer service standards.
2 Reconcile takings.
  • 2.1 Perform balancing procedures at the designated times according to organisation policy and in consultation with colleagues.
  • 2.2 Where appropriate, separate any cash floats from takings prior to balancing procedure and secure according to organisation procedures.
  • 2.3 Determine register or terminal reading or printout where appropriate.
  • 2.4 Remove payments received and transport according to organisation security procedures.
  • 2.5 Count and calculate payments accurately.
  • 2.6 Determine balance between register or terminal reading and sum of payments accurately.
  • 2.7 Investigate or report discrepancies in the reconciliation within scope of individual responsibility.
  • 2.8 Record takings according to organisation procedures.
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 in the performance criteria is detailed below.

Transactions may include:
cash
credit cards
cheques
EFTPOS
deposits
advance payments
vouchers
company charges
refunds
travellers cheques
foreign currency.


Balancing procedures may be:
manual
electronic.


Security procedures may relate to:
process for taking cash from customers
managing floats, such as when to reduce cash held
maintaining low levels of cash in tills
rules for when and how cash should be counted
handling customer claims of short change
transporting takings to the bank
procedures in the event of a hold-up.
EVIDENCE GUIDE
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:
ability to conduct accurate and secure financial transactions
ability to balance transactions within acceptable organisation timeframes
knowledge of security principles and procedures in relation to tender and other financial documentation
ability to work within time constraints typical of the industry environment, such as several people waiting to pay their bill
processing of multiple and varied transactions to address different situations and contexts.


Context of and specific resources for assessment
Assessment must ensure:
use of legal tender and industry-current processing equipment, such as credit card machines and tills
completion of transactions with a number of customers with varying requirements.


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:
direct observation of the candidate processing financial transactions and balancing takings
review of reconciliation documentation prepared by the candidate
written or oral questions to assess knowledge of procedures for cash or non-cash transactions
review of portfolios of evidence and third-party workplace reports of on-the-job performance by the candidate.
Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended.


Assessing employability skills
Employability skills are integral to effective performance in the workplace and are broadly consistent across industry sectors. How these skills are applied varies between occupations and qualifications due to the different work functions and contexts.
Employability skills embedded in this unit should be assessed holistically with other relevant units that make up the skill set or qualification and in the context of the job role.
Replaces
State Code National Code Title Type
E1983 THHGFA01B Process financial transactions Unit of competency
Replaced By
State Code National Code Title Type
WF773 SITXFIN201 Process financial transactions Unit of competency