Unit of competency Outline

Date retreived
23/07/2026 1:20 AM AWST

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Process financial transactions

Process financial transactions

Unit of competency
National Code
SITXFIN007
State Code
OEC47
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
10/06/2022
View on TGA
State Implementation and Classification
Approved Date
18/10/2022
Field of Education
080101 - Accounting
Original Release Date
18/10/2022
Nominal Hours
35
Description
This unit describes the performance outcomes, skills and knowledge required to accept and process 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.The skills in this unit must be applied in accordance with Commonwealth and State/Territory legislation, Australian/New Zealand standards and industry codes of practice.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. Process and record transactions according to organisational procedures.
  • 1.4. Provide correct change for cash payments.
  • 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. Report discrepancies in the reconciliation.
  • 2.7. Record takings according to organisational procedures.
  • 2.8. Secure cash floats, cash and other payments according to organisational security procedures.
No information
No information
Replaces
State Code National Code Title Type
AWQ55 SITXFIN001 Process financial transactions Unit of competency