WRRF3B PERFORMANCE CRITERIA ELEMENTS OF COMPETENCY PRODUCE FINANCIAL REPORTS. 1 Enter payment summaries into journals. 2 Reconcile accounts to balance

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1 WRRF3B PRODUCE FINANCIAL REPORTS This unit encompasses the skills, knowledge and attitudes required to produce financial reports in a retail environment. It involves entering payment summaries into journals, reconciling accounts to balance, preparing bank reconciliations, and receiving and documenting payments/takings. It also involves dispatching statements to debtors, dispatching payments to creditors and preparing financial reports. ELEMENTS OF COMPETENCY 1 Enter payment summaries into journals Reconcile accounts to balance 3 Prepare bank reconciliations 4 Receive and document payments/takings PERFORMANCE CRITERIA 1.1 Payment documents filled out identifying relevant details. 1. Payment documents checked for authenticity of claim. 1.3 Payment documents balanced on a routine basis..1 Discrepancies between transaction documentation and account balances identified.. Errors in documentation rectified..3 Data recorded on nominated system within designated time limits. 3.1 Deposit entries and cash payment summaries checked for accuracy against bank statements. 3. Discrepancies noted and resolved. 3.3 Regular reconciliation reports produced within designated time limits to provide data for preparation of trial balance. 3.4 Pay-in documentation completed accurately. 3.5 All transaction calculations balanced accurately. 4.1 Cash is correctly counted and correct change given, if applicable. 4. Cheque and credit card payments are verified with the relevant personnel/department prior to acceptance. 4.3 Receipts are accurately completed and issued. 17

2 ELEMENTS OF COMPETENCY 4 Dispatch statements to debtors and follow up outstanding accounts 5 Dispatch payments to creditors PERFORMANCE CRITERIA 4.1 Debtor statements checked for accuracy of contents. 4. Any noted discrepancies rectified accurately. 4.3 Debtor statements dispatched within designated time limits. 4.4 Outstanding accounts collected within designated credit periods. 4.5 Credit terms reviewed and controlled to ensure payment within designated time limits. 4.6 Debtors ledger accurately maintained to reflect current situation. 4.7 Customer credit terms reviewed when indicated according to store policy. 5.1 Payment documentation prepared by others checked for accuracy of information and dispatched to creditors within designated time limits. 5. Creditors statements reconciled with accounting records. 5.3 Relevant data input into creditors ledger. 5.4 General ledger reconciled against accounting records. 6 Prepare financial reports 6.1 Purpose of the report clarified with relevant personnel. 6. Relevant data identified and obtained from nominated internal and/or external sources. 6.3 Nominated internal records updated to show current status of financial report. 6.4 Data transcribed onto nominated form and in the authorised manner. 18

3 RANGE OF VARIABLES The Range of Variables provide the range of applications of this unit of competency to allow for differences within enterprises and workplaces. It provides details of practices, knowledge and requirements referred to in the elements and performance criteria. The variables chosen in training and assessment will depend on the work contexts. The following variables may include but are not limited to: Store policies and procedures in regard to: financial systems reconciling accounts Nominated system may include: recording documenting reporting systems accounting Systems may be: manual electronic Transactions may include: cash cheque credit card EFTPOS store card Internet payments lay by Relevant personnel may include: supervisor team leader manager 19

4 EVIDENCE GUIDE The following components of the evidence guide relate directly to the performance criteria and the range of variables for the unit of competency and provide guidance for assessment of the unit in the workplace and/or training program. Critical Aspects of Evidence Competency in this unit requires evidence that the candidate: Consistently applies store policies and procedures, in regard to producing financial reports. Consistently applies store policies and procedures in regard to handling cash. Consistently applies store policies and procedures in regard to the accurate and effective recording of data for reporting and processing document discrepancies and the reconciliation of reports for preparation of trail balances. Consistently applies store policies and procedures in regard to receiving, recording and dispatching to debtors and creditors. Applies follow up procedures for outstanding accounts. Underpinning Skills and Knowledge Knowledge and skills are essential to apply this unit in the workplace, to transfer to other contexts and deal with unplanned events. The requirements for this unit of competency are listed below: Knowledge of: Store policies and procedures, in regard to: register/terminal balance cash and non-cash transactions security petty cash cash balances banking procedures purchase requisitions/orders issuing of receipts delivery dockets credit notes statements remittance advices cash register rolls deposit books change required and denomination of change operation of equipment used at register/terminal processing delivery and delivery document discrepancies invoicing procedures for debtors and creditors register/terminal balance Payment/invoice procedures including Goods and Services Tax (GST) requirements Relevant legislation and statutory requirements 0

5 EVIDENCE GUIDE (CONTINUED) Cash and non-cash handling procedures, including: opening and closing point of sale terminal clearance of terminal and transference of tender maintenance of cash float counting cash calculating non-cash documents balancing point of sale terminal recording takings security of cash and non-cash transactions change required and denominations of change EFTPOS/credit cards gift vouchers/lay by credits and returns Skills in: Literacy skills in regard to: interpreting documentation Report writing Numeracy skills in regard to: reconciling accounts counting cash calculating non-cash transactions reporting on takings 1

6 EVIDENCE GUIDE (CONTINUED) Generic Process Skills There are a number of processes that are learnt throughout work and life which are required in all jobs. They are fundamental processes and generally transferable to other work functions. Some of these are covered by the key competencies, although others may be added. The questions below highlight how these processes are applied in this unit of competency. Following each question a number indicates the level to which the key competency needs to be demonstrated where 0 = not required, 1 = perform the process, = perform and administer the process, and 3 = perform, administer and design the process. Key Competency Example of Application Performance Level How can communication of ideas and information be applied? How can information be collected, analysed and organised? How are activities planned and organised? How can team work be applied? How can the use of mathematical ideas and techniques be applied? How can problem solving skills be applied? How can the use of technology be applied? Financial reports will need to be communicated to others. Preparing bank reconciliations requires information to be collected, analysed and organised. Preparing financial reports requires activities to be planned and organised. Team work may be required when clarifying reports with others. The use of mathematical ideas and techniques will be applied when balancing transactions and preparing bank reconciliations. Problem solving skills will be applied when rectifying any discrepancies in accounts. The use of technology will be applied when updating records and preparing financial reports. 1 1

7 EVIDENCE GUIDE (CONTINUED) Context of Assessment Assessment Process For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance. It can be gathered from assessment of the unit of competency alone, through an integrated assessment activity or through a combination of both. Evidence should be gathered as part of the learning process. Integrated Competency Assessment Evidence is most relevant when provided through an integrated activity which combines the elements of competency for each unit, or a cluster of units of competency. The candidate will be required to: Apply knowledge and skills which underpin the process required to demonstrate competence, including appropriate key competencies. Integrate knowledge and skills critical to demonstrating competence in this unit. Unit WRRF3B can be assessed with other units which make up a particular job function. Evidence Gathering Methods Evidence should include products, processes and procedures from the workplace context. Evidence might include: Observation of the person in the workplace Third party reports from a supervisor Customer feedback Answers to questions about specific skills and knowledge Resources Required A retail work environment Relevant documentation, such as: financial transaction dockets/slips/invoices recording/tally sheets store policy and procedures manuals Recording, documenting and filing systems Registers and related equipment including EFTPOS facilities/equipment 3

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