SITXFIN007 - Process financial transactions

Unit code: SITXFIN007 | Study level: TAFE
Nominal hours:
25
Location
Footscray Nicholson
Prerequisites
N/A
Overview
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Overview

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.

Assessment

For Melbourne campuses

Assessment tasks will be designed to reinforce & extend knowledge and skill competence within set & controlled parameters in accordance with each units learning outcomes & performance criteria requirements, including the setting of work based practical application tasks designed to provide evidence of competence outcomes, within periodic and scheduled timelines.

Students will be expected to demonstrate the following required skills:

  • process at least six different financial transactions using at least three different types of financial transactions listed in the knowledge evidence
  • process each of the above financial transactions:
  • in line with security and other relevant procedures
  • in a logical sequence
  • within customer time constraints
  • complete reconciliations of three different work or service periods within designated timelines.

Students will also be expected to demonstrate the following knowledge:

  • types of financial transactions that commonly take place in tourism, travel, hospitality and event organisations:
  • payments
  • deposits
  • refunds
  • split billing
  • vouchers
  • methods for accepting payments:
  • cash
  • electronic
  • procedures for processing and recording different types of transactions:
    • complying with financial institution documents and procedures
    • process for taking payment and providing receipts and invoices to customers:
  • electronic
  • cash
  • handling customer claims of short change
    • securing credit card authorisations
    • managing petty cash
  • features and functions of point-of-sale software
  • role and importance of the reconciliation process to organisational financial management system:
  • processes for completing reconciliation records
  • designated times for completing reconciliations
  • security procedures for securing cash floats, cash and other payments:
  • how and where large sums of cash should be counted
  • maintaining low levels of cash in tills
  • obtaining receipts or sign-off for takings handed over to financial personnel
  • separating and securing cash floats
  • transporting takings to back-office areas and internal cashiers
  • transporting takings to the bank and obtaining receipts or sign-off
  • securing takings in the event of a hold-up
  • products and services that attract GST.

Required reading

The qualified trainer and assessor will provide teaching and learning materials as required in the form of workbooks produced by Victoria University and/or via the Victoria University e-learning system.

As part of a course

This unit is studied as part of the following course(s):

Certificate II in Hospitality
SIT20322 | Certificate ii | Duration:

Refer to the course page for information on how to apply for the course. VU takes care to ensure the accuracy of this unit information, but reserves the right to change or withdraw courses offered at any time. Please check that unit information is current with the Student Contact Centre.

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