SITXFIN001

PROCESS FINANCIAL TRANSACTIONS

Student Assessment Task

Student Name JASHMINA SUNUWAR RASAILI

Student Id SLB000020Q
Course PROCESS FINANCIAL TRANSACTIONS

Salisbury College Australia V1.0

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ASSESSMENT INFORMATION for learners

Throughout your training we are committed to your learning by providing a training
and assessment framework that ensures the knowledge gained through training is
translated into practical on the job improvements.

You are going to be assessed for:

 Your skills and knowledge using written and observation activities that apply
to the workplace.
 Your ability to apply your learning.
 Your ability to recognise common principles and actively use these on the job.

All of your assessment and training is provided as a positive learning tool. Your assessor
will guide your learning and provide feedback on your responses to the assessment
materials until you have been deemed competent in this unit.

How you will be assessed

The process we follow is known as competency-based assessment. This means that
evidence of your current skills and knowledge will be measured against national
standards of best practice, not against the learning you have undertaken either recently
or in the past. Some of the assessment will be concerned with how you apply your skills
and knowledge in the workplace, and some in the training room as required by each
unit.

The assessment tasks have been designed to enable you to demonstrate the
requirements of the performance criteria and knowledge in this unit to successfully
demonstrate competency at the required standard.

Your assessor will ensure that you are ready for assessment and will explain the
assessment process. Your assessment tasks will outline the evidence to be collected and
how it will be collected, for example; a written activity, case study, or demonstration and
observation.

The assessor will also have determined if you have any special needs to be considered
during assessment. Changes can be made to the way assessment is undertaken to
account for special needs and this is called making Reasonable Adjustment.

What happens if your result is ‘Not Yet Competent’ for one or

more assessment tasks?
Our assessment process is designed to answer the question “has the desired learning
outcome been achieved yet?” If the answer is “Not yet”, then we work with you to see
how we can get there.
In the case that one or more of your assessments has been marked ‘NYC’, your trainer
will provide you with the necessary feedback and guidance, in order for you to resubmit
your responses.

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If you submit assessment by the due date and deemed ‘NYC’, you will be provided
another opportunity to submit assessment without any penalty. However, failure to
submit by the due date will cease any free resubmission opportunity.

What if you disagree on the assessment outcome?

You can appeal against a decision made in regards to your assessment. An appeal
should only be made if you have been assessed as ‘Not Yet Competent’ against a specific
unit and you feel you have sufficient grounds to believe that you are entitled to be
assessed as competent. You must be able to adequately demonstrate that you have the
skills and experience to be able to meet the requirements of units you are appealing the
assessment of.
If you do not agree with an assessment decision, you can make an assessment appeal as
per your SCA’s assessment appeals process.

Assessor Responsibilities
Assessors need to be aware of their responsibilities and carry them out appropriately.
To do this they need to:

 Ensure that participants are assessed fairly based on the outcome of the
language, literacy and numeracy review completed at enrolment.
 Ensure that all documentation is signed by the learner, trainer, workplace
supervisor and assessor when units and certificates are complete, to ensure
that there is no follow-up required from an administration perspective.
 Ensure that their own qualifications are current.
 When required, request the manager or supervisor to determine that the
learner is ‘satisfactorily’ demonstrating the requirements for each unit.
‘Satisfactorily’ means consistently meeting the standard expected from an
experienced operator.
 When required, ensure supervisors and learners sign off on third party
assessment forms or third-party report.
 Follow the recommendations from moderation and validation meetings.
How should I format my assessments?
Each assessment task in this booklet consists of the following:

Assessment Task Cover Sheet

This must be filled out, signed and submitted with your assessment responses.
You required to submit this assessment task electronically, please complete the
Assessment coversheet and signed electronically or print your name. Your assessor will
provide your feedback electronically either by an email or through the learning

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management system. Your assessments should be typed in an 11 or 12 size font for ease
of reading.

Your assessor will also discuss this verbally with you and provide advice on
reassessment opportunities as per your SCA’s reassessment policy.
Depending on the task, this may include:
 resubmitting incorrect answers to questions (such as written questions and case
studies)
 resubmitting part or all of a project, depending on how the error impacts on the
total outcome of the task
 redoing a role play after being provided with appropriate feedback about your
performance
 being observed a second (or third time) undertaking any tasks/activities that
were not satisfactorily completed the first time, after being provided with
appropriate feedback.
Your Trainer / Assessor will advise you should there be any change.

Naming electronic documents

It is important that you name the documents that you create for this Assessment Task in
a logical manner.
Each should include:
Student Name
Student ID
Unit code
For example, SITHCCC005 it should be John smith_SLB00005B_ SITHCCC005

How should I reference the sources of information I use in my

assessments?
Include a reference list at the end of your work on a separate page. You should reference
the sources you have used in your assessments in the Harvard Style. For example:

 Website Name – Page or Document Name, retrieved insert the date. Webpage
link.
 For a book: Author surname, author initial Year of publication, Title of book,
Publisher, City, State.

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assessment guide

The following table shows you how to achieve a satisfactory result against the criteria
for each type of assessment task. The following is a list of general assessment methods
that can be used in assessing a unit of competency. Check your assessment tasks to
identify the ones used in this unit of competency.

Assessment Method Satisfactory Result Non-Satisfactory Result

You will receive an overall result of Competent or Not Yet Competent for this unit. The
assessment process is made up of a number of assessment methods. You are required to
achieve a satisfactory result in each of these to be deemed competent overall. Your
assessment may include the following assessment types.

Written Questions All questions answered Incorrect answers for one

correctly or more questions

Answers address the Answers do not address

question in full; referring the question in full. Does
to appropriate sources not refer to appropriate or
from your workbook correct sources.
and/or workplace

Third Party Report Supervisor or manager Could not demonstrate

observes work
performance and confirms
that you consistently meet
the standards expected
from an experienced
operator
consistency. Could not
demonstrate the ability to
achieve the required
standard

Written Activity The assessor will mark the Does not follow
activity against the guidelines/instructions
detailed
guidelines/instructions

Attachments if requested Requested supplementary

are attached items are not attached

All requirements of the Response does not

written activity are address the requirements
addressed/covered. in full; is missing a
response for one or more
areas.

Responses must refer to One or more of the

appropriate sources from requirements are
your workbook and/or answered incorrectly.

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Assessment Method Satisfactory Result
You will receive an overall result of Competent or Not Yet Competent for this unit. The
assessment process is made up of a number of assessment methods. You are required to
achieve a satisfactory result in each of these to be deemed competent overall. Your
assessment may include the following assessment types.
workplace
Observation/Demonstration All elements, criteria,
knowledge and
performance evidence are
demonstrated at the
appropriate AQF level
Case Study All comprehension
questions answered
correctly; demonstrating
an application of
knowledge of the topic
case study.
Answers address the
question in full; referring
to appropriate sources
from your workbook
and/or workplace
Practical Activity All tasks in the practical
activity must be completed
and evidence of
completion must be
provided to your
trainer/assessor.
All tasks have been
completed accurately and
evidence provided for
each stated task.
Attachments if requested
are attached
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Non-Satisfactory Result
Does not refer to or utilise
appropriate or correct
sources of information
Could not demonstrate
elements, criteria,
knowledge and
performance evidence at
the appropriate AQF level
Lack of demonstrated
comprehension of the
knowledge required to
complete the case study
questions correctly. One
or more questions are
answered incorrectly.
Answers do not address
the question in full; do not
refer to appropriate
sources.
Tasks have not been
completed effectively and
evidence of completion
has not been provided.
Requested supplementary
items are not attached
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This assessment task only consists of Written Questions, Practical Activity and
Third-party verification.

ASSESSMENT TASK 1
Written Questions
This assessment task consists of 22 questions. You may use reference material to assist
you such as texts and the internet, but you must correctly reference your information.

You must answer all questions correctly and in accordance with the instructions given.

Answers should between 50 to 100 words for each question:

1. Types of Financial Transactions

In a manner that would be appropriate to include in an induction package for a

new employee, briefly discuss each of the following types of financial
transactions that commonly take place in tourism, travel, hospitality and event
organisations:

Financial Transactions Explanation

Advance payments

Application of GST

Payments made via:

 Cash.
 Cheque.
 Credit card.
 Electronic funds transfer at
point of sale (EFTPOS).

Deposits.

Foreign currency.

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Petty cash disbursements.

Refunds

Traveller’s cheques

Vouchers

2. Security Procedures

Develop or outline a security procedure for each of the following tasks that
include transporting and securing cash floats, cash and other payments:

a) Obtaining receipts or sign-off for takings handed over to financial personnel.

b) Separating and securing cash floats.

c) Transporting takings to back-office areas and internal cashiers.

d) Transporting takings to the bank and obtaining receipts or sign-off.

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3. Products and Services That Attract GST.

For your workplace, or for a workplace at which you would like to work,
develop a list of at least 15 different products and services that attract GST.
These products and services may be products and services that you sell and
provide at your organisation, and may also include products and services
obtained and used by your organisation.
Item 1

Item 2

Item 3

Item 4

Item 5

Item 6

Item 7

Item 8

Item 9

Item 10

Item 11

Item 12

Item 13

Item 14

Item 15

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Assessment Task 2
Practical activity

The following task must be demonstrated in an operational tourism, travel, hospitality

or events environment where financial transactions are processed with access to
customers, this may be an industry workplace with real clients, or a in SCA simulated
environment with individuals who participate in role plays or simulated activities.

Submission requirement:

 Receive, check and accurately record the cash float

Required:

You will require access to and the use of:

 Point-of-sale equipment and software currently used to process and reconcile
financial transactions.
 Current commercial procedures and documentation for the processing of
financial transactions.
 Cash and other forms of payments.

Assessment Criteria:

The following task will need to be conducted over three (3) different work or service
periods. To prepare for the task on each work or service period, complete the
following step:
 Receive, check and accurately record the cash float

Throughout each the three (3) service periods, you will need to complete the
following steps to demonstrate your ability to process at least six (6) different
financial transactions, ensuring that the customers are served effectively:
 Determine the types of financial transaction, (must include at least three (3) of
the following across all the transactions processed) and check the customers
payment against the sale value:
a. Advance payment
b. Application of goods and services tax (GST)

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c. Payments:
i. Cash
ii. Cheque
iii. Credit card
iv. Electronic funds transfer at point of sale (EFTPOS)
d. Deposit
e. Foreign currency
f. Petty cash disbursement
g. Refund
h. Traveller’s cheque
i. Voucher
 For payments made in cash, provide the customer with the correct change
 Process the transaction and record it according to organisational procedures
 Prepare and issue the client with an accurate receipt that includes all relevant tax
details
 Complete the transaction using the appropriate software applications and in line
with all organisational speed and customer service requirements

Perform the following steps to reconcile the takings after each work or service
period:
 Prior to balancing, and at the designated time, separate the cash floats from the
takings.
 Balance the customer payments, according to organisational policy
 Determine the point-of-sale records of customer payments
 Accurately count and calculate the customer payments
 Balance the cash and other payments with the point-of-sale records, noting any
discrepancies
 According to your level of responsibility, investigate or report discrepancies in
the reconciliation
 Record the takings according to the organisational procedures.
 Following organisational security procedures, transport and secure the cash
floats, cash and other payments.

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