SITXFIN007 — Process financial transactions
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What an assessment for SITXFIN007 must cover
47 assessable components: 2 elements (14 performance criteria), 5 performance evidence and 24 knowledge evidence requirements, plus 4 foundation skills. An audit-defensible tool maps every question and task back to these — that mapping is the coverage matrix Auditori generates alongside the assessment.
Elements & performance criteria
1 Process customer payments.
- 1.1Receive, check and record cash float.
- 1.2Check customer payments against sale value.
- 1.3Process and record transactions according to organisational procedures.
- 1.4Provide correct change for cash payments.
- 1.5Prepare and issue accurate receipts including all relevant tax details.
- 1.6Complete transactions using appropriate software applications in line with organisational speed and customer service requirements.
2 Reconcile takings.
- 2.1Balance customer payments at designated time according to organisational policy.
- 2.2Separate cash floats from takings prior to balancing.
- 2.3Determine point-of-sale records of customer payments.
- 2.4Accurately count and calculate customer payments.
- 2.5Balance cash and other payments with point-of-sale records.
- 2.6Report discrepancies in the reconciliation.
- 2.7Record takings according to organisational procedures.
- 2.8Secure cash floats, cash and other payments according to organisational security procedures.
Performance evidence
- 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
- process each of the above financial transactions: in a logical sequence
- process each of the above financial transactions: within customer time constraints
- complete reconciliations of three different work or service periods within designated timelines.
Knowledge evidence
- types of financial transactions that commonly take place in tourism, travel, hospitality and event organisations: payments
- types of financial transactions that commonly take place in tourism, travel, hospitality and event organisations: deposits
- types of financial transactions that commonly take place in tourism, travel, hospitality and event organisations: refunds
- types of financial transactions that commonly take place in tourism, travel, hospitality and event organisations: split billing
- types of financial transactions that commonly take place in tourism, travel, hospitality and event organisations: vouchers
- methods for accepting payments: cash
- methods for accepting payments: 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
- process for taking payment and providing receipts and invoices to customers: 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
- role and importance of the reconciliation process to organisational financial management system: 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
- security procedures for securing cash floats, cash and other payments: maintaining low levels of cash in tills
- security procedures for securing cash floats, cash and other payments: obtaining receipts or sign-off for takings handed over to financial personnel
- security procedures for securing cash floats, cash and other payments: separating and securing cash floats
- security procedures for securing cash floats, cash and other payments: transporting takings to back-office areas and internal cashiers
- security procedures for securing cash floats, cash and other payments: transporting takings to the bank and obtaining receipts or sign-off
- security procedures for securing cash floats, cash and other payments: securing takings in the event of a hold-up
- products and services that attract GST.
Foundation skills
- Reading skills: interpret organisational procedures for processing financial transactions, cash float documentation, credit card and receipt details and reconciliation information.
- Writing skills: complete documentation and receipts record reconciliations and basic reports about discrepancies.
- Numeracy skills: count cash floats tender correct change.
- Technology skills: use point-of-sale equipment and software applications.
Unit content sourced from training.gov.au — © Commonwealth of Australia, licensed under CC BY 4.0. Auditori is not affiliated with the Department of Employment and Workplace Relations.
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Real, unedited Auditori output (RIIHAN201E shown), branded for a sample RTO:
Questions about assessing SITXFIN007
What does an assessment tool for SITXFIN007 need to cover?
To satisfy the Principles of Assessment and Rules of Evidence, an assessment for SITXFIN007 needs to address all 47 unit components: 2 elements with 14 performance criteria, 5 performance evidence requirements, 24 knowledge evidence requirements, and the foundation skills. A coverage matrix mapping each question and task to these components is what an auditor looks for.
How does Auditori generate an assessment tool for SITXFIN007?
Auditori pulls the current release of SITXFIN007 from training.gov.au and generates a complete package: candidate assessment, assessor guide with model answers and observation criteria, and a coverage matrix mapping every component. A suitably qualified person then reviews and approves the draft in a built-in workflow — consistent with ASQA's guidance on AI use in VET — before export as branded PDF and editable Word.
Is the first assessment tool really free?
Yes. Every new account includes one free credit — enough to generate the complete assessment tool for SITXFIN007 — with no card and no subscription required. After that it's pay-as-you-go per unit.
Can I check my existing SITXFIN007 assessment instead of generating a new one?
Yes — upload your existing assessment or learner guide and Auditori maps it against every element, performance criterion, PE and KE of SITXFIN007, showing exactly what's covered and what's missing. Mapping costs a quarter of a credit.
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