SITXFIN009 Manage Finances:
| Student Must Fill this Section | |
| Unit Code / Title | SITXFIN009 Manage Finances |
| Qualification Code / Title: | |
| Due Date : | |
| Student Name: | ||||
| Student ID: | Term: | Year: | ||
| Privacy Release Clause: | “I give my permission for my assessment material to be used in the auditing, assessment validation & moderation Process”. | |||
| Authenticity Declaration: | “I declare that: | |||
| Student Signature: | Date: | |||
| Assessment Outcome | ||||
| Assessor Name: | ||||
| Attempt and Tasks | Satisfactory | Not Yet Satisfactory | Date | Assessor Signature |
| Initial attempt | | | ||
| Re- attempt/Re-assessment | | | ||
| Assessment Task 1 | | | ||
| Assessment Task 2 | | | ||
| Assessment Task 3 | | | ||
Assessor Feedback to Students
| Assessment Outcome: | Competent | Not yet Competent | ||
| Assessor Name: | ||||
| Assessor Signature: | ||||
| Information for Student: |
| Re-assessment of Result & Academic Appeal procedures: |
| If a student is not happy with his/ her results, that student may appeal against their grade via a written letter, clearly stating the grounds of appeal to the Chief Executive Officer. This should be submitted after completion of the subject and within fourteen days of commencement of the new term. Re-assessment Process: An appeal in writing is made to the Academic Manager providing reasons for re-assessment /appeal. Academic Manager will delegate another member to review the assessment. The student will be advised of the review result done by another assessor. If the student is still not satisfied and further challenges the decision, then a review panel is formed comprising the lecturer/trainer in charge and the Academic Manager or if need be an external assessor. The Institute will advise the student within 14 days from the submission date of the appeal. The decision of the panel will be deemed to be final. If the student is still not satisfied with the result, he / she has the right to seek independent advice or follow external mediation option with nominated mediation agency. Any student who fails a compulsory subject or appeals unsuccessfully will be required to re-enrol in that subject. The cost of reassessment will be borne by the Institute. The external assessor will base his/her judgement based on principles of assessment. These principles require assessment to be reliable, fair, practical and valid. Academic Appeals: If you are dissatisfied with the outcome of the re-evaluation process, you have a right to appeal through academic appeals handling protocol. To appeal a decision, the person is required to complete the TKL- Request for Appeal of a Decision form with all other supporting documents, if any. This form is available via our website. The completed Request for Appeal form is to be submitted to the Student Support Officer either in hard copy or electronically via the following contact details: Student Support Officer, TKL College Suite 707, Level 7 159-175 Church Street, Westfield Shopping Centre, Parramatta, NSW 2150 , Email: [email protected] The notice of appeal should be in writing addressed to the Chief Executive Officer and submitted within seven days of notification of the outcome of the re-evaluation process. If the appeal is not lodged in the specified time, the result will stand and you must re-enrol in the unit. In emergency circumstances, such as in cases of serious illness or injury, you must forward a medical certificate in support of a deferred appeal. The notice of appeal must be made within three working days of the concluding date shown on the medical certificate. The decision of Chief Executive Officer will be final. Student would then have the right to pursue the claim through an independent external body as detailed in the students’ complaint / grievance policy. |
| Plagiarism: Plagiarism means to take and use another person’s ideas and or manner of expressing them and to pass them off as your own by failing to give appropriate acknowledgement. This includes material sourced from the internet, RTO staff, other students, and from published and unpublished work. Plagiarism occurs when you fail to acknowledge that the ideas or work of others are being used, which includes: Collusion: Collusion means unauthorised collaboration on assessable work (written, oral or practical) with other people. This occurs when a student presents group work as their own or as the work of someone else. Collusion may be with another RTO student or with individuals or student’s external to the RTO. This applies to work assessed by any educational and training body in Australia or overseas. Collusion occurs when you work without the authorisation of the teaching staff to: with one or more people to prepare and produce work Both collusion and plagiarism can occur in group work. For examples of plagiarism, collusion and academic misconduct in group work please refer to the RTO’s policy on Academic integrity, plagiarism and collusion. Plagiarism and collusion constitute cheating. Disciplinary action will be taken against students who engage in plagiarism and collusion as outlined in RTO’s policy. Proven involvement in plagiarism or collusion may be recorded on students’ academic file and could lead to disciplinary |
Assessment Requirements
You are required to complete and pass every task in the assessment in order to be deemed competent.
Assessment Schedule
| Task | Due Date | Student Signature | Trainer Signature | Comments |
| Task 1-3 | Week |
Welcome to the Student Assessment Tasks for SITXFIN009 Manage finances within a budget. These tasks have been designed to help you demonstrate the skills and knowledge that you have learnt during your course.
Please ensure that you read the instructions provided with these tasks carefully. You should also follow the advice provided in the Hospitality Works Student User Guide. The Student User Guide provides important information for you relating to completing assessment successfully.
For you to be assessed as competent, you must successfully complete two assessment tasks:
Assessment Task 1: Knowledge questions
Knowledge questions are designed to help you demonstrate the knowledge which you have acquired during the learning phase of this unit. Ensure that you:
- review the advice to students regarding answering knowledge questions in the Hospitality Works Student User Guide
- comply with the due date for assessment which your assessor will provide
- adhere with your RTO’s submission guidelines
- answer all questions completely and correctly
- submit work which is original and, where necessary, properly referenced
- submit a completed cover sheet with your work
- avoid sharing your answers with other students.
| Assessment information | |
| Information about how you should complete this assessment can be found in Appendix A of the Hospitality Works Student User Guide.Refer to the appendix for information on: where this task should be completedthe maximum time allowed for completing this assessment taskwhether or not this task is open-book. Note: You must complete and submit an assessment cover sheet with your work. A template is provided in Appendix B of the Student User Guide. However, if your RTO has provided you with an assessment cover sheet, please ensure that you use that. | |
Provide answers to all of the questions below.
- Provide a description of each of the types of financial records in the table.
| Financial record type | Description |
| Bank deposit slip | |
| Bank statement | |
| Business activity statement | |
| Credit card statement | |
| Invoice | |
| Journal entry | |
| Payroll / wages report | |
| Merchant statement | |
| Transaction report |
- Provide a description of each of the type of budgets in the table.
| Budget type | Description |
| Cash budget | |
| Cash flow budget | |
| Department budget | |
| Project budget | |
| Purchasing budget | |
| Sales budget | |
| Wages budget | |
| Master budget (i.e., organisation wide budget) |
- Explain each of the terms in the table that are factors to consider in preparing financial and statistical reports for a business.
| Term | Explanation of the term |
| Cash flow | |
| Covers | |
| Expenditure | |
| Occupancy rates | |
| Sales performance | |
| Stock (inventory) level | |
| Staff costs | |
| Variances | |
| Wastage | |
| Yield | |
| Income | |
| Commercial account activity | |
| Commission earnings | |
| Daily, weekly and monthly transaction reporting |
- Explain the importance of a budget and budget control for a business.
- List two techniques a business can use for maximising budget performance.
- Outline the term budget variance.
- Document the reporting that is completed for the following cycles/periods and write down a procedure for each that is relevant to a hospitality business.
| Cycle | What reporting should happen | A relevant procedure |
| Monthly | ||
| Quarterly | ||
| Annually |
- For two different accounting software programs of your choice, write down at least one function and one feature of each and how these can help in monitoring budgets.
- What information does an annual financial report contain and how should it be presented?
- Discuss how a business will show the findings of the projected budget versus the actual budget and how this might be presented.
| Student’s name: | |||
| Did the student provide a sufficient and clear answer that addresses the suggested answer for the following? | Completed successfully? | Comments | |
| Yes | No | ||
| Question 1 | |||
| Question 2 | |||
| Question 3 | |||
| Question 4 | |||
| Question 5 | |||
| Question 6 | |||
| Question 7 | |||
| Question 8 | |||
| Question 9 | |||
| Question 10 | |||
| Assessor Feedback: | |||
| Assessor name: | |||
| Assessor signature and Date: | |||
Assessment Task 2: Project
You are required to manage finances within a budget for a case study organisation and then report on your findings.
You will need access to:
- your learning resources and other information for reference
- software such as an accounting program or Microsoft Excel or similar
- your Café Quarterly Budget
- your Budget Report Template.
Ensure that you:
- review the advice to students regarding responding to written tasks in the Hospitality Works Student User Guide
- comply with the due date for assessment which your assessor will provide
- adhere with your RTO’s submission guidelines
- answer all questions completely and correctly
- submit work which is original and, where necessary, properly referenced
- submit a completed cover sheet with your work
- avoid sharing your answers with other students.
Complete the following activities.
- Carefully read the following information.
| Successful completion of this unit requires that you complete the range of tasks listed above. It is important that you provide evidence that you have successfully completed each task. Below is a guide to the skills and knowledge you must demonstrate when you are completing each activity step. We have provided several documents to assist you and you will find these in the student resources. You will need access to: your learning resources and other information for reference software such as an accounting program or Microsoft Excel or similaryour Café Quarterly Budget your Budget Report Template.space for a meeting. What do I need to demonstrate? During this task, you will be required to demonstrate a range of the skills and knowledge that you have developed during your course. These include: managing a budget for a business over a three-month period that meets the specific business’ needs and including reviewing operating procedures and sourcing new suppliers. Allocating budget resources including:allocating funds according to budget and agreed priorities.discussing changes to income and expenditure priorities with colleagues prior to implementation.consulting with, as well as informing staff about resource decisions.promoting awareness of the importance of budget control.Maintaining resource allocation records. Monitoring financial activities against a budget over the three-month period including:identifying and using financial records to check actual income and expenditure against budget.making sure that the reference records used are accurate.Identifying and reporting significant deviations Investigating options for more effective management of deviations.advising colleagues of budget status in relation to targets.Identifying and evaluating options for improved budget performance including:Assessing existing costs and resources and proactively identifying areas for improvement including:discussing desired budget outcomes with colleagues.undertaking research to investigate new approaches to budget management.defining and communicating the benefits and disadvantages of new approaches.factoring in the impacts on customer service levels and on colleagues when developing new approaches.presenting clear and logical recommendations for budget management.Completing financial reports relating to the budget including: completing the required financial and statistical reports according to required timelines.preparing and presenting clear and concise information to enable informed decision making. How will I provide evidence? Your assessor will provide you with templates to complete each task. You will find some detailed information about providing evidence; this will include: a completed Café Quarterly Budgeta completed Budget Report. You will need to complete each activity and submit the completed templates at the end of each step completed. |
- Carefully read the following scenario.
| You are the café manager of a popular café within the Blue Healer Hotel and Spa. The owner has provided you with the budget for the next quarter and it is part of your responsibility to allocate resources and manage the finances within the budget. The budget has been increased in month three as this is a popular month where lots of visitors stay at the Blue Healer and neighbouring guest houses as there is a music festival on. As such, additional wait staff will be hired on a casual basis and less private catering jobs will be booked in as the café will be at its peak. Additional information: The business uses local suppliers but due to a recent drought the cost of meat with the usual supplier, Fresh Farms, went up by 7% last month.The café serves breakfast, light meals, light dinners and sharing plates, smoothies, coffee, pastries and is a local favourite for its homemade iced tea.Due to the clientele of the hotel and health spa, and the area within which the Blue Healer is located, there have been a number of requests for more vegetarian and vegan options. Apart from you and the owner (you also cook and prepare food) there is full-time chef named Navneet, two part-time kitchen porters and casual wait staff employed.There has been a pattern of food wastage in the past two months with too much fruit purchased that spoiled before it could be used as the iced tea became so popular that not as many smoothies were made and sold.The food budget has blown out over the past three months, but the owner can’t increase it as the profit from the café is being invested into building and landscaping works to create an outside undercover area that will double the capacity of the café. The business uses Wave Accounting free online software for recording income and expenditure but makes use of Excel spreadsheets for budgeting and planning purposes. |
- Review past information and future budget and plan fund allocation.
| Review the following: Case study and additional information above Café Quarterly Budget – budget pageCafé Quarterly Budget – past information page Look at the cost of sales figures related to food and beverage purchases which is the food and beverage budget that is allocated to you. Do some research and source some local meat suppliers in your area and check out the costs of menu items you have planned for previously in the past, or meals you are familiar with and see what that 7% could look like and the impact over a three-month period. Bring this information with you to the meeting in the next activity step to provide recommendations to the owner. Think about how you can work effectively with the budget allocated to you and the changes you could make to manage the finances more effectively. Make notes on your research and findings for use in the following activity. |
- Have a meeting with the owner to discuss the budget and fund allocation.
| Now that you have reviewed all the information, have a meeting with the manager (your assessor) at the date and time advised to discuss any concerns, priorities and changes you would like to make before you allocate the funds. Review the new suppliers you have sourced with your assessor. During the meeting, you will need to demonstrate effective communication skills including: speaking clearly and concisely using non-verbal communication to assist with understanding asking questions to identify required information responding to questions as required. |
- Allocate funds.
| Using the Café Quarterly Budget template – Fund allocation page, allocate the funds for the quarter to the relevant areas and what you will purchase from existing or new suppliers. Make notes in the relevant column to support your choice and rationale. Add or delete rows as necessary and apply cell formatting and the use of formula functions as necessary. Submit to your assessor. |
- Meet with your team.
| Briefly meet with Navneet (your assessor) to discuss the resource allocations and the planning for the next quarter in relation to fresh produce, reduction of wastage and recipe variation. Make sure that you discuss the importance of sticking to the budgeted allocations and discuss ways that food wastage can be avoided to ensure the budget is met. During the meeting, you will need to demonstrate effective communication skills including: speaking clearly and concisely using non-verbal communication to assist with understanding asking questions to identify required information responding to questions as required. |
- Monitor activities – month 1.
| It is the end of month 1. You have kept to the budget and the funds have been allocated as you planned for. Using relevant software (such as an accounting program or Microsoft Excel or similar) and the exact figures from your fund allocation document, enter the expenses you have incurred over the first month exactly as they are represented in your fund allocation page of your spreadsheet. Print a report of the entries or take a screenshot and submit to your assessor. |
- Monitor activities – month 2.
| It is the end of month 2. You have kept to the overall budget, but funds have had to be rearranged in the following ways: There was an accident when unloading the vegetable crate one week and all the produce was spoiled. You had to purchase a second crate which pushed your amount spent with the vegetable supplier up by 10%.To accommodate for the overspend, you reduced the amount spent on cakes and pastries by that same amount and baked inhouse. Enter the expenditure figures into the software you are using as outlined in your fund allocation document but consider the information above and work out the variances. Print a report of the entries or take a screenshot and submit to your assessor. |
- Monitor activities – month 3.
| It is the end of month 3. The following has happened: Due to recent environmental conditions, less people came to the local area than planned for and many people cancelled their accommodation at Blue Healer. Some of the food for the first week had already been ordered and as such – there was a lot that went to waste. The figures have been calculated for the month based on 4 weeks. $6000 was spent on food in preparation for the increased numbers but during the first week there was a total waste of 35%. Many items were able to be frozen, and as such the budget can be amended for the next quarter to try and recoup some of the losses. The following three weeks the same amount was spent as budgeted for the two prior months, being $3,750 per week and a total of $6000 for the month was spent on beverages. Enter the expenditure figures into the software you are using as outlined in your fund allocation document but consider the information above and work out the variances. Print a report of the entries or take a screenshot and submit to your assessor. |
- Develop an actual budget from the past three months.
| Develop an actual budget using the past information and your financial records you complied and submitted in the previous activity steps. Make a new page in the Café Quarterly Budget spreadsheet and name it ‘Actual Budget’. Assume the following information: Variances of 10% are not considered unusual. The actual income is as follows: Account Month 1 Month 2 Month 3 Income Food sales 36,500 35,800 34,000 Beverage sales 23,000 24,500 21,000 Catering fees 10,000 10,200 7,200 Total income 69,500 70,500 62,200 The operating expenses are all correct. Submit to your assessor. Your assessor will provide you timelines for completing this task which you must adhere to, and you will be assessed on this. |
- Conduct research and write a budget report.
| Compile a report to the owner about what has occurred over the past three months. You will also need to conduct some research when writing this report as outlined below. Submit in the timeframe as provided to you by your assessor. Include the following in your report: Make sure you use correct budget terminology, and your report is neatly presented, clear and concise with the use of statistical representations. Use the Budget report template to guide your work. Submit to your assessor. Your assessor will provide you timelines for completing this task which you must adhere to, and you will be assessed on this. |
| Has the following been completed? | Completed successfully? | Comments | |||
| Yes | No | ||||
| The student has satisfactorily reviewed the relevant information and consulted with the owner to assess and discuss budget priorities, concerns and changes prior to allocating funds. | |||||
| During the meeting to discuss the budget and fund allocation, the student has satisfactorily demonstrated effective communication skills including: speaking clearly and concisely using non-verbal communication to assist with understanding asking questions to identify required information responding to questions as required using active listening techniques to confirm understanding. | |||||
| The student has satisfactorily allocated funds according to the budget and agreed priorities. | |||||
| The student has satisfactorily consulted with Navneet about the resource allocations and the planning for the next quarter in relation to fresh produce, reduction of wastage and recipe variation and stress the importance of budget control. | |||||
| During the meeting with personnel, the student has satisfactorily demonstrated effective communication skills including: speaking clearly and concisely using non-verbal communication to assist with understanding asking questions to identify required information responding to questions as required using active listening techniques to confirm understanding. | |||||
| The student has satisfactorily monitored financial activities over a three-month period and used software to keep track of financial expenses. | |||||
| The student has satisfactorily developed an actual budget from the past three month’s activity to provide an accurate and complete picture for the quarter. | |||||
| The student has satisfactorily identified and reported deviations of the projected versus actual budget and discussed impacts. | |||||
| The student has provided the budget within the timeline provided. | |||||
| The student has satisfactorily investigated and reported on appropriate options for future budget management to avoid a report of month three’s situation. | |||||
| The student has satisfactorily outlined the benefits and disadvantages of researched approaches. | |||||
| The student has satisfactorily presented the information to the owner using correct budget terminology and in a neatly presented report using clear and concise language with the use of statistical representations and in the timeframe provided to them. | |||||
| The student has completed the report within the timeline provided. | |||||
| Assessor Feedback: | |||||
| Assessor name: | |||||
| Assessor signature and Date: | |||||
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