SITXFIN009 Manage finances within a budget

20 May 2024 10:41 AM | UPDATED 4 weeks ago

SITXFIN009 Manage finances within a budget:

SITXFIN009 Manage finances within a budget
SITXFIN009 Manage finances within a budget
Manage finances within a budget


Precision RTO Resources Level 13, 269 Wickham St, Fortitude Valley 4006 Email: [email protected] Website:   © 2022 Precision RTO Resources   SITXFIN009 – Manage finances within a budget (Release 1)   This resource has been developed for Precision RTO Resources by Academy of Professional Excellence (APEX) Pty Ltd. Email: [email protected] Website:     Version Control & Document History Date Summary of modifications Version 17 June 2022 Version 1 final produced following assessment validation. 1.0
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Table of Contents

Assessment Delivery. 4

Learner Information. 5

Steps for Learners. 7

Reasonable Adjustment. 8

Resources Required for Assessment. 9

Accessing Intranet Pages. 11

Assessment Tasks. 12

Knowledge Assessment. 13

Practical Assessment. 25

Workplace Assessment. 26

Assessment Overview.. 26

Task 1: Allocate Budget Resources. 28

Task 2: Inform Relevant Personnel About Budget Allocation. 30

Task 3: Promote Awareness of Importance of Budget Control 31

Task 4: Complete Financial and Statistical Reports. 32

Task 5: Budget Monitoring Report. 33

Task 6: Budget Performance Report. 35

Task 7: Communicate on Budget Performance With Relevant Personnel 37

Assessment Workbook Checklist. 38

Assessment Workbook Checklist. 39

Learner Assessment Pack

Assessment Delivery

Learner Information

This Learner Assessment Pack is designed for you to complete the assessment for SITXFIN009 – Manage finances within a budget (Release 1). It may refer to your own workplace/organisation, or to a simulated business provided by your assessor.

The assessment tasks include Knowledge Assessment where you need to demonstrate your knowledge and understanding of the unit, and the Practical Assessment, where you need to demonstrate your skills required in the unit. It is recommended that you complete the Practical Assessments in your own workplace/organisation. If you don’t have access to a real workplace, you can complete the assessment in a simulated environment where resources and conditions similar to a workplace must be accessed. Ensure to discuss this with your assessor prior to commencing with the assessment.

Each Learner Assessment Pack is made up of four parts:

Assessment Delivery

Learner Information

Steps for Learner

Assessment Agreement

Assessment Tasks

Assessment Tasks, including:

  • Knowledge Assessment
  • Practical Assessment

Assessment Workbook Checklist

Assessment Workbook Checklist


Record of Assessment

Before you commence your assessment, ensure that you have a good knowledge of the subject, have thoroughly read your Learner Resource, and clearly understand the assessment requirements and the expectations of the industry to which the assessment is related.

Assessments are designed to be completed using your industry/organisation, but your Registered Training Organisation (RTO) may assist you by contextualising the unit to be completed in a simulated workplace environment.

You will be required to demonstrate knowledge and skills which must be observed directly by your assessor. Where the observation task may be difficult for the assessor to directly observed, a video recording of the practical observation task must be submitted as supplementary evidence. Verification from at least one third-party signatory, and preferably two or more witnesses is required to confirm your demonstration of these practical knowledge and skills. These witnesses would usually be your current or recent supervisors, or your assessor.

The practical assessment tasks may be completed using your own workplace, a simulated environment, or a mix of both, as instructed by your assessor. To contextualise this assessment to your industry/organisation, you may be asked by your assessor to provide additional information based on your industry/organisation.

Instructions are given for each task. If you have questions, or unclear how to proceed, consult with your assessor.

Records of all aspects of the assessment must be kept in your Learner Assessment Pack

Steps for Learners

Your Learner Assessment Pack:

  1. Upon receiving your Learner Assessment Pack, discuss with your assessor the expectations and requirements of this assessment. You may also need to supply contact details of one or two work referees who can confirm your skills in the industry.

Discuss with your assessor if you intend to undertake the practical assessment tasks based on your employing organisation, in a simulated business, or in a mix of both.

  • Your Learner Assessment Pack is where you will get the task information. Complete each task as instructed using either your own workplace, or using a simulated business, as discussed with your assessor.
  1. After you complete your assessment, gather and submit your evidence documents as detailed in the task(s) in the timeframe agreed with your assessor.

Your assessor will advise you if there are any further steps for you to take to satisfactorily complete this assessment.

Reasonable Adjustment

Adapted Reasonable Adjustment in teaching, learning and assessment for learners with a disability – November 2010 – Prepared by – Queensland VET Development Centre

Reasonable adjustment in VET is the term applied to modifying the learning environment or making changes to the training delivered to assist a learner with a disability. A reasonable adjustment can be as simple as changing classrooms to be closer to amenities or installing a particular type of software on a computer for a person with vision impairment.

Why make a reasonable adjustment?

We make reasonable adjustments in VET to make sure that learners with a disability have:

  • The same learning opportunities as learners without a disability, and
  • The same opportunity to perform and complete assessments as those without a disability.

Reasonable adjustment applied to participation in teaching, learning and assessment activities can include:

  • Customising resources and assessment activities within the training package or accredited course
  • Modifying the presentation medium
  • Learner support
  • Use of assistive/adaptive technologies
  • Making information accessible both before enrolment and during the course
  • Monitoring the adjustments to ensure learners needs continue to be met

Assistive/Adaptive Technologies

Assistive/Adaptive technology means ‘software or hardware that has been specifically designed to assist people with disabilities in carrying out daily activities’ (World Wide Web Consortium – W3C). It includes screen readers, magnifiers, voice recognition software, alternative keyboards, devices for grasping, visual alert systems, digital note-takers.


Reasonable adjustment made for collecting learner assessment evidence must not impact on the standard expected by the workplace, as expressed by the relevant unit(s) of competency. For example, if the assessment were gathering evidence of the learner’s competency in writing, allowing the learner to complete the assessment verbally would not be a valid assessment method. The method of assessment used by any reasonable adjustment must still meet the competency requirements.

Resources Required for Assessment

To complete the Practical Assessment tasks, you will require access to:

  • Computer with internet and email access, and a working web browser
  • Installed software: Word, Adobe Acrobat Reader
  • A workplace, or a simulated workplace environment that will allow you access to:
    • Workplace documentation, including:
      • Organisational operating procedures
      • Organisation’s three-month budget
      • Staff and rostering requirements
      • Existing suppliers of the organisation
      • Documents containing information on the use of budget of the three-month period
      • Organisational procedures for reporting deviations in budget
      • Existing costs and resources
      • Customer service levels
    • Workplace templates, including or similar to the following:
      • Budget monitoring report
      • Budget performance report
  • People, including:
    • At least two relevant colleagues who will be involved in the following:
      • To discuss fund allocation in Workplace Assessment Task 1
      • To communicate with about the monitoring information in Workplace Assessment Task 5.
      • To discuss budget performance in Workplace Assessment Task 6.

Colleagues refer to staff members of the organisation who are responsible for implementation of activities based on allocated budget.

  • At least two relevant personnel who will be involved in the following:
    • To communicate budget allocation and resource decisions from Workplace Assessment Task 1
    • To communicate information on new approaches and recommendations for budget management in Workplace Assessment Task 7.

Relevant personnel refer to senior members of the organisation who approve budget and are responsible for the financial performance of the organisation.

  • Opportunity to:
    • Discuss fund allocation and resource decisions in the workplace with at least two appropriate colleagues
    • Promote budget awareness in the workplace

Accessing Intranet Pages

Some assessment tasks may require you to access specific pages from the simulated business, The Continent Hotel. Links to these pages are formatted in Blue Text.

To access these, hold the Ctrl key for Windows users while clicking on these links. For Mac users, directly click the link.

The simulated business, The Continent Hotel, can be accessed by going to the link provided below.

Login to The Continent Hotel using these details:

SITXFIN009 Forms and Templates

Username: trinityinstitutelearner

Password: trinityinstitute@123

Learner Assessment Pack

Assessment Tasks

Knowledge Assessment

Question 1
Briefly explain the purpose of each type of financial record listed below.
Type of Financial RecordPurpose of Type of Financial Record 
Bank deposit documentation     
Bank statements     
Business activity statements (BAS)     
Credit card transaction statements     
Journal entries     
Relevant Labour and wages reports     
Merchant statements     
Transaction reports     
Question 2
Briefly explain the purpose of each type of budget listed below.
Type of BudgetPurpose of Type of Budget
Cash budgets     
Cash flow budgets     
Departmental budgets     
Project budgets     
Purchasing budgets     
Sales budgets     
Wages budgets     
Whole of organisation budgets     
Question 3
Briefly explain the importance of each listed factor in the preparation of financial and statistical reports.
Financial FactorsImportance of Financial Factors in Preparing Financial and Statistical Reports
Cash flow     
Commercial account activity     
Commission earnings     
Financial returns     
Daily, weekly and monthly transactions     
Occupancy rates     
Sales performance     
Staff costs     
Stock levels     
Variance in income or expenditure     
Question 4
Complete the table about the following financial documents used to manage budgets listed below: Briefly explain the purpose of each financial documentIdentify at least two inclusions of each financial documentIdentify at least two specific types of each financial document.
Financial DocumentsPurpose of Each Financial DocumentInclusion of Each Financial DocumentSpecific Type for Each Financial Document
Financial Reports               
Statistical Reports               
Question 5
Define the following budget terminologies relevant to managing finances listed below.
Budget TerminologiesDefinition of Budget Terminologies
Budgeting cycle     
Projected profit     
Question 6
Answer the following questions about the role of budget management in an organisation.
Briefly explain the importance of budget control in the organisation.
Briefly explain how budgets are used to control costs of the organisation.
Briefly explain how budgets are used to enhance profitability of the organisation.
Question 7
Explain how each listed technique for maximising budget performance is used in the organisation  
Budgeting TechniquesHow Budgeting Technique is Used to Maximise Budget Performance
Incremental budgeting     
Activity-based budgeting     
Zero-based budgeting     
Value proposition budgeting     
Question 8
Identify the eight key steps involved in financial reporting procedures and cycles.
Question 9
Complete the table on accounting software used to manage budgets listed below Identify at least two features of each accounting softwareIdentify at least one function of each feature identified.
Accounting SoftwareFeatures of Accounting SoftwareFunction of Each Feature Identified
SITXFIN009 Manage finances within a budget


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