Unit of competency Outline

Date retreived
22/07/2026 11:09 AM AWST

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Manage finances within a budget

Manage finances within a budget

Unit of competency
National Code
SITXFIN402
State Code
WF775
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
18/01/2013
View on TGA
State Implementation and Classification
Approved Date
15/10/2014
Field of Education
080101 - Accounting
Original Release Date
15/10/2014
Nominal Hours
30
Description
This unit describes the performance outcomes, skills and knowledge required to take responsibility for budget management where others may have developed the budget. It requires the ability to interpret budgetary requirements, allocate resources, monitor actual income and expenditure and report on budgetary deviations.The skills and knowledge for budget development are found in unit SITXFIN501 Prepare and monitor budgets.
Notes
Elements and Performance Criteria
1. Allocate budget resources.
  • 1.1 Allocate funds according to budget and agreed priorities.
  • 1.2 Discuss changes to income and expenditure priorities with appropriate colleagues prior to implementation.
  • 1.3 Consult with and inform all relevant personnel about resource decisions.
  • 1.4 Promote awareness of the importance of budget control.
  • 1.5 Maintain detailed records of resource allocation according to organisational control systems.
2. Monitor financial activities against budget.
  • 2.1 Use financial records to regularly check actual income and expenditure against budgets.
  • 2.2 Include financial commitments in all documentation to ensure accurate monitoring.
  • 2.3 Identify and report deviations according to significance of deviation.
  • 2.4 Investigate appropriate options for more effective management of deviations.
  • 2.5 Advise appropriate colleagues of budget status in relation to targets.
3. Identify and evaluate options for improved budget performance.
  • 3.1 Assess existing costs and resources and proactively identify areas for improvement.
  • 3.2 Discuss desired budget outcomes with relevant colleagues.
  • 3.3 Undertake appropriate research to investigate new approaches to budget management.
  • 3.4 Define and communicate the benefits and disadvantages of new approaches.
  • 3.5 Take account of impacts on customer service levels and colleagues in developing new approaches.
  • 3.6 Present clear and logical recommendations for budget management.
4. Complete financial and statistical reports.
  • 4.1 Complete financial and statistical reports within designated timelines.
  • 4.2 Prepare and present clear and concise information to enable informed decision making.
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Budget may include:
budgets for micro, small, medium or large businesses
cash budgets
cash flow budgets
departmental budgets
event budgets
project budgets
purchasing budgets
sales budgets
wage budgets
whole of organisation budgets.
Financial recordsmay include:
bank deposit documentation
bank statements
banking summaries
business activity statements
cheque books
credit card transaction statements
invoices
journal entries
labour and wages reports
merchant statements
merchant summaries
transaction reports.
Appropriate colleagues may include:
internal or external financial specialists
managers
operational staff.
Research to investigate new approaches may include:
discussions with existing suppliers
evaluating staffing and rostering requirements
potential roster changes
reviewing operating procedures
sourcing new suppliers.
Financial and statistical reports may relate to:
cash flow
commercial account activity
commission earnings
covers and financial return
daily, weekly and monthly transactions
expenditure
income
occupancy rates and financial return
performance of:
department
project
products and services
sales performance
sales returns
staff costs
stock levels
variance in income and/or expenditure
wastage
yield.
The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
interpret and manage multiple budgets to meet specific and differing workplace needs
monitor income and expenditure and evaluate budgetary performance over a budgetary life-cycle
use correct budget terminology
integrate knowledge of the formats, use and contents of budgets, financial and statistical reports
complete financial reports within designated timelines.
Context of and specific resources for assessment
Assessment must ensure use of:
a real or simulated tourism, hospitality or event industry business operation or activity for which budgets are managed
computers, printers and accounting software packages currently used by the tourism, hospitality and event industries
budgets for specific projects, events or operational activities.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:
projects and activities that allow assessment of the individual’s ability to:
interpret and manage budgets; monitor income and expenditure
produce financial and statistical reports
report on overall budgetary performance
evaluation of reports produced by the individual detailing the processes undertaken to manage finances within a budget
written or oral questioning to assess knowledge of budget terminology, format and content
review of portfolios of evidence and thirdparty workplace reports of onthejob performance by the individual.
Guidance information for assessment
The assessor should design integrated assessment activities to holistically assess this unit with other units relevant to the industry sector, workplace and job role, for example:
BSBPMG501A Manage projects
SITXFIN401 Interpret financial information
SITXFIN501 Prepare and monitor budgets.
Replaces
State Code National Code Title Type
S6523 SITXFIN004A Manage finances within a budget Unit of competency
Replaced By
State Code National Code Title Type
AWQ54 SITXFIN003 Manage finances within a budget Unit of competency