Unit of competency Outline

Date retreived
22/07/2026 12:12 PM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Manage limited budgets and financial accountabilities

Manage limited budgets and financial accountabilities

Unit of competency
National Code
CHCADMIN508B
State Code
D8544
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2011
View on TGA
State Implementation and Classification
Approved Date
21/07/2014
Field of Education
080101 - Accounting
Original Release Date
21/07/2014
Nominal Hours
60
Description
DescriptorThis unit deals with the skills and knowledge required for the effective administration, daily financial management and accountabilities within a specific area of work, project or department of an organisation
Notes
Elements and Performance Criteria
1. Plan approach to financial management of specific work area
  • 1.1 Access financial requirements, organisation requirements, mandatory reporting formats and requirements
  • 1.2 Clarify financial requirements with relevant personnel to ensure mandatory and organisation outcomes are achievable
  • 1.3 Negotiate with relevant personnel any changes to be made to proposed approaches and plans
2. Prepare and document budgets for specific work
  • 2.1 Define expenditure and revenue items relevant to objectives
  • 2.2 Link budget elements to goals, objectives and strategic directions of the organisation
  • 2.3 Conduct discussions and negotiations with stakeholders where required in a respectful manner that promotes goodwill and ongoing cooperation
  • 2.4 Provide support to team members to ensure performance of required roles associated with management of budgets and finances
  • 2.5 Identify performance indicators and include in budget documents
  • 2.6 Break down annual budgets into reporting periods in line with organisation's operating approach
  • 2.7 Present data in formats that are easily understood and appropriate to budget reporting
3. Analyse project, program or operational plans
  • 3.1 Conduct discussions and negotiations with stakeholders to identify elements to be addressed in the planning documents
  • 3.2 Identify project work or work programs required to achieve identified project and/or operational objectives
  • 3.3 Identify budget requirements to achieve identified objectives
  • 3.4 Identify and analyse financial issues related to achievement of identified objectives
  • 3.5 Identify objectives, process timelines, resources and mandatory reports
4. Monitor and control finances
  • 4.1 Develop processes for monitoring actual expenditure and income for project, program or work area
  • 4.2 Implement reporting of expenditure, income, assets, stock, consumables and equipment for project, program or work area
  • 4.3 Monitor expenditure on a cyclical basis to identify cost variations and expenditure overruns
  • 4.4 Develop contingency plans for endorsement if required
  • 4.5 Prepare processes, reports and documents to support mandatory audit processes where required
5. Review and evaluate financial management processes for project, program or work area
  • 5.1 Collect, collate and analyse data on the effectiveness of financial management processes and review with the appropriate person
  • 5.2 Identify potential improvements and make recommendations to relevant authority
  • 5.3 Implement and monitor endorsed improvements in line with the organisation's goals, objectives and mandatory reporting requirements
RANGE STATEMENT

The Range Statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Add any 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.


Financial requirements, organisation requirements may include:
Award and enterprise agreements and relevant industrial instruments
Financial reporting to government bodies and /or relevant funding agency
Relevant legislation from all levels of government that affects operation, especially in regard to occupational health and safety (OHS) and environmental issues, equal opportunity, industrial relations, anti-discrimination and record-keeping legislation


Relevant personnel may include:
Auditors, financial officers
Client service workers managing a specific project, program or work area
Management team members
Supervisors, registrars, administration officers


Support may include:
Access to specialist advice
Documentation of procedures
Help desk or identified experts within the organisation employed at support areas, e.g. regional/ district offices
Information briefings or training sessions
Internet access to information
Intranet-based information
Training including, mentoring coaching and shadowing


Required roles may include:
Annual and operational budgets/plans
Annual reports
Arranging for and administering the use of corporate credit cards
Banking
Cash and revenue flow projections
Debt collection
Ensuring security, accuracy and currency of financial operations
Invoicing clients, students and consumers
Maintaining journals, ledgers and other record-keeping systems using technology where necessary
Maintaining petty cash system
Managing assets and stock
Organisation targets or goals
Purchasing and procurement
School reviews spreadsheet-based financial projections
Strategic plans
Targets or performance indicators (PIs)
Wages and salaries, payments and record-keeping


Reporting may include:
Audit reports
Bank statements
Credit card statements
Financial reports - constructed and standardised
Invoices and receipts
Ledgers and journals
Logs, e.g. motor vehicle use
Mandatory system reports
Ongoing cumulative records for end of year reporting
Petty cash records
Spreadsheet-based records
Standardised reports for management


Contingency plans may include:
Alternative means of procurements of required materials, equipment and stock
Differing models of managing staff working hours/ roles
Employment of casual/temporary staff
Recycling and re-use
Risk identification, assessment and management processes
Seeking further funding
Strategies for reducing costs. Wastage, stock or consumables
Use of short-term contractors


Data on the effectiveness of financial management processes may include records (digital, electronic and/or paper-based) related to:
Bank account records
Cash flow and revenue
Contracts
Credit card receipts
Employee timesheets
Files of paid purchase and service invoices
Income and expenditure
Invoices
Job costs
Quotations
Special grants
Taxation records
Wages/salaries records
EVIDENCE GUIDE

The evidence guide provides advice on assessment and must be read in conjunction with the Performance Criteria, Required Skills and Knowledge, the Range Statement and the Assessment Guidelines for this Training Package.

Critical aspects for assessment and evidence required to demonstrate this unit of competency:
The individual being assessed must provide evidence of specified essential knowledge as well as skills
This unit is most appropriately assessed in the workplace or in a simulated workplace setting under the normal range of workplace conditions
Assessment must demonstrate consistency of application of skills and knowledge described in this unit of competency


Access and equity considerations:
All workers in community services should be aware of access, equity and human rights issues in relation to their own area of work
All workers should develop their ability to work in a culturally diverse environment
In recognition of particular issues facing Aboriginal and Torres Strait Islander communities, workers should be aware of cultural, historical and current issues impacting on Aboriginal and Torres Strait Islander people
Assessors and trainers must take into account relevant access and equity issues, in particular relating to factors impacting on Aboriginal and/or Torres Strait Islander clients and communities


Context of and specific resources for assessment:
This unit can be assessed independently, however holistic assessment practice with other community services units of competency is encouraged
Resources required for assessment include access to relevant workplace or simulated realistic workplace setting where assessment may take place


Method of assessment:
Assessment may include observation, questioning and evidence gathered from a workplace environment
Replaces
State Code National Code Title Type
D2219 CHCADMIN508A Manage limited budgets and financial accountabilities Unit of competency
Replaced By
State Code National Code Title Type
D2220 CHCADMIN604A Manage the finances, accounts and resources of an organisation Unit of competency