Financial Budgeting and Reporting

This assignment delves into the realm of financial budgeting and reporting. It explores various budget types, including cash, departmental, project, and organizational budgets. Students will gain knowledge about budget terminology, control methods to maximize performance, and financial reporting procedures. The assignment also touches upon accounting software used for budget management.

SITXFIN003
Manage finances within a budget
THIRD
PARTY
REPORT
RPL PROCESS: Please read the following
instructions before
completing this form
1. RPL applications are
made using
Application for RPL
form. This form is
designed to map the
student’s education,
training, life and work
competencies to the
elements required of
the unit and collect
the required
evidence to prove the
competencies.
2. The following
sections of the form
must be completed
by the applicant:
 Element
Mapping &
Evidence
 Skills
Mapping &
Evidence
 Knowledge
Mapping &
Evidence
 Required
Evidence
Mapping
 Evidence List
3. Describe how you
meet the stated
criteria, skill or
knowledge. Evidence
is required for all
elements, skills,
knowledge and
required evidence.
Attach this evidence
to this form and refer

SITXFIN003
Manage finances within a budget
THIRD
PARTY
REPORT
to the attachments as
“Attachment A”,
Attachment B” etc.
4. This form along with
the required
evidence is to be
submitted directly to
the assessor or to
Frontier Training &
Technology via mail
to 735 Pascoe Vale
Road VIC 3046 or via
email to
5.
6. An appointed
assessor will assess
the RPL application
and the evidence
provided.
7. The assessor will
make an
appointment to
review the RPL
application form and
the evidence
provided with the
learner, gathering
more evidence if
required. The
assessor will provide
feedback to the
learner on the
outcome of the RPL
application
immediately.
8. If successful, a copy
of the RPL application
will be stored with
the student file and
the RPL decision will
be reflected on the
training plan and
student records.
9. Students may use the

SITXFIN003
Manage finances within a budget
THIRD
PARTY
REPORT
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Appeals Policy and
Procedure if
dissatisfied with the
outcome of the RPL
application.
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SITXFIN003
Manage finances within a budget
THIRD
PARTY
REPORT
Unit:SITXFIN003 – Manage finances within
a budget

SITXFIN003
Manage finances within a budget
ELEMENT
MAPPING &
EVIDENCE:
Element / Performance Criteria Description
(Describe what you do
to meet this criteria,
work, education,
experiences etc.) (your
explanation must cover
a situation, location, job
type and outcome of
the action)
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SITXFIN003
Manage finances within a budget
r
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)
Explain a scenario where the candidate has
successfully allocated budget resources. Please
include the following in the scenario:
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 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.
Managing financial
budget is important
for the organisation
to achieve
systematic results in
an effective manner.
So that I set the
priorities to
allocated funds
which implement in
the budget that assist
in managing the
overall budget in
appropriate manner.
I also discussed with
manager and other
top authorities
regarding the
resources decision
so that I have easily
promote effective
awareness of budget
control information.
According to
organisational
control system I
have maintain all the
relevant information
about all the
resources which
implement in
budget. All these
help for me to
manage finance in
the budget.
He have allocate budget
resources to taking effective
decision regarding the budget
and also effective manage to
evaluate the allocated
resources.
Explain a scenario where the candidate has
successfully monitored financial activities against
budget. Your response must address the following
key points:
It is important to
monitor financial
activities which
helps to me to
identify the actual
He have followed all the
processes which performing
in monitoring the financial
activities to evaluate the
effective status about its

SITXFIN003
Manage finances within a 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.
income and
expenditure of the
firm. I have include
all the financial
records to ensure
about
documentation to
ensure about
effective
monitoring. Use of
financial records
helps in achieving
goals and objectives.
I monitor all the
financial activities
like planning,
organising,
controlling and
implementation of
activities to measure
the actual
performance. I also
identify the
deviations which is
based on the
performance of
company that
identify variation of
set of data. I have
Investigate
important options
defining the
effectiveness of
management and
evaluate variation in
financial activities.
After that I consult
with my colleagues
to get advice about
the budget and
status to achieve
setted targets.
targets so that they can easily
monitor their budget.
Describe a scenario where the candidate has
successfully identified and evaluated options for
improved budget performance. Your explanation
must address the following key points:
3.1. Assess existing costs and resources and
Identifying the option is
essential for company to
measure performance
of budget. I have focus
on making budget in
actionable so that easily
He have focus on budget
actionable and also make
budget accordingly to
measure the actual
performance and get best
outcomes from it

SITXFIN003
Manage finances within a budget
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. Take account of impacts on customer service
levels and colleagues in developing new approaches.
measure the
performance. For this, I
also define the effective
area for improvement
which implement in the
final budget and also
use new approaches to
discuss about all the
outcomes of the budget.
On the other hand I also
identifying the
advantages and
disadvantages of using
strategies which affect
the service level of the
customers. I use various
new approaches which
take place in affecting
and also helps in
developing the financial
resources all these are
assist in me to
evaluating the best
option to identifying
actual performance of
the budget.
inappropriate manner.
Describe a scenario where the candidate has
successfully completed financial and statistical
reports. Your explanation must address the
following key points:
4.1. Complete financial and statistical reports within
designated timelines.
4.2. Prepare and present clear and concise
information to enable informed decision making.
Completing financials
and statistical reports
more important so that I
have achieve better
outcomes. For this, it is
important duty to
measure the impact of
firm on budget and do
appropriate
modification to evaluate
clear statement of
reports. To make clear
budget it is my
responsibility to gather
appropriate as well as
relevant information to
taking best decision in
monitor budget
effectively. Through all
these information I have
manage all the financial
activities with in the
budget so that it show
the clear information
and take better decision
regarding this.
For better completing
financial and statistical reports
he have to manager all the
finances resources in their
process to measure the
effectiveness of the budget.

SITXFIN003
Manage finances within a budget
SKILLS MAPPING
& EVIDENCE:
Required Skills Description
(Describe what you do
to meet this skill, work,
education, experiences
etc)
T
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P
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SITXFIN003
Manage finances within a budget
r
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t
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)
Did the candidate at all times demonstrate reading
skills to:
o Interpret business and financial documents
Did the candidate at all times demonstrate writing
skills to:
o Document clear recommendations based on
budget information and reports
Did the candidate at all times demonstrate oral
communication skills to:
o Discuss budget requirements and seek and
provide feedback
Did the candidate at all times demonstrate
numeracy skills to:
o Interpret and use budget figures in day-to-day
work operations
o Calculate budget estimates and scenarios for
performance improvement
Did the candidate at all times demonstrate problem-
solving skills to:
o Identify budget deviations and deficiencies and
develop options for improved budgetary
performance
Did the candidate at all times demonstrate teamwork
skills:
o Discuss desired budget outcomes with team
members and provide direction on resource
Did the candidate at all times demonstrate
technology skills to:
o Use accounting software packages
KNOWLEDGE
MAPPING &
EVIDENCE:
Required Knowledge Description
(Describe what you do
to meet this knowledge,
work, education,
experiences)
T
h
i
r
d

SITXFIN003
Manage finances within a budget
P
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SITXFIN003
Manage finances within a budget
n
)
 Knowledge of types of financial records:
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
 Knowledge of types of budgets:
Cash budgets
Cash flow budgets
Departmental budgets
Event budgets
Project budgets
Purchasing budgets
Sales budgets
Wage budgets
Whole of organisation budgets
 Financial and statistical reports
 Budget terminology
 Use of budgets to control costs and
enhance profitability
 Importance of budget control
 Techniques for maximising budget
performance
 Financial reporting procedures and cycles
 Features and functions of accounting
software programs used to manage budgets

SITXFIN003
Manage finances within a budget
H
I
J
K
EVIDENCE
VERIFICATION:
THIS SECTION IS TO BE
COMPLETED BY AN
AUTHORISED FRONTIER
TRAINING &
TECHNOLOGY ASSESSOR
ONLY
Assessor Name:
Date of assessment: