SITXFIN003 Assessment task 1 and 2

Unit of Competency Final Result Student Name THAMMARAT RATTANACHAN Student ID GI210091 Trainer/Assessor Name Iswan Mastro Unit Code / Unit Name SITXFIN003 Manage Finances within a budget Assessment Satisfactor Not Yet Did not Submit Assessment 1 □ □ □ Assessment 2 □ □ □ Online Assessment □ □ □ Learner Reflection Evidence □ □ □ Final Result: □ Competent □ Not Yet Competent Trainer/Assessor Feedback Student Declaration : I declare that I have been assessed in this unit. I have been advised of my result and I have received a photocopy, I also am aware of my appeal rights. Name : Thammarat Rattanachan ________________________ Signature : Thammarat ________________________ Date : 03/12/21 Trainer/Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback Name : Signature : Global Institute V1.1 Jan 2021 Page 1 of 28

Date : ____ /_____ /_____ Assessment Cover Sheet Student Name THAMMARAT RATTANACHAN Student ID GI210091 Unit Code / Unit Name SITXFIN003 Manage finances within a budget Assessment No. 1 Date of Submission 03/12/21 Student Declaration : I certify that:  I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source.  I have read the Assessment and Student Handbook and I understand all the rules and guidelines for undertaking assessments.  I give permission for my assessment material to be used for continuous improvement purposes. Student Signature: Thammarat Date: 01/12/21 Result: □ Satisfactory | □ Not Satisfactory Trainer/Assessor Feedback Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I also am aware of my appeal rights. Name: THAMMARAT RATTANACHAN Trainer/Assessor Declaration : I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback Name: ____________________________ Global Institute V1.1 Jan 2021 Page 2 of 28

Assessment Task 1 – Questions and Answers Performance objective The student needs to demonstrate 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. Assessment description In this assessment you need to answer all the questions satisfactorily. Procedure You are required to address all questions to achieve competence. Your trainer will provide you with instructions for time frames and dates to complete this assessment. Once completed, carefully read the responses you have provided and check for completeness. Your trainer will provide you with feedback and the result you have achieved. Submissions You must submit: o Answers to all the questions in the question section Your assessor will be looking for:  types of financial records: o bank deposit documentation o bank statements o banking summaries o business activity statements o cheque books o credit card transaction statements o invoices o journal entries o labour and wages reports o merchant statements o merchant summaries o transaction reports Global Institute V1.1 Jan 2021 Page 4 of 28

 types of budgets: o cash budgets o cash flow budgets o departmental budgets o event budgets o project budgets o purchasing budgets o sales budgets o wage budgets o whole of organisation budgets  factors for consideration in the preparation of financial and statistical reports: o cash flow o commercial account activity o commission earnings o covers and financial return o daily, weekly and monthly transactions o expenditure o income o occupancy rates and financial return o performance of department, project and/or products and services o sales performance o sales returns o staff costs o stock levels o variance in income and/or expenditure o wastage o yield  use, contents of and formats for: o budgets o financial reports o statistical reports  budget terminology  specific industry sector and organisation: o use of budgets to control costs and enhance profitability o importance of budget control o techniques for maximising budget performance o financial reporting procedures and cycles o features and functions of accounting software programs used to manage budgets. Global Institute V1.1 Jan 2021 Page 5 of 28

Question 4: What should you do with the feedback from the draft budget? There is required to look after a draft budget before it simply becomes to the final budget, so some changes are to be expected. When looking at the feedback, it is essential to consult others if you are unsure as to the relevance of the changes. However, you might ask your manager or supervisor about the feedback. Question 5: List 2 people the final budget might need to be distributed to. 1. Owners 2. The management team Question 6: Why is it important for each department head to understand their part of the budget? - To let them understand how their section contributes to the overall of business. - To let them know of any changes made between the draft and final budgets. - To let them understand why any denied budget requests were not approved. Question 7: Why should all staff have some knowledge of the budget for their area?  It can be motivating the staff to understand what is their sales targets or expenditure limits are, and why they have been set.  It would show staff that up-selling and on-selling are essential which can be encouraged them to make a positive contribution for the department’s outcome. Question 8: Once the final budget has been approved, how often should it be monitored? Final Budget could be monitored as weekly, fortnightly, monthly, quarterly or annually. Global Institute V1.1 Jan 2021 Page 7 of 28

Question 9: As well as receiving the final budget the management team should be advised of their reporting duties. What should their report contain? The report contains the overall picture of each department for the month, commenting on any budget variance (if it has more than one department) Question 10: Name 2 financial reports you might generate from your accounting system to check your budget against actual income or expenditure. 1. Profit and Loss Statement 2. Balance Sheet Question 11: Every revenue and expense item on the Profit and Loss Statement should be compared to what? It should be compared to the Budgeted Figure Question 12: When revenue variances occur, why should you talk to the staff to help identify, and find options to address the issue? Frequently, the staff on the front line will have more of idea of the reasons for the variance and it will be able to give some suggestions for improvement. Question 13: List 2 factors that can cause variances in staff budgets. Global Institute V1.1 Jan 2021 Page 8 of 28

Question 18: Name an accounting program you can use to help manage budgets.  Xero  MYOB  Quickbooks Assessment Cover Sheet Student Name THAMMARAT RATTANACHAN Student ID GI210091 Unit Code / Unit Name SITXFIN003 Manage finances within a budget Assessment No. 2 Date of Submission 03/12/21 Student Declaration : I certify that:  I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source.  I have read the Assessment and Student Handbook and I understand all the rules and guidelines for undertaking assessments.  I give permission for my assessment material to be used for continuous improvement purposes. Student Signature: Thammarat Date: 03/12/21 Result: □ Satisfactory | □ Not Satisfactory Trainer/Assessor Feedback Global Institute V1.1 Jan 2021 Page 10 of 28

Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I also am aware of my appeal rights. Name: THAMMARAT RATTANACHAN Signature: Thammarat Date: 03/12/21 Trainer/Assessor Declaration : I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback Name: ____________________________ Signature: __________________________ Date: ____/_____/_____ Tear off from here………………………………………………………………………………………………… ............................................. ................................ Assessment Acknowledgement Receipt Student Name: THAMMARAT RATTANACHAN Student ID: GI210091 Unit Code /Name: SITXFIN003 Manage finances within a budget Assessment No: 2 Trainer/Assessor Signature: Date: 03/12/21 Global Institute V1.1 Jan 2021 Page 11 of 28

Learner Reflection Evidence of Unit Completion Form Submissions You must:  Submit Fortnightly budget report using the table as a reference in task 1  Describe the process to inform management of actual budget  Identify the report completed in 3-month budget cycle using the table given in task 3  Submit Reports or copies for reports Your assessor will be looking for:  manage a budget for a business over a three-month period that meets the specific business’ needs  undertake at least two of the following to inform management of the above budget: o discussions with existing suppliers o evaluation of staffing and rostering requirements o evaluation of impact of potential roster changes o review of operating procedures o sourcing new suppliers  monitor income and expenditure and evaluate budgetary performance over the above budgetary life cycle  Complete financial reports related to the above budget within designated timelines and using correct budget terminology LEARNER REFLECTIVE EVIDENCE OF UNIT COMPLETION FORM V2 26/8/20 13

Learner Reflection Evidence of Unit Completion Form Assessment 2 TYPE of Budget: Financial Budget Business: Restaurant TH&E sector: Hospitality Task 1 Provide a fortnightly budget report which clearly identifies any under or over performances, and the actual and likely reasons for these. Use the table below as a reference list and attach each budget report together with a variance analysis for each to this project Date Budget Performance/A rea Varianc e Reason Discussion with supervisor Action Budget Cycle Start 01/09/202 1 Revenue - $3,000 Dine-in is not allowed due to COVID-19 Restrictio n Restaurant Manager Providin g by Takeawa y instead Week 2 15/09/202 1 Salaries & Wages - $6,500 Lack of staff due to COVID- 19 which staff could get COVID-19 Disaster Payment from Governm ent Financial Manager Extendin g working hours for staff who are willing to work Week 4 29/09/202 1 Profit - $4,500 Inflation, price for main ingredient s have risen up Head Chef Find new supplier which is cheaper than existing suppliers Week 6 13/10/202 Revenue - $2,000 Restrictio Restaurant Capacity LEARNER REFLECTIVE EVIDENCE OF UNIT COMPLETION FORM V2 26/8/20 14

Learner Reflection Evidence of Unit Completion Form Task 2 During the monitoring cycle you are required to undertake 2 of the following processes to inform management of the actual budget: ( you clearly need to select these relevant for the performance of your budget; for example if your staffing and rostering performs within the budget and service provisions are being met, then it would be unlikely that you would need to reduce staff or cut rosters; if your budget is created on the best quotes received from suppliers and the quality is perfect, then this aspect is likely not one that would be changed ) 1. discussions with existing suppliers 2. evaluation of staffing and rostering requirements / 3. evaluation of impact of potential roster changes 4. review of operating procedures 5. sourcing new suppliers / Attach details for each process you have undertaken clearly marked “TASK 2 – process name” Details for each process selected must include the following details: ( For example if you changed a roster, you need to provide the information why this was done, what the changes will achieve in $ values for the budget, and attach the old and revised roster to this project )  Evaluation of staffing and rostering requirements 1. Nature of the problem Expenses exceed income 2. Reason for undertaking the selected process LEARNER REFLECTIVE EVIDENCE OF UNIT COMPLETION FORM V2 26/8/20 16

Learner Reflection Evidence of Unit Completion Form There should be reduced the wage cost by reducing working hours of staff to maintain the budget 3. What did you do? Who was involved? What was discussed? What was agreed on? What was achieved in the process? Using the staff rostering software and plan out the roster to require all staff need to agree on unpaid break hours. Managers and supervisors involved to discuss these changes. 4. What was changed? Staff working hours, opening and closing time of Restaurant and unpaid break 5. How were any changes implemented? After discussion with all staff members, it will be changed by December 12 th Restaurant opening time: 9 A.M. / Closing: 8 P.M. 1. Nature of the problem Expenses exceed income 2. Reason for undertaking the selected process It is decides to cut the working hours of staff to maintain the budget. LEARNER REFLECTIVE EVIDENCE OF UNIT COMPLETION FORM V2 26/8/20 17

Learner Reflection Evidence of Unit Completion Form After discussion with all staff members is is to be changes by 12 July 2018 Name Hourly rate Pay Monda y Tuesd ay Wed Thursd ay Frida y Saturd ay Sunda y Staff# 1 $20 $840 4 pm to 8 pm 9 am to 8 pm 4 pm to 8 pm 9 am to 8 pm 4 pm to 8 pm 9 am to 8 pm Off Staff# 2 $22 $1,18 8 9 am to 8 pm 4 pm to 8 pm 9 am to 8 pm Off 9 am to 8 pm 9 am to 8 pm 9 am to 8 pm Staff# 3 $25 1,350 9 am to 8 pm Off 9 am to 8 pm 9 am to 8 pm 9 am to 8 pm 4 pm to 8 pm 9 am to 8 pm Staff# 4 $28 $840 4 pm to 8 pm 9 am to 8 pm Off 4 pm to 8 pm 4 pm to 8 pm 4 pm to 8 pm 4 pm to 8 pm Staff# 5 $30 $600 Off Off 4 pm to 8 pm 4 pm to 8 pm 4 pm to 8 pm 4 pm to 8 pm 4 pm to 8 pm AFTER CHANGES: OPENING TIME: 11AM CLOSING TIME: 8PM BREAK TIME 3 PM TO 4 PM (UNPAID)  Sourcing new suppliers 1. Nature of the problem The rice and canned product are slightly increasing about 5% in every quarter 2. Reason for undertaking the selected process There should be negotiated with existing supplier about the price, unfortunately the supplier was not changed the price and ask the restaurant to order higher volume of products get a discount 3. What did you do? Who was involved? What was discussed? What was agreed on? What was achieved in the process? Head chef and restaurant manager are involved to this discussion and agreed to find new suppliers to get cheaper price than existing suppliers 4. What was changed? - Restaurant get new suppliers with cheaper price of ingredients - Restaurant could reduce the production cost and save the budget 5. How were any changes implemented? LEARNER REFLECTIVE EVIDENCE OF UNIT COMPLETION FORM V2 26/8/20 19

Learner Reflection Evidence of Unit Completion Form The changes were made in accordance to the discussion between restaurant manager and supplier which was made with the financial manager. LEARNER REFLECTIVE EVIDENCE OF UNIT COMPLETION FORM V2 26/8/20 20