Unit of competency details

FNSORG501 - Develop and manage a budget (Release 1)

Summary

Releases:
ReleaseStatusRelease date
1 1 (this release)Current 25/Mar/2015

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNSORG501A - Develop and manage a budgetUpdated to meet Standards for Training Packages 24/Mar/2015


Training packages that include this unit

CodeTitleSort Table listing Training packages that include this unit by the Title columnRelease
SIS10 - Sport, Fitness and Recreation Training PackageSport, Fitness and Recreation Training Package 3.1 
MSM - Manufacturing Training PackageManufacturing Training Package 2.0-2.1 
FNS - Financial Services Training PackageFinancial Services Training Package 1.0-2.1 
DEF - Defence Training PackageDefence Training Package 2.0 
CUA - Creative Arts and Culture Training PackageCreative Arts and Culture Training Package 2.0-3.0 
CPP - Property Services Training PackageProperty Services Training Package 3.0-5.0 
BSB - Business Services Training PackageBusiness Services Training Package 2.0 

Qualifications that include this unit

CodeTitleSort Table listing Qualifications that include this unit by the Title columnRelease
SIS50310 - Diploma of Outdoor RecreationDiploma of Outdoor Recreation 
MSM50316 - Diploma of Production ManagementDiploma of Production Management 1-2 
FNS60615 - Advanced Diploma of Banking Services ManagementAdvanced Diploma of Banking Services Management 1-3 
FNS60515 - Advanced Diploma of SuperannuationAdvanced Diploma of Superannuation 1-3 
FNS51815 - Diploma of Financial ServicesDiploma of Financial Services 1-3 
DEF50817 - Diploma of Defence Financial ManagementDiploma of Defence Financial Management 
CUA60213 - Advanced Diploma of Live Production and Management ServicesAdvanced Diploma of Live Production and Management Services 2-3 
CUA50815 - Diploma of Music IndustryDiploma of Music Industry 
CUA50615 - Diploma of Aboriginal and Torres Strait Islander Visual Arts Industry WorkDiploma of Aboriginal and Torres Strait Islander Visual Arts Industry Work 
CUA50513 - Diploma of Live Production DesignDiploma of Live Production Design 2-3 
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Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  30/Jul/2015 
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Unit Of competency

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to collect and analyse information and apply sound accounting principles to the development and ongoing management of a budget for a small organisation or section of a large organisation.

It applies to individuals who use a range of specialist and managerial techniques to plan, monitor and control budgetary work.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Organisational skills

Elements and Performance Criteria

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Plan for and collect information for budget

1.1 Determine and confirm areas for which budget is being prepared with appropriate personnel, and identify, access and analyse data required for development of budget

1.2 Determine budget parameters with estimates based on research, consultation and negotiation with appropriate personnel

1.3 Consult relevant colleagues in budget planning process as required

2. Develop budget

2.1 Draft budget based on analysis of all available information in accordance with organisational policy

2.2 Identify and support income and expenditure estimates with reliable information and circulate draft budget for comment

3. Finalise budget and allocate resources

3.1 Provide final budget which incorporates agreed modifications to appropriate personnel

3.2 Inform personnel affected by budget of its limits and goals in their work area and clarify financial management and reporting responsibilities

3.3 Obtain agreement to budget priorities and allocate resources

4. Monitor and control budget

4.1 Check actual income and expenditure against budget at regular intervals, and prepare and present budget reports to appropriate personnel

4.2 Identify and respond to deviations, take appropriate action and advise relevant personnel on budget status

5. Complete financial and statistical reports

5.1 Complete all required financial and statistical reports accurately within designated timelines

5.2 Make appropriate recommendations about future financial planning

5.3 Provide clearly presented and accurate reports to appropriate personnel

Foundation Skills

This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.2, 2.1, 2.2, 4.1, 4.2

  • Extracts, analyses and monitors complex textual information from a range of sources to determine relevance, accuracy and compliance with organisational policy

Writing

1.1, 1.3, 2.1, 2.2, 3.1, 3.2, 4.2, 5.1, 5.2, 5.3

  • Analyses and compiles numerical data and text information to convey specific information and recommendations accurately and effectively to others using clear and detailed language
  • Demonstrates effective control of text types required by financial and statistical report conventions and documentation

Oral Communication

1.1 -1.3, 3.2, 3.3, 4.1, 4.2, 5.2

  • Participates in verbal exchanges of information, demonstrating control of a range of oral techniques to elicit the views and opinions of others and confirm understanding
  • Clearly articulates requirements and outcomes using language, tone and pace appropriate to the audience and environment

Numeracy

1.1, 1.2, 2.1, 2.2, 3.1, 4.1, 4.2, 5.1, 5.3

  • Interprets, analyses and uses numerically expressed data to effectively prepare, monitor, amend and present accurate budgetary information

Navigate the world of work

2.1, 3.2, 5.1

  • Works independently and collectively in making decisions about budge requirements in accordance with organisational policy

Interact with others

1.1-1.3, 2.2, 3.1, 3.2, 4.1, 5.3

  • Selects and uses appropriate conventions and protocols to gain and provide relevant budgetary information
  • Plays a lead role in situations requiring effective collaborative skills, demonstrating high level negotiation skills and ability to gather information through consultation

Get the work done

1.1, 1.2, 2.1, 3.3, 4.1, 4.2, 5.1, 5.2

  • Accepts responsibility for planning and sequencing complex tasks and workload
  • Applies systematic and analytical decision-making processes to make recommendations in complex and non-routine situations
  • Uses digital technologies to access, extract and share relevant information to achieve required outcomes

Unit Mapping Information

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSORG501 Develop and manage a budget

FNSORG501A Develop and manage a budget

Updated to meet Standards for Training Packages

Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.education.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

 

Assessment requirements

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

  • collect and accurately interpret relevant data to develop and finalise a budget
  • consult effectively and negotiate outcomes with others on budgetary issues
  • accurately complete financial and statistical reports related to budgeting.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the evidence requirements safely and effectively, the individual must:

  • define basic accounting and financial services industry terminology
  • outline types of data required to develop the budget
  • explain accounting techniques relevant to budget preparation and maintenance
  • describe budgeting techniques and tools
  • describe organisational and industry policy and procedures related to budget development and management.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the organisational skills field of work and include access to:

  • a range of common office equipment, technology, software and consumables
  • an integrated financial software system and data.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.education.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

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