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Unit of competency details

AHCBUS408 - Operate within a budget framework (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to AHCBUS404 - Operate within a budget frameworkFoundation skills added. Assessment requirements updated. 20/Oct/2019

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 21/Oct/2019

Companion volumes:
Unit of competency Assessment requirements

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Training packages that include this unit

Qualifications that include this unit

CodeSort Table listing Qualifications that include this unit by the Code columnTitleSort Table listing Qualifications that include this unit by the Title columnUsage RecommendationRelease
AHC40416 - Certificate IV in HorticultureCertificate IV in HorticultureSuperseded4 
AHC40920 - Certificate IV in Conservation and Ecosystem ManagementCertificate IV in Conservation and Ecosystem ManagementSuperseded1-3 
AHC40716 - Certificate IV in Retail NurseryCertificate IV in Retail NurserySuperseded4 
AHC41119 - Certificate IV in Irrigation ManagementCertificate IV in Irrigation ManagementSuperseded1-2 
AHC40320 - Certificate IV in Production HorticultureCertificate IV in Production HorticultureSuperseded1-2 
AHC40122 - Certificate IV in AgricultureCertificate IV in AgricultureCurrent1 
SFI40119 - Certificate IV in AquacultureCertificate IV in AquacultureCurrent2 
AHC40924 - Certificate IV in Conservation and Ecosystem ManagementCertificate IV in Conservation and Ecosystem ManagementCurrent1 
AHC31124 - Certificate III in Nursery OperationsCertificate III in Nursery OperationsCurrent1 
AHC40916 - Certificate IV in Conservation and Land ManagementCertificate IV in Conservation and Land ManagementSuperseded5 
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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  21/Oct/2019 
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Unit of competency

Modification History

Release

Comments

Release 1

This version released with AHC Agriculture, Horticulture, Conservation and Land Management Training Package Version 4.0.

Application

This unit of competency describes the skills and knowledge required to operate within a budget framework of a business.

This unit applies to individuals who take responsibility for their own work and provide and communicate solutions to a range of predictable and sometimes unpredictable problems in relation to their roles working within a budget framework..

All work must be carried out to comply with organisational requirements, legislation and codes and in consultation with the management team.

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

Pre-requisite Unit

Nil

Unit Sector

Business (BUS)

Elements and Performance Criteria

Elements

Performance Criteria

Elements describe the essential outcomes.

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

1. Participate in formulation of a budget

1.1 Gather budget planning information from relevant sources

1.2 Identify priorities in relation to the organisation’s vision and plans

1.3 Identify known sources of income as well as new sources of income

1.4 Review expenditure for existing operations

1.5 Review overhead expenditure

1.6 Estimate expenditure for new initiatives and expansion

1.7 Request budget variations to suit organisational needs

2. Supervise financial transaction

2.1 Arrange expenditure within budget delegations

2.2 Record transactions to meet taxation and accounting requirements

2.3 Compare actual sales and expenditure to the enterprise budget

2.4 Check financial reports to ensure operations are within forecast limits

2.5 Adjust expenditure to meet financial targets as required

2.6 Report actual and potential variations in budgeted income

2.7 Develop recommendations to address budget variations

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential for performance in this unit of competency but are not explicit in the performance criteria.

Skill

Description

Numeracy
  • Estimate and calculate expenditure and recognise trends

Get the work done
  • Use software applications, including spreadsheets, to compile data and produce reports

Unit Mapping Information

Code and title current version

Code and title previous version

Comments

Equivalence status

AHCBUS408 Operate within a budget framework

AHCBUS404 Operate within a budget framework

Foundation skills added

Assessment requirements updated

Equivalent unit

Links

Companion Volumes, including Implementation Guides, are available at VETNet: - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c6399549-9c62-4a5e-bf1a-524b2322cf72

 

Assessment requirements

Modification History

Release

Comments

Release 1

This version released with AHC Agriculture, Horticulture, Conservation and Land Management Training Package Version 4.0.

Performance Evidence

An individual demonstrating competency must satisfy all of the elements and performance criteria in this unit. There must be evidence that the individual has operated effectively within a budget framework for a period of at least three months (a financial quarter), using a software application or spreadsheet, including:

  • identified information to be included in a budget
  • reviewed budgeted income and expenditure and compared to actuals
  • recorded transactions and allocated them to cost and income categories
  • identified and reported budget variations
  • reviewed production and expenditure plans to meet financial targets.

Knowledge Evidence

An individual must be able to demonstrate the knowledge required to perform the tasks outlined in the elements and performance criteria of this unit. This includes knowledge of:

  • income and expenditure categories
  • budgeting procedures and templates
  • taxation and accounting requirements for business
  • costing and forecasting mechanisms
  • cash flow analyses and records
  • financial recording and reporting systems
  • records of receipts and expenditure
  • factors that impact upon the timing of sales and purchases, including taxation, goods and services tax (GST), and market conditions.

Assessment Conditions

Assessment of skills must take place under the following conditions:

  • physical conditions:
  • skills must be demonstrated in a workplace setting or an environment that accurately represents workplace conditions
  • resources, equipment and materials:
  • access to business financial records that cover a period of at least three months.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion Volumes, including Implementation Guides, are available at VETNet: - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c6399549-9c62-4a5e-bf1a-524b2322cf72

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