Assessment Task 2: Financial activity reporting project
Task summary
You are required, in the role of the Finance Officer for Landscape Horizons, to compile and analyse financial data and prepare a number of reports, as well as fill in a BAS form and submit it to their BAS agent for approval. You will also provide recommendations on the business in a meeting with the business owner.
This assessment is to be completed in the simulated work environment in the RTO.
Required
• Access to textbooks and other learning materials
• Computer with Microsoft Office and internet access
• Assets and Liabilities Data
• Recommendations Report Template
• Transaction Spreadsheet
• Financial Policy and Procedures
Timing
Your assessor will advise you of the due date of these submissions.
Submit
• Required reports
• Recommendation Report
• Draft BAS Form
Assessment criteria
For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence.
Re-submission opportunities
You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.
If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.
You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal.
You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.
Assessment Task 2 Instructions
Landscape Horizons is a gardening business established by Greg James as a sole trader three months ago. The business offers gardening services to residential customers. The business address is Greg’s home 7 Mountview Road, Tyagarah NSW 2483. ABN 24 615 058 112.
Greg charges an hourly rate of $50. Financial projections show that the annual income will be approximately $80,000.
Greg can already see that he is going to get busier and busier due to the amount of customer enquiries. He recently had a casual labourer help him out a few times in the last couple of weeks, for one day in total. He has also decided to employ (you) an Accounts Officer part-time to look after the invoicing, accounts and reporting, as this is an aspect of the business he does not want to do himself. He has a Financial Policy and Procedures that a friend wrote for him, and this should be used as guidance.
All the transactions for the first three months have been recorded in a spreadsheet but Greg has requested that these are now moved into an accounting software system as he believes this will be much more efficient.
Complete the following activities:
1. Compile and analyse financial data
Review the Transaction Spreadsheet and research the financial and taxation regulations that would apply to Landscape Horizons.
Set up the company in the accounting software system as directed by your assessor.
Once you have completed this, you are required to enter the income and expenses for the first three months of the financial year from the transaction spreadsheet. For each item you will need to classify the type of income or expense, establish a relevant code and then record the data against this code.
You will also be required to value the assets and liabilities of the business as set out in Assets and Liabilities Data and enter in this into the accounting system using the required accounting method. Check all of your entered values prior to finalising.
Greg has reviewed the data you have entered and has sent you the following email.
Dear Finance Officer
I am very happy that we have now moved all of the data into the new accounting system, it will be so much easier to track.
Please advise me of the method you used to value the assets, as I am interested in how this is calculated.
Also, I do apologise but I included a set of tyres that I bought for my wife’s car (for $528 on the 31st of September). They were not a business expense. Please remove them from the calculations.
Thanks Greg
2. Respond to queries
You are required to respond to the queries in Greg’s email.
Greg has sent you a further email regarding financial reports and seeking your recommendations.
Dear Finance Officer
Thanks for the information on asset valuation and rectifying the discrepancy with the invoice for the last month.
I really want to keep on top of the business and its performance so could you please provide copies of the following to me:
• Profit and loss report, including trends in profits as well as expenses over the last three months
• Statement of cash flow
• Balance sheet
I set myself a budget for expenses of $1,000 per month. Please advise of whether this has been achieved for each month or not.
Finally, please provide me with my projected income for the financial year assuming the business moves forward on pretty much the same note.
And I would also like you to give me some insight onto what would be possible if I take on Jimmy for two days a week on a regular basis, paying him $25 per hour and charging out his services to clients at $50 per hour.
I would like you to present the information to me at a face to face meeting. I am happy to look at the raw numbers with you, but if you would like to develop charts or diagrams to assist with the explanation, please feel free to develop these. It is important that you structure and format the reports in a way that makes them easy for me to understand.
Thanks Greg
3. Prepare reports
You are required to prepare, and download, the reports your client has asked you for using the accounting software provided by your RTO.
Using the Recommendations Report Template respond to Greg’s questions in his email.
Print out a copy of each of these reports to take to the meeting with Greg.
4. Present information to the client
When you have prepared the requested reports, meet with the client to discuss these.
Show each of the reports to the client, answering any questions they have.
You should present the financial issues and requirements clearly, succinctly, using language appropriate to the audience and the environment.
During the meeting, you are required to demonstrate effective communication skills including:
• Speaking clearly and concisely
• Using non-verbal communication to assist with understanding
• Asking questions to identify required information
• Responding to questions as required
• Using active listening techniques to confirm understanding
5. Fill out a draft BAS
Print out a copy of the BAS Form.
Make sure that it is the most up to date version by visiting the ATO website at:
https://www.ato.gov.au/Forms/BAS-F—quarterly-BAS/
Using the data you have entered into the accounting system, fill out a BAS Form for Greg with pen or pencil.
When you are finished, submit the form to Greg (your assessor) within the timeline that you have been given.
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