ASSESSMENT ANSWER BOOKLET

Full Name

Student ID Term 2 Year 2019

Unit Name Manage finance

Unit Code BSBFIM601 Due Date 02.04.2019 Date Submitted

Trainer Name

Student Declaration

By submitting this assessment, I acknowledge and agree that:

1. I declare that this assessment has been completed by me and is my own work
2. This assessment is submitted in accordance with the NCCS Regulations and
Assessment Policy. I also understand the serious nature of academic dishonesty
(such as plagiarism) and the penalties attached to being found guilty of
committing such offences.
3. No part of this assessment has been copied from any other source without
acknowledgement of the source.
4. No part of this assessment has been written by any other person, except to the
extent of collaboration and/or group work as defined in the assessment.
5. A copy of the original assessment is retained by me and that I may be required to
submit the original assessment to the trainer upon request.
6. I am aware of my appeal rights.

Student Name

Date 26/3/2019

Assessment Answer Booklet – BSBFIM601 Manage finance

Issue date: 18/10/2018 1

New Cambridge College Sydney Inc. ABN: 44 928 033 266 RTO No: 91438 CRICOS Provider No: 03015B
Level 3, 770 - 772 George Street, Sydney NSW 2000 +61 2 9212 6650 www.nccs.nsw.edu.au
 BSBFIM601
Manage finance
Assessment Answer Booklet -Task 4

Task 4:Debtor management project

Debtor Management Report

Report on debtor management

Introduction

Summary

120+
Client Name Days 90 Days 60 Days 30 Days Current Total
ATO Client 1 4356
Client 2 2714
Client 3 3781

4,356.0
Totals 2,714.00 0 3,781.00 0.00 0.00
From the Aged Debtor Report generated and shown above, the payment of all 3 clients
are overdue as our company’s usual payment terms is 10 days from invoice.

Good Practice Debtor Management

Debtors are people or businesses who owe you money. Proper management of your
debtors will help you get paid faster and prevent bad debts. Prompt collection of
debtors' accounts will also help you maintain a healthy cash flow. Debt management
also involves keeping debtor records - this is a legal tax requirement. There are also
laws governing how you are allowed to follow up debts with your customers.

The following guidelines will also help to establish an effective debt management
system:
● Ensure all payment arrangements with debtors are always confirmed in writing
● For overdue payments, contact the debtor promptly to confirm they received their
invoice
● Create a monthly debtors aged analysis
● Make sure your invoices meet your customers' format requirements
Assessment Answer Booklet – BSBFIM601 Manage finance

Issue date: 18/10/2018 2

New Cambridge College Sydney Inc. ABN: 44 928 033 266 RTO No: 91438 CRICOS Provider No: 03015B
Level 3, 770 - 772 George Street, Sydney NSW 2000 +61 2 9212 6650 www.nccs.nsw.edu.au
 ● Create a debtors day outstanding chart to identify potential cash flow
improvements if your business could minimise overdue payments
Recommendations
Recommendations for our company based on research are:

● State payment terms upfront

● Get invoice details right
● Invoice promptly
● Provide timely reminders
● Make debtor management easy with the right tools

Assessment Answer Booklet – BSBFIM601 Manage finance

Issue date: 18/10/2018 3

New Cambridge College Sydney Inc. ABN: 44 928 033 266 RTO No: 91438 CRICOS Provider No: 03015B
Level 3, 770 - 772 George Street, Sydney NSW 2000 +61 2 9212 6650 www.nccs.nsw.edu.au
Email with attachments

Assessment Answer Booklet – BSBFIM601 Manage finance

Issue date: 18/10/2018 4

New Cambridge College Sydney Inc. ABN: 44 928 033 266 RTO No: 91438 CRICOS Provider No: 03015B
Level 3, 770 - 772 George Street, Sydney NSW 2000 +61 2 9212 6650 www.nccs.nsw.edu.au
 Assessment Answer Booklet – BSBFIM601 Manage finance

Issue date: 18/10/2018 5

New Cambridge College Sydney Inc. ABN: 44 928 033 266 RTO No: 91438 CRICOS Provider No: 03015B
Level 3, 770 - 772 George Street, Sydney NSW 2000 +61 2 9212 6650 www.nccs.nsw.edu.au