Entering Budgets

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Entering Budgets

In ACCOUNTS, you can have a budget for income and expenses for each year. (Budget figures are for a whole year - they are not split out by months.)

 

If your fiscal year is set to be different from the calendar year in the Maintenance Organization Info window, the budget will be for the fiscal year. Please note that the year "Fiscal 2012" means the year whose last day is sometime in the calendar year 2012.

 

To create or edit a budget for a given year or fiscal year, use the Maintenance Budgets menu option. That first brings up the following window:

 

BudgetYearWindows

 

It comes up defaulted to the current year (or fiscal year). After making your selection here and clicking OK, the following window comes up:

 

BudgetWindow

 

Obviously, this is just a sample with some test accounts.

 

Every income and expense account in your chart of accounts that you can post transactions to is always displayed in this window. (That means, the ones with no sub-accounts.) Enter an amount in the Budget column for each account that you want to budget for, and leave the Budget column empty for the accounts that you don't want to budget for.

 

If a budget has already been entered for the selected year, the previously-entered values will be displayed in the Budget column. The totals of income and expenses and your surplus/deficit for the entire budget year are displayed at the bottom of the window, and are updated as soon as you enter each value and move to another row. (The wording used for those values at the bottom of the window will depends on on your selections in the Maintenance Entity Names window.)

 

Once you have entered all of your desired annual budget amounts in the Budget column, click Save to save them. You can alternatively click Cancel to abandon your changes.

 

If you have entered a budget for one year, and go to enter a budget for the next year for the first time, you will be given an option to copy over the previous year's budget as a starting point for the new year's budget.

 

Using Budgets

 

The use of budgets is via Reports Summary Budget Comparison, which prompts for a range of dates within one budget year, then shows the income/revenue and expenses for the selected range of dates (the "actuals"), the portion of the budget for that range of dates, and the difference between the actuals and the budget.

 

There is also Reports Fund Budget Comparison, which does the same thing, but split out by fund.