Creating and Maintaining Budgets and Plans

Budgets are estimates of anticipated receivables and payables for a specific time frame. They are usually based on historical facts, including past sales and growth trends.

The Chart of Accounts Budget and Plan form is a worksheet that you use to create budgets and plans for each individual account, accounting period, and fiscal year. This form maintains information for budgets, plans, and actual change amounts. Actual change values are used only to define statistical accounts.

The budget amounts are used by General Ledger reports, financial statements, and the Chart of Accounts Report. Budgets are also displayed when viewing posted General Ledger (G/L) transactions to allow a comparison between a period's actual transaction amount and the budgeted amount.

NOTES:

Every time you create a new chart of account or fiscal year, the corresponding budget, plan, and actual records are automatically created. Each field has a value of zero.
The Chart of Accounts Budget and Plan form allows you to store budgets for multiple fiscal years.

Open the Chart of Accounts Budget and Plan form.

You can either enter the numbers manually or use the Budget Growth Auto-Set and Plan Growth Auto-Set options on the Actions menu to enter data.

To enter amounts manually for a new fiscal year:

Click Actions > New.
Select the account.
Select the fiscal year, if necessary.
In the Budgeted Change field, enter the amount.
In the Planned Change field, enter the amount.
Click Actions > Save.

To create a base value for budgeted amounts that increment each preceding accounting period by a specific percentage:

Select Actions > Budget Growth Auto-Set.
The system displays the Chart of Accounts Budget and Plan Growth form.
Enter the base amount and the desired percentage increase per accounting period.
This process updates each accounting period for that year.
To save the entries, select OK.

To create a base value for planned amounts for all currently defined accounting periods that increment each preceding accounting period by a specific percentage:

Select Actions > Plan Growth Auto-Set.
The system displays the Chart of Accounts Budget and Plan Growth form.
Enter the base amount value and the desired percentage increase rate of change per accounting period.
This process updates each accounting period for that year.
To save the entries, click OK.

Creating and Maintaining Budgets and Plans

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