Like in every business, you may want to set the budget and want to compare the actual transactions with the budget periodically. BrightAccountsProduction allows you to set the budget nominal code-wise for the current and the immediately succeeding financial period. You can also compare the actual and budgeted figures per nominal code by generating a few reports. This topic gives the steps to set the budget for the current and the future financial periods.
Setting Budget in the Current Financial Period
Complete the following steps.
- On the Chart of Accounts page, click Budget > Current Period -Annual.
- The Enter Current Year Annual Budget page appears. Enter the budgetary figures under the YTD column for the corresponding nominal code.
- To save the budget, click Save.
Setting Budget in the Current Financial Period - Monthly
Complete the following steps.
- On the Chart of Accounts page, click Budget > Current Period -Monthly.
- The Enter Current Year Monthly Budget page appears. Enter the budgetary figures under the YTD column for the corresponding nominal code.
- To save the budget, click Save.
Setting Budget in the Future Period - Annual
Complete the following steps.
- On the Chart of Accounts page, click Budget > Future Period - Annual.
- The Enter Next Year Monthly Budget page appears. Enter the budgetary figures under the YTD column for the corresponding nominal code.
- To save the budget, click Save.
Setting Budget in the Future Period - Monthly
Complete the following steps.
- On the Chart of Accounts page, click Budget > Future Period -Monthly.
- The Enter Next Year Monthly Budget page appears. Enter the budgetary figures under the YTD column for the corresponding nominal code.
- To save the budget, click Save.
You can compare the actuals and the budget figures in the following reports: Yearly Budget Comparison and Periodic Budget Comparison.