Setting up a Budget

If you use the bookkeeping function, there is a column to enter the budget in the Chart of Accounts (COA). This amount can be edited during the year. When entering transactions, there is the option to use BUD (Budget Journal) in the journal drop list.

Budget Reports are available in the Report Group drop list under Accounting > Reports > Budget Reports.

Versus Actual

• Run the Post Transactions process before running this report.

• The report is a comparison of the actual profit and loss and the yearly budget.

• This includes the account names with gross profit broken down into actual, budget and difference, and net profit (or loss) broken down into actual, budget, and difference.

Prorated Versus Actual

• Run the Post Transactions process before running this report.

• The report is a comparison of the actual amounts and the prorated budget as entered in the Chart of Accounts.

• The prorated budget is the budgeted amount for the period that has been posted year-to-date.