Solution Properties
Solution ID:
200427112220144
Last Modified Date:
Wed Feb 07 02:22:43 UTC 2024
Taxonomy Path:
Case category//How do I...//setting up
Author:
[email protected]
How do I set up budgets?
Description

 TIP: We're running a series of webinars in February covering budgets. Register now > 

It's easy to monitor how your business is performing by entering budgets.

You can quickly compare your actual figures against the budgets for each month and for the whole year, to see if your business is on track.

Let's take a look.

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Budgeting methods available

Standard budgeting

Under standard budgeting you can enter basic monthly budgets for each nominal code. You can then compare the actual monthly figures against the budgets that you enter. This is the default budgeting method.

You can't enter budgets for future years until you run the year end.

Advanced budgeting - Not available in Sage 50 Accounts Essentials

There are three types of advanced budgeting that you can choose from. With each of these options you can enter budgets for a future year.

Nominal CodeSimilar to standard budgeting. You can enter budgets for your nominal codes for each month and compare the actual monthly figures against your budgets.You can also view budgets for the previous five years and enter a forecast budget.
Department OverviewYou can enter your budgets by department. The budgets are entered for each chart of accounts category, for example Sales or Purchases.You can also view budgets for the previous five years and enter a forecast budget.
Department In-DepthThis option provides the most detailed analysis. You can enter a budget for each department and nominal code.You can also view budgets for the previous five years and enter a forecast budget.
To choose an advanced budget method:
  1. On the menu bar click Settings, then click Company Preferences.
  2. If prompted enter your password.
  3. Click Budgeting then in the Budgeting Method drop-down click Advanced.
  4. In the Budgeting Type drop-down click the type you want to use.
  5. If you have a custom chart of accounts you want to use for budgets, in the Chart of accounts drop-down click the relevant one.
  6. To confirm your settings, click OK.

TIP: When changing your budget method, where possible your current budgets transfer to the new method. Read more >

Enter budget figures

Standard budgeting

  1. On the navigation bar click Nominal codes, click the required nominal code then click Edit or New/edit.
  2. Either enter individual budget values for each month, or enter an annual budget in Total and press TAB then click Yes.
  3. Click Save then click Close.

TIP: With standard budgeting, you can also import budgets as part of your nominal records.

Advanced budgeting

  1. On the navigation bar click Nominal codes, then click Budgets.
  2. Enter your budget information. For help with this, click your budget type below:

    What to enter for Nominal code budgets >

    What to enter for Department Overview budgets >

    What to enter for Department In-Depth budgets >

  3. Click Save then click Close.

TIP: To help you enter your budgets across the year you can also use the Copy values option.

Budget reporting

There are several budget reports available for Standard, Nominal code and Department In-Depth budgeting.

There are no reports that you can run to analyse Department Overview budgeting. You can view the budget information within the Nominal codes, Budgets option.

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