Solution Properties
Solution ID:
250403153535827
Last Modified Date:
Thu Apr 03 15:39:50 UTC 2025
Taxonomy Path:
Case category//How do I...//setting up
Author:
[email protected]
Set up budgets - Advanced budgeting method
Description

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

Cause
Resolution

 NOTE: Sage 50 Accounts Essentials only supports Standard budgeting.  

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 Code Similar 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 Overview You 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-Depth This 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.

Enter budget figures

  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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