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How do I switch budgeting methods?

Created on  | Last modified on 

Summary

This article explains how to change your budgeting method in Sage 50 Accounts and how this affects any current budget values you've entered.

Resolution

CAUTION: Switching budget methods may result in your existing budget values being removed. We strongly recommend you take a backup of your data before switching budgeting methods.


Effect of changing budgeting method

Changing your budgeting method affects your budgets as explained in the table below:

FromToImpact
StandardAdvanced: Nominal CodeAny budgets entered are retained.
Advanced: Dept. OverviewBudgets are combined and assigned to the relevant nominal category based on the default budgeting chart of accounts in department 000
Advanced: Dept. In DepthDo you want to copy existing nominal budget values to department 0?

Yes - Budget and actual values are copied into department 000

No - Creates a blank set of budget information

Advanced: Nominal CodeAdvanced: Dept. OverviewDo you want to copy existing nominal budget values to department 0?

Yes - Budget and actual values are copied into department 000

No - Creates a blank set of budget information.

Advanced: Dept. In DepthDo you want to copy existing nominal budget values to department 0?
  • Yes - Budget and actual values are copied into department 000
  • No - Creates a blank set of budget information.
StandardAny budgets entered are retained.
Advanced: Department OverviewAdvanced: Dept. In DepthBudgets are deleted and replaced with a blank set.
Advanced: Nominal CodeBudgets are deleted and replaced with a blank set.
StandardAny departmental or advanced budgets are removed and replaced with any original budget figures entered.
Advanced: Department In DepthAdvanced: Dept. OverviewBudgets are combined and assigned to the relevant nominal category based on the default budgeting chart of accounts.
Advanced: Nominal CodeRetains budget information combining departmental values by nominal code together.
StandardDo you wish to copy your Departmental Budget information to your Nominal Budget?
  • Yes - Copies and combines all department budget info to nominal budgets.
  • No - Reverts to original budget information if this was entered before the switch.
Switch budgeting methods
  1. Click Settings then click Company Preferences and click the Budgeting tab.
  2. Click the Budgeting Method drop-down, and choose from the following:
    • Standard - To maintain basic monthly budgets against individual Nominal Accounts.
    • Advanced - To select an advanced budget type.
  3. If you selected the Advanced budgeting method, from the Budgeting Type drop-down choose from the following:
    • Nominal Code - This allows you to maintain basic monthly budgets against individual Nominal Accounts, similar to the Standard budgeting method, but with extra benefits that include being able to enter a budget for the following year, known as the forecast year.
    • Department Overview - This allows you to maintain monthly budgets against departments analysed by nominal categories. Nominal categories are the accounting areas used to group your nominal codes, for example, Sales or Purchases.
    • Department In-Depth - The allows you to maintain monthly budgets against departments broken down by nominal codes. This method gives you the most detailed analysis when it comes to budgeting.
  4. Click the Chart of Accounts drop-down and choose the chart of accounts that you want to be used by default within the advanced budgeting option.
  5. Click OK.


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