Budget vs Actual
From TrueERP wiki
Overview
In business, budgets are created to act as a forecast or prediction for the future based on the skill and knowledge of the people that create them. To be of benefit, the budgets must then be accurately tracked against actual figures to ensure that the company is on track. If for example, the expenses blow out - then the management of the company will need to see that and act on it quickly. The budget vs actual tool allows for exactly that.
For the benefit of this manual only a very few transactions have been recorded. If no figures are appearing in your budget vs actual report - check your date ranges, departments selector ad if these are accurate - then the reason no figures are appearing is that no transactions have occurred on the accounts that are features in the budget.
How To View the Budget vs Actual report
- Click on the Budget vs Actual button on the budget tab
- The Budget vs Actual report will open
- Select the budget that you wish to compare against actual figures from the drop down menu
- Ensure your date ranges and department selectors are set accurately
For more information about date ranges see date ranges in global features
For more information on departments see departments in the general area of the manual
- The data that fills the report now will match the budget selected, date range and department(s) selected.
- All lists can be customised (See Customising lists)
- This list has active and inactive buttons
- Budget vs Actual has search functions (see f5, f6, f7 searching)
- Budget vs Actual can be filtered and sorted (see filtering and sorting lists)
- Budget vs Actual can be exported (see exporting lists)
- Budget vs Actual can be printed (see printing reports)
- You will see the account name
- The account type.
- The actual figures for these accounts. These actual figures have posted to this report from the flow of money into
these accounts. For more information see accounts, sales and purchases/bills
- You will see conservative figure - this is the dollar figure that you conservatively estimated (forecast or budgeted)
you should be at for this point in time - set when creating a new budget. Or updated an existing budget using a budget variation
- You will see a 'conservative varn' column - a dollar variance showing you how big the variation is from your conservative
budget to your actual figure
- You will see a 'Con Varn' column - a percentage figure showing you what percent of your conservative figure you have
actually achieved.
- You will see an aggressive figure - this is the dollar figure that you aggressivly estimated (forecast or budgeted) you
should be at for this point in time - set when creating a new budget. Or updated an existing budget using a budget variation
- You will see a 'aggressive varn' column - a dollar variance showing you how big the variation is from your aggressive
budget to your actual figure
- You will see a 'Agg Varn' column - a percentage figure showing you what percent of your aggressive figure you have
actually achieved.
