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Account Budget Actuals

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This function is used to view, create and maintain budgets for selected cost centres and divisions.  Budgets are entered and maintained per account per financial period within a selected financial year.  The actual costs (account balance) are updated in real-time.   A Detailed drill-down to journal level is provided for.

 

The Viewing Options tab is used to select the accounts that need to be displayed in the Budget/Latest/Actual tab results.  The screen displays an Available Accounts list box  populated in accordance with your settings for the account level (divisional or cost centre), the account class (balance sheet and/or income statement) and the cost centre and/or division code specified.

 

The financial year for which budgets need to be displayed must also be selected.  The Adjust Latest frame provides the option to automatically set the latest budget amounts equal to the actual amount.  This is often done for past financial periods to compensate for under or overspending in earlier periods.

 

The Budget/Latest/Actual tab displays the budget per financial period for accounts selected on the Viewing Options tab.  Multiple options are provided on this screen where you can select to include or exclude the approved and/or latest amounts and whether the display should stop at the current financial period or display all financial periods for the selected financial year.  The option Hide Zero Budgets will totally remove accounts from the grid where neither an approved or latest budget exists.

 

The actual account balance is dynamically displayed in real-time and a detailed display of the journals responsible for the current actual amount displayed for an account/financial period can be viewed by clicking the Actual column and then clicking the Detail Journal Entries tab.  Although the approved budgets for cost centre accounts will normally be maintained by the responsible cost centre manager, as will be done by the divisional manager or accountant for divisional accounts, the Division rules as defined via the Division screen, allows for alternate settings.

 

RELATED TOPIC:       Approved Budget Current Year Update By on the Division function

         Approvedbudgetfutureyearupdatebyon the Division function

         Approved Budget Previous Period Update By on the Division function

 

 

Various options are provided on the division rules for the fields Approved budget current year update by and Approved budget future year update by. The Division rules can either be temporarily or permanently set to allow or disallow approved budget maintenance by the Cost Center manager, Division manager and/or Accountant and even limit maintenance to be performed only by the CEO of your company.

 

Clicking the Approved, Latest, or Actual column in the grid and then clicking the Note button will allow you to specify notes relating to that cell, for example, a description of the detail elements that make up the budgeted amount.  Clicking the button will display existing notes or allow you to enter new or modified notes for a budget.

 

The Detail Journal Entries tab displays the individual journals that were responsible for the current actual amount displayed for the account/financial period selected on the Budget/Latest/Actual tab.  The detail journals can be sorted either by date, value or source.  Clicking a specific journal will enable you to click the Journal Source tab and view the source transaction of the selected journal.

 

The Journal Source tab displays the detail source transaction of a selected journal, for example, a stock movement, bank transaction, hand journal, invoice settlement etc.

 

The Journal visibility tab displays all the journals (debit and credit legs) with the same source timestamp as the journal selected.

 

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The user does not need to have a profile linked to the function Account Budget Actuals, but can only access specific accounts if the logged on user is a division manager/accountant, CEO or cost centre manager or acting for the aforementioned persons, and can view only accounts belonging to the specific division and/or cost centre .