Budgets are a powerful way to gauge your actual costs versus a budgeted amount. Optimum Control can be used to set period budgets for use in your operation to report on Actual versus Budgeted costs. These costs can be printed in the reporting module to show Budget Variances per period or a set of periods.
Creating your Budgets for reporting Budgeted vs Actual. To use budgets, you first must set your Accounting Periods.
To create a new Budget
1. Click
Budget Worksheet on
the Main Menu Toolbar.
2. When entering the budget window, it is in New mode. (To view an existing budget, double click on the period on the pick list)
3. Enter the Budget Period Information (Year, period and projected sales).
Field |
Details |
Fiscal Year |
Indicate the fiscal year from the drop down |
Select a Period |
Select the period that you wish to create a budget. Only Periods with no saved budget will be on the list. To edit an existing budget, select from the list on the left |
Projected Sales |
Indicate the budgeted Sales for the period. |
Detail the budgeted amounts per account. Use a Template to speed entry.
Creating a Budget
Field |
Details |
Account name |
Indicate the chart of account. To add new accounts, see Setup - Chart of Accounts |
Amount |
Enter the budgeted amount, if using a template, the percentage will be calculated as part of the Projected sales |
Percentage |
Either set by the Budget Template or you can physical type the budgeted percentage |
Fixed |
For fixed costs such as rent or loan payment. |
Actualize |
When viewing the Budget Variance reporting the actualized budget values will be set as the actual values. No need to enter invoices for these types of expenses to get this type of reporting. This offers you a quick snapshot for your store. |
When you have finished the budget,
click Save .
Tip: You can enter the amounts manually or
use the Budget Template to set percentage sales and expenses
for quick budgeting by simply entering your projected sales.