Budget Worksheet

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.