Create and track a budget

A budget sets your planned figures for a fiscal year, account by account, so you can compare plan against actual as the year runs.

Before you start

• Pick the company you are working in and the Scope level for the budget.
• Know the fiscal year you are budgeting and which profit-and-loss accounts to include.
• Set up any cost centres first if you want to budget at that level.

Steps

1. Open Accounting → Budgets and add a new budget.
2. Set the Scope level (required) plus any parent scope.
3. Enter the Name (required, up to 160 characters).
4. Enter the Fiscal year (required, a four-digit year).
5. Add Budget lines (at least one required). For each line:
   • Choose the Account — a profit-and-loss account (required).
   • Optionally assign a Cost centre.
   • Enter either an Annual amount or twelve Monthly amounts — one figure per month.

   [screenshot: Budget lines editor]

6. Save.

Result

The budget holds a line per account (optionally split by cost centre), captured either as a single annual figure or spread across the twelve months. Once saved, you can compare planned figures against actuals in Budget vs actual to see where you are over or under.

Related

• Set up cost centres
• Record an expense
• Accounting reference