To create
your initial budget:
Multi-departmental
Income Statement
A module has been added that allows a financial budget to be entered into SuccessWare®21. Once a budget is set up, the income statement reports can compare actual vs. budgeted numbers.
The budget setup form is a simple grid that contains a line item for each combination of period, account, and department for a selected year. When entering budget information, the prior year’s budget figures, and optionally, the prior year’s actual figures, are displayed.
Important: Before setting up your budget, check your
chart of accounts and departments, and deactivate any accounts and/or
departments that you do not use. The
budgeting process will be most efficient if you can eliminate any unnecessary
items from your budget setup view.
To enter a new budget or modify an existing budget, open the G/L Budget Setup form: select the ‘21’ main menu button, select Accounting, and select Budget.
· Select the fiscal year that you wish to work with (at the top of the form).
· Select Load budget. You will be informed that there is no current budget for the selected year - respond OK and continue to the next step.
· Right click, and select Create/refresh budget items. This will create budget line items based on your particular setup of periods, accounts, and departments. Be patient, this will take a little while.
· Optionally, set up initial budget figures based on actual figures.
o Use Reset options to create a budget for the entire year.
o Make sure <All periods> is selected for Fiscal Period (at the top of the form)
o Under Reset options
o Select the fiscal year from which you wish to create a budget (usually the prior year).
o Optionally, select a fiscal period if you want to create your budget for all periods based on a single typical period. Do not select a fiscal period if you want your initial budget to reflect the month-to-month changes in your actual income statement.
o Select ‘Actuals’.
o Optionally, enter an adjustment percentage that you want added or subtracted when creating the budget.
o Select ‘Increase’ if your want your budget increased by the adjustment percentage, ‘Decrease’ otherwise.
o Select Reset selected budget.
-OR-
o Use Reset options to create a budget for a single period, make any adjustments, then use Reset options a second time to copy the period’s budget to the remaining periods for the year.
o Select the initial period (typically period 1) for which you wish to create a budget
o Using Reset options, create a budget for the initial period
o Select the fiscal year from which you wish to create a budget.
o Select a ‘typical’ fiscal period from which you want to create your budget.
o Select ‘Actuals’.
o Optionally, enter an adjustment percentage that you want added or subtracted when creating the budget.
o Select ‘Increase’ if your want your budget increased by the adjustment percentage, ‘Decrease’ otherwise.
o Select Reset selected budget.
o Edit the figures in the Budget Amount column in the grid, as appropriate.
o Save changes when you are satisfied with the numbers entered.
o Select <All periods> for Fiscal Period (at the top of the form)
o Using Reset options, copy the budget to the remaining periods in the year
o Select current budget the fiscal year.
o Select the period for which the budget was created previously.
o Select ‘Budget’.
o Enter ‘0.0’ for adjustment percentage.
o Select Reset selected budget.
· Optionally, use the period, department, and/or account filters to narrow down the view and work on a particular period, department, or account at a time.
· Edit the Budget Amount column in the grid to enter or modify each budget item.
· Save changes whenever you are sure you want to keep the work you’ve done to that point.
· Select the fiscal year that you wish to work with (at the top of the form).
· Select Load budget.
· Optionally, use the period, department, and/or account filters to narrow down the view and work on a particular period, department, or account at a time.
· Edit the Budget Amount column in the grid to enter or modify each budget item.
· Save changes whenever you are sure you want to keep the work you’ve done to that point.
· Once saved, the new values will be reflected in the next income statement that is printed.
The Create/refresh budget items option is used to create initial budget items when beginning a budget for a new fiscal year.
In addition, any changes that you make in G/L Setup will not be reflected in your budget until you Create/refresh budget items. If you have added, deactivated, or deleted accounts or departments, or modified your fiscal period setup, and need to include these changes in your budget, right click and select Create/refresh budget items from the popup menu. This will remove any obsolete budget items and create any new budget line items based on your particular setup of periods, accounts, and departments.
Use Reset options at any time to replace the budget figures for a selected year or period based on either actual or budget figures from another year or period. Typically, this option is used to create a starting point when creating a budget for a new fiscal year. Budget values can be initially created based on either prior year budget or prior year actual figures.
The incomes statement reports now have the capability to show budget figures.
One or both columns in the Comparative Income Statement can be configured to show budget values. This selection is made each time you run the report. To run a comparative income statement showing actual vs. budgeted numbers:
o Open the Report Gallery, select Financial Reports, select Income Statement, and select Run Report.
o Select Comparative Report
o Select the Figure 1 (column 1 in the report) year and period range, and select the same year and period range for Figure 2 (column 2 in the report).
o Select Actual for Figure 1, and Budget for Figure 2.
o Optionally, enter ‘Max percent variation’. This option will flag any line items on the income statement where the Percent of Net Sales for column 1 varies percentage-wise from the Percent of Net Sales for column 2 by more than the percentage entered.
o Make any other selections as desired (except for Multi-Department (Separate))
o Preview or print the report
The Multi-departmental Income Statement can be printed using budget values instead of actual values. To run a multi-departmental income statement:
o Open the Report Gallery, select Financial Reports, select Income Statement, and select Run Report.
o Select Multi-Department (Separate)
o Select the Figure 1 year and period range
o Set Figure 1 to show Budget numbers
o Select the departments to include – mouse near the edit box below the Departments label, and click on the box that shows when the mouse cursor is near the edit box.
o Make any other selections as desired (except for All Departments and Selected Departments (Combined))
o Preview or print the report