(Available on v3.4. Release Date: 21st July 2022)
Creating a budget is a necessity for proper financial planning while helping to ensure your business can meet existing financial commitments. The budget module works as an essential tool for keeping your business on track in allocating how it spends, receives and budgets money. In this module, you can create monthly budgets for all detailed accounts of the selected Financial Year. The budget created will be reflected on:
- Balance Sheet
- Profit & Loss
We know that sometimes things don't go as planned, there may be a need to revise the planned budget. Once a budget is created for a selected period, you can create another version of the same period selected. If need be, you can even create multiple versions of budgets for the same selected period.
Financio's budgets reports help you understand your business performance as well as compare your business’ actual revenue and expenses to the budgeted amounts. You can review your budget vs actual expenses by generating these reports in Excel/PDF.
- Balance Sheet Analysis
- Profit & Loss Analysis
Skip to the preferred topic
- Budget Module: How to Setup Budget Module
- Budget Module: How to create and manage budget versions
- Budget Module: Reports
Budget Module: How to Setup Budget Module
Start by navigating to the budget module under the control panel then accounting.
Click on "Add New" to add a budget sheet for the current Financial year (FY).
At the pop-up select the relevant year and click "save".
Once added, Financio will create the budget sheet for the relevant year. Click on "view" to start filling in the planned budget.
Financio will automatically create the period and all the necessary accounts in the budget sheet. Click on the Account column by month to add the budget allocated for the given account during the period.
*Note, the budget report shows as "Budget - Balance Sheet FY2022 (v1)". This is because Financio allows multiple versions for the same duration selected. Users may choose to create a new version at any point in time and switch back to the previous version at the budget window.
Benefits of Versioning function,
- Users will not have to overwrite the initially agreed/planned budget for the given period.
- Users will have an option to revert to an older budget plan.
- Increases efficiency, flexibility, and transparency in budget planning.
Once, completed. Click on "Save".
Financio will update the relevant budget sheet and handle the rest in the background for you.
Budget Module: How to create and manage budget versions
Navigate to the budgeting module window under control panel > accounting. Click on the drop-down at the relevant budget sheet and select "Add New Version".
At the pop-up, click "Yes".
The version numbering will be shown in the version column on the budget window.
*Note that once a new version is added, Financio will deactivate the previous version and hide it from the window view. However, the sheet will still be stored away safely and users may revert at any point in time.
To revert to the previous version, simply tick the include inactive to show the hidden budget sheet (v1) and refresh the window.
Once refreshed, the budget window will now show the inactive budget sheet (v1) in the "Is Active" column. Click on the drop-down and select reactivate.
At the next pop-up, click "Yes" to reactivate the relevant budget.
Budget Module: Reporting
Financio also provides a detailed report based on your budget plan. This can be found in the budget option under the reports tab.
- Balance Sheet Budget Analysis
- Profit & Loss Budget Analysis
Budget reports can be filtered by Financial Year or Month at the top right of the screen while users may also choose to export to PDF/Excel.
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