Contents - Index

Creating a budget 

  • Make sure the ledger account the budget is for displays.  If using multiple departments. check the account is for the correct department.  Transaction statistics can be reviewed by changing the dates in the "...from" date fields and clicking the ReCalculate button.  
  • If you think that four months of the current year are better indicators of how the year will go, set the current year's "From" date to the beginning of four months ago.  The previous year's figures are the default source for creating budgets.

  • Click the "New" button.  

  • The account code defaults to the same as the ledger account.
  • The field defaults to the description of the ledger account. If creating more than one budget for the same account, it may be a good idea to make it more explanatory.
  • Select the dates the budget is to relate to. The default is the beginning and end of the financial year.
  • In Status select active, inactive, or trial budget.  If you already have an active budget select trial budget (or delete it), as you can only have one budget active at a time.
  • In Criteria select the method to use to calculate the amounts.  Flat rate and Split Percent  automatically change the period transactions by a percentage. Set amount requires the amount be entered for each period in the Set Amount field.  Manual requires the entry of the budget for each period.
  • If Flat Rate, Split Percent, or Set Amount are selected one additional field displays. Enter the percentage or the planned monthly budget. If you think the budget will be less than the previous year, enter a negative amount in the "Percentage" field. 
  • If Split percent is selected enter two percentages, and define when you think the increase/decrease will occur.  Enter a figure in the "Second percentage" field and set the end date of that period, as well as the beginning of the second period. 

  • Select the period.  The default is monthly.  If setting up a series of budgets to form part of a business plan, select "12 months" and "Manual" options.  
  • If you want the current year's figures to be used, check the Use current year box. If you have just started to use Retail Business and have entered transactions for a couple of months checking this box is a good idea.  Other wise use manual entry.
  • Select the calculation basis - not relevant if the entry is to be done manully.  If you have an account that is subject to seasonal variation select Actuals from the Calculation Basis.
  • Click the "Save" button.  The budget definition is saved and the details created.
  • If you selected "Manual Entry" go to the first budget division of the details, click "Edit" and enter the budget figure.  

  • Note: You cannot delete budget details, delete the entire budget and start again.  You can edit the budget details regardless of the criteria you used to set it up.  Once a budget has been set up you can only change the description, and the budget's status.

    Percentage change 

    Split Percentage Change

    Set Amount

    Manual Entry