Creating and Maintaining Budgets and Plans

Budgets are estimates of anticipated receivables and payables for a specific time frame. They are usually based on historical facts, including past sales and growth trends.

The Chart of Accounts Budget and Plan form is a worksheet that you use to create budgets and plans for each individual account, accounting period, and fiscal year. This form maintains information for budgets, plans, and actual change amounts. Actual change values are used only to define statistical accounts.

The budget amounts are used by General Ledger reports, financial statements, and the Chart of Accounts Report. Budgets are also displayed when viewing posted General Ledger (G/L) transactions to allow a comparison between a period's actual transaction amount and the budgeted amount.

On the Chart of Accounts Budget and Plan form, you can either enter the numbers manually or use the Budget Growth Auto-Set and Plan Growth Auto-Set options on the Actions menu to enter data.

Note:

Every time you create a new chart of account or fiscal year, the corresponding budget, plan, and actual records are automatically created. Each field has a value of zero.
On the Chart of Accounts Budget and Plan, you can store budgets for multiple fiscal years.