Accounting 🡪 Budget → Define New Budget
The budget creation feature in the accounting module system allows users to set up budgets to track income, expenses, and balances in profit and loss accounts as well as balance sheet accounts. This enables comprehensive financial planning and analysis based on predetermined fiscal periods.
Accessing the Income statement modification
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Navigate to the Accounting → New Budget
Defining New Budget
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Choosing Budget Type and Fiscal Year
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Type of Budget
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Users can choose between two types of budgets:
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Profit and Loss:
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Tracks income and expenses.
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Ideal for planning and tracking revenue streams and expenditure categories.
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Balance Sheet
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Tracks balances in asset or liability accounts.
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Useful for forecasting and managing asset and liability levels over the fiscal period.
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Upon completion, the system will create a new budget that can be selected from the grid for further detailing.
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If a budget already exists for the selected month, the system will display an error message.
Please note, If necessary, you can also delete the budget from the grid.
Figure 1 Define New Budget
Figure 2 Define New Budget type selection
Figure 13 Confirmation of new budget