Creating a yearly budget lets you allocate funds for the entire year, giving a high-level view of expected income and expenses.
Step 1: In the left panel, go to Accounting
->Budgeting
Step 2: Click + New Budget
or the PLUS icon in the center of the table to create a new budget entry.
🔶Note: The "+" icon only appears if no other budgets have been created yet.
Step 3: Fill in the Budget Form:
- Track Categories: Budgets can be allocated to specific departments or projects.
Adding a category helps you track expenses or income related to different projects, departments, or goals. Learn more about Track Categories →
- Budget Name: Choose a name that describes the purpose or focus of the budget.
- Effective Year: Enter the year when the budget will be in effect.
Step 4: Choose Yearly as the Budget Type.
Step 5: Budget Amounts - Distribute funds among the right accounts or categories (e.g., Income, Expenses, Cost of Goods Sold).
🟩 Tip: If you need to create a new account, navigate to Accounting > Chart of Accounts in your system. From there, click Add New Account to quickly set up and categorize your financial accounts.
For detailed steps, check out the How to Create a Chart of Accounts article.
Step 6: Set up Notification Type (Optional) to stay informed:
- Budget Crossed: Sends an alert when the budget exceeds dollar value.
- Budget Crossed Percentage: Sends an alert if spending reaches a certain percentage of the budget.
🟩 Tip: Add an email address for notifications to be sent directly to your inbox.
Step 7: Click Save
. You’ll be redirected to the main budgeting section with a confirmation message.
Once your budget is saved, you can check your actual spending against your budget by visiting the Budget Variance Report. This report helps you track if you’re over or under budget for the year, keeping you on target with your financial goals.
To view the Budget Variance Report, go to Reports > Financial > Budget Variance. This report provides a clear view of your planned versus actual spending across all your budgets, helping you stay financially on track and adjust as necessary.
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