How to find “Budgets” under Reports:
Previously, you can only add budgets through changing the report period settings.
With this update, it’s now super easy to find budgets by going to the “Reports” page. You will see a dedicated “Budgets” tab next to “Reports”, like below:
How do you make a new budget:
Once you click on the “Budgets” tab, you will see the following screen:
By clicking on the “Add new budget” button you can decide for which report you want to make a new budget.First, select the relevant source report you want to use as a starting point.You’re able to choose from all reports that are currently active in the environment they belong to.
Every budget has its own personalised title which comes in handy later on, when adding them in your report.
Creating a new budget:
You need to click on “Add new budget", create a title and select a source report you want to start from.
Creating the budget happens when you press "create budget"
Info about the budget:
The title: Clicking on “budget 2021” will let you enter the budget.
Source report: clicking on the title next to the source report will redirect you to the original report you based your data on.
Budget period: the first date → is the first date for which a budget data was created. In this case January 2021 and the last date, the last date for which budget data was created. In this case December 2021.
If you made a budget for 2015 and one for 2021 the first date will be January 2015 and the last date December 2021.
The date it was created and the budget was last edited is shown as well.
Edit settings: It Will let you edit the title or choose a new source report for which you want to make a budget.
Creating your budget data:
Once you’ve created your specific report you can start by making your budget.
You can select from which period your starting data is coming from and for which period you want to make a budget.
To start adjusting your budget period you still have the same 2 ways of working:
1. Going along the seasonality and adding a mark up:
2. spreading out the numbers evenly:
If you want to manually adjust the numbers you’ve just created this is still possible by simply clicking on the value and adjusting it.
Adding budget data to your report:
As soon as you’ve made a budget you want to compare it to the actual data of the period to see how far you are and to do the proper monitoring.
you do this by unlocking your report (making a copy) and adding a new period in your period set.
In this new period set you select the budget you made and also the period you want to display.
See an example below:
Some tools to help you:
1) Which budget are you editing: Use the drop down in the top left to select which year you are setting the budget for. You can use the pencil on the far right to rename the budget. You can also use that copy button to copy the budget you are working on, or the plus button to simply add a new budget. The bin button will allow you to delete a whole budget.
2) Use actuals as a base in building a budget: You can select the year that you want to view the actuals of in the first column (by selecting the drop down). This is the YTD actual.
Note, the next 3 items, you can do for either all accounts, or on an individual account line, depending where you click.
3) Split actuals between periods. The symbol with 2 arrows will allow you to copy the values across (from actual to the budget columns), and here you can select how to divide this. E.g. If monthly, it will suggest you divide by 12. You can also edit the number that you want to be divided.
4) Copy actuals from the past (and inflate/deflate them): The copy button allows you to copy over the values, from that previous period, but to amend by a certain %. E.g. If you wanted to increase last year's performance by 5%, you would select 105% in this box. It will
5) Delete a budget line: The bin button allows you to delete an item
6) Manually enter a budget: You can always override the values and manually enter a budget
7) Use the padlock to exclude certain periods from your calculations: The padlock button allows you to lock a period, so that this period is excluded from any of your calculations