Create & Import the Budget

Accounting and Bookkeeping - Create & Import the Budget

Overview

In this section, you’ll learn how to create and import a budget within the Accounting and Bookkeeping module. Budgeting helps in planning future income and expenses, and Tagrit ERP provides both manual entry and import options for creating budgets. Additionally, budget-related reports allow tracking and comparing budgeted amounts with actual figures.

Steps to Create and Import a Budget

Step 1: Importing a Budget

1. Download the Budget Template:

   • Navigate to the Budget section and select Import Budget.
   • Download a sample file for your preferred period: monthly, quarterly, or yearly, by selecting the appropriate option: Download Sample for the Month, Download Sample for the Quarter, or Download Sample for the Year.

2. Enter Data in the Template:

   • Open the downloaded file, enter the Account Name (matching the accounts in your Chart of Accounts), and input amounts in each relevant column.

3. Specify Import Settings:

   • Back on the Import Budget page, enter the Year for your budget and choose either:
     • Balance Sheet for budgeting balances in asset or liability accounts, or
     • Profit and Loss for budgeting income and expenses.
   • Choose your budgeting period type (Month, Quarter, or Year) and upload your prepared template file.

4. Import the Budget:

   • Click Import. The system will display the count of successful and failed import lines after the import is complete.

Step 2: Creating a Budget Manually

1. Initiate a New Budget:

   • Go to the Budget section and click New.

2. Set Budget Details:

   • Enter the Year for the budget and select the account type:
     • Profit and Loss for income and expenses, or
     • Balance Sheet for assets and liabilities.

3. Choose Budget Basis:

   • For Profit and Loss budgets, select either:
     • Create Budget from Scratch or
     • Create Budget from Previous Year’s Actual Data.

4. Enter Budget Amounts:

   • Enter the budget amounts by month, quarter, or year. You can either:
     • Fill amounts individually, or
     • Copy values to adjacent cells if the budget is uniform across periods.

5. Save Budget:

   • Review your entries and click Save when finished.

Generating Budget Reports

Once you’ve created a budget, you can access three types of budget-related reports:

1. Budget Overview:

   • Summarizes your budget’s account balances.
   • Select the budget and click Filter to view the report.

2. Profit & Loss Budget vs. Actual:

   • Compares budgeted amounts with actual amounts to assess performance.
   • Select the budget, choose your accounting method (Cash or Accrual), and click Filter.

3. Profit & Loss Budget Performance:

   • Compares actual amounts to budgeted figures for each period (monthly, fiscal year-to-date, and annual).
   • Select the budget, choose the accounting method, and filter the data as needed.

Modifying and Deleting a Budget

• Clear Budget Data: Return to the Budget screen, select your budget, and click Clear to remove data before re-entering new values.
• Delete a Budget: Use the Delete button to remove the budget. Confirm deletion to also clear associated data from reports.

Summary

Creating and managing budgets in Tagrit ERP is flexible, with options to import from Excel or create budgets manually. The system provides detailed reports to track progress and compare budgeted vs. actual amounts for informed financial decisions