Learn How To Use Budget Reports For Financial Insights
Budget reports can present budgeting information in different ways and time frames, to enhance insight into how your money is managed.
Although there are no standard budget reports in the general ledger, there are several common financial reports that can be created for budget analysis.
In this Tip of the Week, we go through how budget reporting works using Profit and Loss statements in Sage Intacct. Additionally, you can watch this short video to help better your understanding.
Budget Reporting with Profit and Loss Statements
This screenshot provides an overview of the profit and loss details. The table contains an ‘actuals’ column and a ‘budget’ column.
As we have budgets in Sage Intacct, we are also able to add extra columns. One column we can add is a ‘difference’ column. This outlines the difference between the actual and budget. Another column we can add is a ‘variance’ column. This shows a percentage of either the budget spent, or how much of the budget remains. This will depend on how you choose to set this up.
There is also the option to highlight where you budget’s have been exceeded. Sage Intacct is able to determine whether you have gone over your budget, and will add red or yellow highlights to indicate this. These highlights enhance the visual appeal of your budget report, making it more effective for sharing, for example with shareholders.
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