• Document: Budgets in Tally.ERP 9 Did you know that by using Budgets in Tally.ERP 9, you can monitor your company s revenue and expenditure against your budgets and this can help you use your funds e...
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Tally.ERP 9 Budgets in Tally.ERP 9 Did you know that by using Budgets in Tally.ERP 9, you can monitor your company’s revenue and expenditure against your budgets and this can help you use your funds effectively? Budgeting helps a company to keep a track of how much money it has, where its money is going and allocate those funds at any point in time. A proper budgeting system enables a business to keep a track of its expenditures and use its funds effectively. Hence, business owners can compare revenues and expenses with ease, and more importantly, make better future investments. Taking care of the budgeting process is no longer a challenging task with Tally.ERP 9’s powerful and intuitive Budgeting feature. It allows users to create multiple budgets as per their requirements and include these figures in a financial statement. Now, users can compare the actual and budgeted figures along with variance just from one screen. To enable Budgets in Tally.ERP 9:  Go to Gateway of Tally > F11: Features (Accounting Features)  Set ‘Maintain Budgets and Controls’ to ‘Yes’ Creating Budgets Budgets can be created for an individual ledger account, groups of ledger accounts and Cost Centers or for all of them. For example, we can create budgets for traveling, advertisement, operations etc. To create Budgets:  Go to Gateway of Tally > Accounts Info. > Budgets  Select ‘Create’ > Press ‘Enter’  Enter budget name in ‘Name’  Select ‘Primary’ in ‘Under’  Specify the ‘Period of Budget’ in ‘From:’ and ‘To:’ 1) For Group Budgets: © Tally Solutions Pvt. Ltd. All Rights Reserved - 2012 www.tallysolutions.com Tally.ERP 9 Say you want to track all expenses; you can create Financial Budget as shown below:  Set ‘Yes’ under ‘Group’ in ‘Set/ Alter Budgets of’ > Press ‘Enter’  In ‘Group Budgets’ screen, select the required Group in ‘Account Name’  Select the appropriate ‘Type of Budget’  Enter budget ‘Amount’  Accept the screen Note: ‘On Closing Balance’ option is used to compare the closing balances of the Accounts with the budgets in the final statements. ‘On Nett Transactions’ is used to monitor the transaction amounts (not the balances) for a specified period. 2) For Ledger Budget Just as we have created the group ledger, ledger budget can be created as shown. 3) For Cost Centre  Set ‘Yes’ under ‘Cost Centres’ in ‘Set/ Alter Budgets of’ > Press ‘Enter’ © Tally Solutions Pvt. Ltd. All Rights Reserved - 2012 www.tallysolutions.com Tally.ERP 9  In ‘Cost Centre Budget’ screen, select the required Cost Centres and enter ‘Expenses’ for each Cost Centre ( Income and Closing Balance can also be entered if required) Altering and Deleting Budget You can make changes to Budgets as per your requirement. To do these:  Go to Gateway of Tally > Accounts Info. > Budgets > Alter To delete budget, press ‘Alt+D’ on the budget alteration screen. Displaying Budgets and Variances for Groups and Ledgers Once the required budgets are created, they can be displayed in the new columns in financial statements such as Balance Sheet, Profit & Loss Account etc. Business owners can use this handy feature to compare budgeted figures against the actual figures. Let’s include the created Group Budgets in Trial Balance and view the variance.  Go to Gateway of Tally > Display > Trial Balance  Press ‘Alt+B’ or click on ‘B: Budget Variance’ © Tally Solutions Pvt. Ltd. All Rights Reserved - 2012 www.tallysolutions.com Tally.ERP 9  On the Variance Analysis screen, select the appropriate Budgets > Press ‘Enter’ Now, the report has columns for Group Budget, Actuals, and Budget Variance as shown below: © Tally Solutions Pvt. Ltd. All Rights Reserved - 2012 www.tallysolutions.com Tally.ERP 9 Displaying Budgets for Cost Centre By default, the cost centre rep

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