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Do you know that you can set up GL Budgets and use them in Financial Statement designs for budget variance reporting?  Did you know that you can track up to 10 different budget types (original, revised, final, projections for example) and multiple years for each type?  You can also copy budgets from previous years or from one budget type to another.  Each budget stores annual and period amounts and can be changed as needed.

Set Up Budget Types

The first step to setup budgets is to rename each budget type description you may need in the Custom Descriptions window.  Go to Common Tasks>File>Company Settings>Custom Descriptions and scroll down to the GL section.  A budget type MUST BE renamed before it will work.

The budget process requires information which must be stored on the accounts to be budgeted (usually, just income statement accounts).  To do so, said accounts must have the Store budgets field marked.  To find this field, go to GL>Setup>Accounts.

Create Budgets

All budget workflow is performed in GL>Tasks>Enter Budgets.  The following window appears which offers 3 options:

To create a budget, it must be named by combining a year with a budget type.

Next, decide how to manage your accounts.  Since this example is creating a new budget, the Select Accounts button will be used.  NOTEOnly those accounts that have the Store Budgets checkbox marked will appear in this list.

After selecting the accounts to budget, click OK.  This is the entry grid to enter your budgets, either by month or annually.

There are some useful buttons below the grid:

  • Spread annual – Entering an amount in the annual column and clicking this button will spread the total evenly over all 12 months.
  • Calc annual – Entering amounts in the month columns and clicking this button will provide the sum for your entries in the Annual column.
  • Other – There are 4 additional functions in this window.
    • Calculate annual control (with the subsequent checkbox marked) will fill provide a running total of your annual budget as you enter monthly detail.
    • Setup formula allows you to have the software calculate amounts.  For example:

This formula would automatically mark up a prior year balance by an inflation factor.

This is what a budget in process looks like:

In summary, Sage 300 CRE has a wonderful budgeting tool to enable you to compare actual vs. estimate within your GL accounts.  So stop rekeying everything into Excel and get cracking with GL Budgets inside your accounting software.

As always, should you need any further assistance with summary vendors, please call your United Solutions, Inc. consultant.

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