Journal Entries - Enter Budget
Budgets for General Ledger accounts can be entered manually or imported from a spreadsheet. Before budgets can be added, verify that the GL accounts have been set up.
Tip: When entering budget line items, you can distribute evenly across all months or adjust amounts by specific months.
Accounts Types and Typical Budget Practice
Asset Accounts – Cash, accounts receivable, fixed assets and the like.
Normally, you would NOT enter budgets for these account types.
Liability Accounts – amounts owed to others, notes payable, deferred
revenue and the like. Normally, you would NOT enter budgets for these
Equity Accounts – Reserves fund balances, accumulated profit and losses,
contributed capital and the like. Normally, you would NOT enter budgets for
these account types.
Income Accounts – Assessment income, late fees, special assessments and
the like. Normally you WOULD budget for these account types.
Expense Accounts – Insurance, utilities, lawn maintenance and the like.
Normally, you WOULD budget for these account types.
Step By Step
1. Click General Ledger then select Budget
2. Click Actions then Edit Budgets
To view specific Account Ranges, click Filters and select an account type.
3. Enter the budget amount for the accounts.
4. Click Distribute to evenly spread the amount over the accounting periods or to distribute specific months, enter the monthly distribution in the month you want to enter another amount.
As budget amounts are entered, the Total Budget will update automatically.
5. Click Save