Financial - Periodic Budget Comparison

Overview

In Surf Accounts an excellent feature has been introduced where you can create several types of Budgets to see the variance between the budgeted and the actual amounts by that specific time period. To generate the report you need to input the budgeted amount against account (nominal) group and nominal code. You can create budgets which can be compared with the actual income and expenditure of the business throughout the year.

To setup the budget in Surf Accounts select Accounts » Chart of Accounts » Budget from the toolbar of the Chart of Accounts browse the following screen will appear. 

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Reporting Periodic Budget Report through Surf Accounts

Surf Accounts provides all the relevant information in a methodical and structured manner to make it easy to understand. It has been designed in such a fashion so that it can be used by the large corporation, and small and medium enterprises and accountants. You can customise your reports for every individual business. With the simple select option, you can preview them on the fly before emailing or saving a copy. The reports can be viewed in an interactive way on a real-time basis.

Financial Report

The financial report will generate reports regarding VAT Report, Bank Reconciliation, Trial Balances, Profit and Loss and Balance Sheet, Account Details, Journal Listing, Yearly Budget Comparison, Periodic Budget Comparison and Budget Details.

Generating the Periodic Budget Comparison Report

To generate the Periodic Budget Comparison Report simply select Reports» Financial» Periodic Budget comparison report »Run.The following screen will appear.

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Periodic Budget Comparison

Periodic Budget Comparison report will provide the Actual amount and the comparison of the actual against the nominal code against the difference allocated as Budget. In Periodic Budget Comparison is based on the period selection. For e.g. if you choose the period from January 2013 to December will give all the reports for all the transaction of the business. If you wish to view the report by specific nominal codes (the account code) select the nominal code by using the Look up Button under the Accounts code.  For example, if the “To Period” drop down is blank then in the report, the entire transaction with Budget comparison will appear.  If you wish to select a period range select the month till the time you wish to generate the report at the same time you can generate the report “Year Till Date” and you will get a comparative view.

Code: The code column shows the account (nominal) code in the browser against which the Budgeted amount has been allocated. For e.g. if the Nominal code is 001 then it will be Sales type 1.
Description: The description of the transaction will appear against the nominal (Account Code). For e.g. if the nominal code is 110 then the “Description” will be populated as “Cost of goods sold”.

Period Actual:“Period Actual” refers to the actual figure against the nominal code for a specific period of time you select into Surf Accounts. For e.g. if the nominal code is 001 then the “Sales Type 1” then the actual value entered into Surf Accounts will appear.
Period Budget: “Period Budget” refers to the “Budget amount” which has been allocated to the particular nominal code for a particular period. For e.g. “Budget” amount will be the one which has been allocated to the nominal code. If the nominal code is 001 (Sales Type 1) and if you allocate the budget amount is 100, under the budget column it will appear as 100. In the period budget, the time period is very important. It can be monthly, quarterly; half yearly or yearly depending on the selection of the period i.e. “Period From” to “Period To” of the Periodic Budget Comparison Report.
Period Diff %: The “Period Difference Percentage” will be calculated in the Period Diff% column. “The Period Difference % “calculation is simply carried out by the Period Difference amount (Period Actual- Period Budget) divided by Period Budgeted amount and then multiplied by 100. For e.g. the Period Actual amount and the budgeted amount is 100 and 80 respectively. So the Period Difference amount is 20. Now the calculation for the Period Difference% will be 20/80*100 = 25. 

Period Difference: The “Period Difference” column will reflect the difference in between the actual amount and the budgeted amount for the specific time period. For e.g. the actual amount of the nominal code 001 (Sales Type 1) is 1875.00 and the Budgeted amount 1235.67 against the same nominal code the difference will be 693.00 which will appear in Period Diff column.

Note: Please note that in the Periodic Budget Report you will get the “Totals” of “Period Diff”, “Period Budget”, and the “Period Actual” amount of selected nominal code or account group for the period in the last split. 

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YTD Actual: “YTD Actual” refers to the actual figure against the nominal code for the financial year you select through Surf Accounts in the YTD Actual Column.  For e.g. if the nominal code is 001 then the “Sales Type1” then the actual value entered into Surf Accounts will appear. Please note that the Financial Year is being selected from the “Period From” and “Period To” drop-down and to display the nominal codes select the range of nominal codes by using the lookups under Account Codes.   

YTD Budget: “YTD Budget” refers to the “Budget amount” which has been allocated against the particular nominal code for a particular period. For e.g. “Budget” amount will be the one which has been allocated against the nominal code. If the nominal code is 001 (Sales Type 1) and if you allocate the budget amount is 100, under the budget column it will appear as 100. Please note that the Financial Year is being selected from the “Period From” and “Period To” drop-down and to display the nominal codes select the range of nominal codes by using the lookups under Account Codes.
YTD Diff %: The “Year Till Date (YTD) Difference Percentage” will be calculated in the YTD Diff% column. “The YTD Difference % “calculation is simply carried out by the YTD Difference amount (YTD Actual- YTD Budget) divided by YTD Budgeted amount and then multiplied by 100. For e.g. the YTD Actual amount and the budgeted amount is 100 and 80 respectively. So the YTD Difference amount is 20. Now the calculation for the YTD Difference% will be 20/80*100 = 25. Please note that the Financial Year is being selected from the “Period From” and “Period To” drop-down and to display the nominal codes select the range of nominal codes by using the lookups under Account Codes. 
YTD Difference: The “YTD Difference” column will reflect the difference in between the actual amount and the budgeted amount for the specific time period (Year Till Date). For e.g. the actual amount against the nominal code 001 (Sales Type 1) is 1875.00 and the Budgeted amount 1235.67 against the same nominal code the difference will be 693.00 which will appear in YTD Diff column. Please note that the Financial Year is being selected from the “Period From” and “Period To” drop-down and to display the nominal codes select the range of nominal codes by using the lookups under Account Codes.
Note: Please note that in the Periodic Budget Report you will get the “Totals” of “YTD Actual”, YTD Budgeted”, and the “YTD Difference” amount of selected nominal code or account group for the period at the last split. The following screen will appear.
Advanced: To include or exclude column select the column from the “Advance Settings” browse. Included columns will be displayed in the Periodic Budget Comparison Report.   If you wish to display both the Periodic Budget and Yearly Budget comparison include all the columns from the column order pop up under “Advanced Settings”. 

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Suppress Zero: By selecting “Suppress Zero” under Feature in any of the columns of the Period Budget Comparison Report the nominal code and the Description will appear but the values will not appear as Zero values in the columns are suppressed. 

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Toolbar Functionality of the Periodic Budget Comparison Report

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Print: To print the Periodic Budget Comparison Report select the Print option from the toolbar of the Periodic Budget comparison browse. A preview will be generated and you can print the report.

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Excel: To download the Periodic Budget Comparison Report in MS excel format select the “Excel” option and the report will be downloaded on the local machine in Excel (Spreadsheet) format.

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Save: To save the Periodic Budget Report choose the “Save” option from the toolbar and the report will be download to your local machine in PDF format.

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Email: To send the Periodic Budget Report through email select the “Email” option from the toolbar. A pop up will be generated.

To: Enter the email address of the recipient.

CC/ BCC: Enter the email address if you wish to send a copy of the report.

Subject: Enter the subject line of the email dial-up box.

Attachment:  Recipient will select the attachment to save or download the report locally.  

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