“In this page, you will find everything related to financial budgets, how to access the budget page, its concept, preparation method, and modification.”
To access the “Financial Budgets” page, please follow these instructions:
- Start by clicking on the “Financial” menu in the main menu.
- Next, click on “Financial Structure” available in the top toolbar of the page.
- Then, click on the link “Financial Budgets.”
By following these steps, you can easily access the Financial Budgets page.
Concept of “Financial Budgets”:
- The process of preparing general budgets typically involves several basic steps. This process begins with estimating expected revenues and then determining the allocated expenses for each activity or project within the organization. Afterward, priorities are set, resources are allocated, and sources of funding needed to cover these expenses are determined.
- General budgets aim to achieve a balance between revenues and expenses, ensuring the long-term financial sustainability of the organization. Additionally, general budgets play a crucial role in promoting transparency and accountability in financial management.
- The general budget includes all expected revenues and expenses at the organizational level over a specified period, often a single fiscal year. Financial sources include income from product or service sales and other income sources, while expenses may include items such as salaries, wages, operating costs, and various investments.
- Furthermore, budgets can be prepared for other accounts of the organization, such as fixed assets, current assets, and current liabilities like supplier debts and loans. This is done to compare the organization’s performance with planned budget figures and utilize past performance experiences to make sound financial decisions in the future.
Explanation of How to Prepare, Modify, and Delete “Financial Budgets”:
- Selecting the Fiscal Year: First, you need to choose the fiscal year for which you want to add an estimated budget. You can do this by using the dedicated filter provided for this purpose.
- Selecting the General Ledger Account: After that, you should choose the account for which you want to add an estimated budget, using the provided filter.
- Selecting the Company Branch: Specify the branch for which you want to add the estimated budget, using the provided filter. This step is optional if you have multiple branches.
- Analytical Sector (Optional): If you need additional analysis, you can choose the analytical sector for which you want to add an estimated budget using the dedicated filter. This is optional and can be left empty if not required.
- Budget Preparation: After selecting the fiscal year, general ledger account, and company branch (if applicable), click the “Calculate” button to display results for the previous year and configure fields to add the current budget values.
- Entering Values: A table will appear, divided into 12 months corresponding to the selected year, with a field next to each month to enter its budget values for the selected account. The monthly value for the chosen account from the previous year will also be displayed. Fill in the budget values in the “Value” field based on the account, month, and fiscal year.
- Saving Data: After adding the values, click the save button to store the data.
- Modifying Values (If Necessary): If you need to modify some or all of the values in a previous budget, follow all the previous steps, and the saved values will be displayed. Then, make the appropriate modifications and click the save button.
- Deleting Values (If Necessary): If you need to delete some or all of the values in a previous budget, follow all the previous steps, and the saved values will be displayed. Then, click the delete button.
Using these steps, you can easily prepare, modify, and delete financial budgets with ease and efficiency.