Running Budget Reports
Objective
To run budget reports efficiently and effectively to track budget performance and make informed financial decisions.
Key Steps
Access the general ledger reports by clicking on the menu, selecting general ledger, and then choosing reports.
Click on the budget tab to set up a new report.
Give the report a name (e.g., 2025) and select the budget to use.
Choose the time periods (e.g., monthly) and select the starting and ending periods.
Run the report to view budget, actuals, percent difference, and dollar difference.
Optionally, compare year over year for additional insights.
Save the report for future reference.
Export the report to Excel for easy sharing with managers or stakeholders.
Cautionary Notes
Be mindful of selecting the correct budget and time periods to generate accurate reports.
Ensure data input is accurate to maintain the integrity of the budget reports.
Double-check calculations and comparisons to avoid errors in financial analysis.
Tips for Efficiency
Create multiple budget reports for different time periods to track performance effectively.
Utilize Excel for sharing reports with managers for better transparency and understanding.
Dive into the details of budget reports to identify specific transactions that impact budget variations.
Regularly review budget reports to track trends, identify anomalies, and make informed financial decisions.
