Budget
Budget is a company's determination of revenue and expense targets within a certain period of time. We talked about the 3 dimensions of W3's Finance and Accounting product family. Accounting, Current and Budget dimensions. Detailed information about the budget section is available in the FAB basic statement section. Please review the relevant section.
In W3, many business functions such as invoice, bank, expense and production assign records to the budget. The budget module makes plans, records forecasts and targets. In this way, control and supervision between what is planned and what is realized is ensured.
A business can make many budgets in a financial year. You can design different budgets such as Sales budget, Department Budget, General Budget, special budgets according to Expense and Revenue centers. While it is possible to plan on a yearly basis, even a 15-day budget can be made. It is possible to add scenario approaches such as optimistic, pessimistic and normal to budget plans. Before designing the budget, the cost and income centers and budget items setup must be prepared.
The budget is planned with the basic and descriptive main record screen and the planning slips that will be opened underneath. The planned budget is monitored through budget income and expenditure records from different modules and real-time budget comparison tables. Workcube provides ready-made reports where you can track expenses and income even if you have not made a budget plan.
Before Use
- Expense and Income Center Definitions
- Budget Categories
- Budget Items
- Scenario Definitions
- Expense and Income Distribution Templates
Module Functions
- Budget Accrual Planning Slips
- Budgets
- Budget Comparison Tables
- Expenses
- Revenues
Related Functions in Other Modules
Budget is related to all other modules in FAB.
Tip
You can plan budgets for projects. If a project is selected while making expenditures and revenues, project-based budgets can be monitored.
Attention
Budget items are also linked to accounting account codes. When defining budget items, make sure that the accounting account codes are correct and appropriate. Get support from your financial advisor or experts for fictional and technical harmony between budget items and accounting account codes.
Recommendation
Set concrete goals in line with future strategies before the start of each fiscal year. Translate these goals into budget language, that is, income-cost centers and budget items. Make plans under budget with your employees and create a work culture that will monitor the plan and actualization in real time.