Introduction/Purpose: 

The budget-target master provides a centralised platform for setting financial goals, and monitoring performance. The module allows for the allocation and distribution of budgeted amounts to the different charts of accounts and distributes funds on the cost centre within the organisation. It provides real-time projection and analysis capabilities to compare actual performance against set targets/budgets.

How To Navigate: 

The navigation includes the following steps for viewing the budget target masters in the Financial Accounting system

• Click on the Master tab: The master can be accessed by clicking on the Master tab on the side menu.

• Click on budget target master:  The budget target master can be accessed by clicking it from the account section.

Listing:

A budget target master listing in a Financial Accounting system is a feature which provides a list of all budget target masters.

• Users can view the following information in the budget target master listing page
  • Budget Name
  • Expense / Target 
  • Added & Updated By
  • Creation & Modification Date

User can perform the following actions 

• Add new: The “Add new” function allows you to create and add new budgets/targets or entries to the system.

• Refresh: The “Refresh” function retrieves the most recent data from the underlying database or source system.

• Clear cache: The “Clear cache” function clears the cached data associated with the budget targets master.

• More options: The “More options” function provides the user with more actions or functionalities (delete, print, search, export, columns, request).

• Print records: The “Print records” feature allows users to print content by opening a print dialogue or displaying a preview of the content to be printed.

• Search: The “Search” function allows the user to look for a specific entry within the available data and presents the results that match the search parameters.

• Filter: The “Filter function” in the budget target master allows users to customise their view of budget targets based on specific factors.

Recording & Update:

Creation Of Budget/Target For Financial Year:

• Budget/Target title: The “Title” refers to the name or label assigned to a certain budget target. The title gives the budget objective a descriptive or identifying name, expressing what it symbolises or what role it fulfils.

• Profit & Loss
  • Income: Refers to the specific accounts or categories that represent P&L Income side COA
  • Expense: Refers to the specific accounts or categories that represent P&L Expense side COA

• Balance sheet
  • Asset: Refers to the specific accounts or categories that represent Balance Sheet Asset side COA

• Liability: Refers to the specific accounts or categories that represent Balance Sheet Liability side COA

• Equity: Refers to the specific accounts or categories that represent Equity side COA. Users can select a chart of accounts and assign a budget/target to a specific COA, The system will provide the below functionality for assigning a budget.

• Assign fixed budget
  • Define the Budget for the full financial year based on a fixed value.

• Assign based on a percentage
  • Define 1st monthly budget (based on the financial year) and set the percentage for the rest of the month.

• Cost centre / Profit centre
  • Once the budget is assigned to the Chart of Account, the user is also able to divide the budget in the cost centre or in the profile centre (in case of target) and track data accordingly.
    

Users can perform the following actions: 

• Save: The “Save” function allows the user to submit the required information while creating a new budget target master.

• Discard: The “Discard” function allows the user to cancel the submission of information provided at the time of creating a new budget target master.