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REPORTS – Actuals VS Budget

Actuals VS Budget allows you to get a detailed view of your budgets, alongside your actual expenses or incomes. You can see exactly how you are progressing, if you are under or over budget, and why. You can add & edit budget items from this page, to create or update your budget.

Actuals VS Budget is a great way to see the difference between your budgets, and your actual transactions, including the difference per week.

This report can be accessed from the main menu in Budgets Get Real, under Reports. (If you enter this way, you will need to specify a category and date range to begin)

This screen can also be accessed from the Income & Expenses or Budget Profiles Reports, or Set & Maintain> Budget. In these cases, any necessary details will be automatically presented for you.

VIEWING YOUR ACTUALS VS BUDGET

The  most important search details in the Budget vs Actuals screen are the Category (Fixed line phone/internet), the Date range and [+] button for Filters. ( Searching by Filters is discussed below.)

 You can view a detailed breakdown of your budget items and transactions for a category by selecting a category from the Show list. You can also add or edit budget items for this category directly from this page using Add reason.

For each category, Actuals VS Budgets displays a detailed breakdown of your budget, with your transactions in a monthly breakdown along with any budget details. Your budget breakdown displays the details for your budget items, along with a running total and the option to display budget reasons. 

In this case -

GreenArrowRepresents a budget item. Clicking on this arrow will allow you to modify this budget item. In this report, budget items are displayed until the end of the current month, to avoid overly lengthy screen. You can view future months with the graph.

RedDot Represents a transaction or a wallet allocation

Difference (per week)
The Difference per week displays for categories with or without budget items. With Budget items set, the Difference per week from your budgeted spending is clearly visible. If no budgets have been set the difference will indicate your average weekly spend for that month.

Because it is an average it might be slightly different to your actual spend/budget. The difference per week is calculated by dividing by the number of days in that month, and multiplying by 7 to return a weekly average.

You could use this difference as the starting point to add a budget reason, because it gives you an idea of how much you should budget for:

  1. The overall difference is the best way. The overall difference is available at the bottom of your Actuals VS Budget report.
  2. View the graph and pick a typical month. Use the weekly difference from this month to set your budget reason.


Wallet allocations

System:Wallet allocation will show if you have nominated part of the spending from your wallet towards this category. Depending on how you reconciled your wallet, wallet allocations may average themselves over a number of months.


Diff$

This monthly breakdown lists your transactions, alongside budget items and a running total to show how much you are under or over your set budget.

You can adjust how much budget information you view, by selecting from the drop down menu underneath the category selection list. You can view all imported transactions and budgets by month or by date range. You can only view to the end of the current month using this report. You can view future months using the graph.

Searching by Filters

Note: Filters are only available in a fully active Small Business Edition but will show in the trial version.

Filters are available wherever you can see the [+] in white or [+] symbol in major reports. The [+symbol indicates that  a filter is in use , with the type of filter appearing, in red,  in the status bar of the relevant window.

If the [+] is white, no filters are being used i.e. all transactions within the date range are being searched.

Activating the [+]or the[+] button opens a drop down menu, asking you to either Maintain Filters or Use No Filters.  

If you choose Maintain Filters, you can choose to filter by both the available accounts and/ or the job codes which you have already set up.

You can vary the filter you use each time, or more conveniently, you can set-up some preset filters. For more go to Report Filters

DISPLAY OPTIONS

Show Reasons
Displays a summary of the details of any budget reasons for that category.

Hide Marked [X]
Provides you with a way of hiding selected budget items or transactions.

Select the red dot in front of a transaction or budget item by clicking on it. The dot will then become grey.

Items with grey dots will be hidden when you check the ‘Hide Marked [X] ‘ box.

Running totals will be reflected accordingly. This does not effect the hidden transactions or budget items anywhere else. It only hides them here. Unchecking the ‘Hide Marked [X]‘ box will make these items visible again.

View Graph
Displays a 12-month comparison graph, to show how your spending/earning has compared to your budget over any 12-month period.

HOW TO CREATE A BUDGET USING ACTUALS VS BUDGET

One of the quickest ways to make and maintain a budget is by using the Actuals VS Budget report.

Begin by selecting the category for which you want to add or edit a budget item. Then select Add reason.

You will then need to enter or update the details for that budget item.
The process for setting or editing a budget item here is the same as it is for Set & Maintain Budgets

EDITING BUDGET ITEMS

You can add and edit budget items from within the Actuals VS Budget report.

To add a budget item
Select ‘Add reason’ from the top of the window.

To edit a budget item