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FAQ-5 (Budgets and Credit Limits):

How to create a budget for Ledger Accounts?

Solution

To create a Budget for Ledger Accounts,

  • Go to Gateway of Tally > Accounts Info. > Budgets > Create
  • Enter a Name for the budget.
  • Select Primary in Under field. Another Budget can be selected in this field, if sub-budget is to be created.
  • Enter From and To date to specify the Period of Budget.
  • In Set/Alter Budgets of set Yes to Ledgers, inorder to allocate budgets for Ledger accounts.

  Tally.Erp 9 : Budgets and Credit Limits

[4-5A]

 

  • Account Name: Select the names of the ledgers for which the budget amount is to be allocated.
  • Cost Centre: A budget can be created for each ledger account pertaining to a cost centre, e.g. Purchase for Commission group. However, if you select the option Not applicable then the budget does not apply to any particular cost centre but for the company as a whole.
  • Type of Budget: Budgets could be of two types:
    • On Nett Transactions – This option is used when you want to know the magnitude of transaction amounts. Revenue items reflect the transacted amounts. Nett value is taken because you do not expect to have a negative figure in such accounts and if they exist, they are adjustments. E.g., an expense account like travel will always have only debit entries unless there is a reversal due to error or charge to a customer.
    • On Closing Balance – This option comes in handy when you want to monitor the balance of the accounts and are not too keen on the transactions. For e.g., balances of Bank Accounts or Debtors. This means that the magnitude of transactions is ignored. You are concerned only with the amount remaining in the account. This is useful for Balance Sheet items.
  • Amount: The budgeted amount specified for the period for a account.

Caution

In the process of working on Nett Transactions, the Budget Closing Balances actually get adjusted even if you have not selected this type. The figures in the Profit & Loss Account will reflect the Closing Balance figures.

Note

In order to compare the closing balance figures in the final statements, especially in the Balance Sheet items, viz., assets and liabilities, choose, Closing Balances.

In order to compare the transactions against their respective budgets, especially against the revenue income and expenses, choose 'On Nett Transactions'.

 
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15 Chapters in Tally.ERP9 Book + 21 Chapters in GST Practical Assignment on GST in Tally.ERP9 & All features are described with Practical Problems with Solutions.

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