Budget Manager:

Budget monitoring is done to make sure that resources are being utilised as per plans on the budget. Tracking or monitoring the way that financial resources are utilised or effectively used is very important for every department and the organization. It is a continuous process to ensure that objectives are being met as specified on the budget. It is through this monitoring that you will be able to make budgeting decisions and take necessary or appropriate actions whenever or wherever necessary.

Income and expenditures need to be monitored to find any change in patterns so that appropriate actions can be taken. This monitoring procedure can be done at regular intervals, for example every month. When monitoring data, take into account that the budget that was planned for the year ahead, and the expenses and income to date. Look at the balance remaining for the rest of the period in the current financial year and run a forecast of what the situation will be at this rate by the end of the financial year. Look at any variations, if any, both positive and negative, and take necessary actions to rectify them. In each step, it is important to document (record) all facts and actions.

It is best to monitor the income and expenses at the budget holder and higher management levels through regular meetings. There must be effective cash flow management, as it is very important for the services and products that the business delivers.

Budgets can be split according to Customer Jobs or financial centres, so that it is easier to monitor them. This will help to identify areas that over-achieve and under-achieve.

To Create Budget, Click Manage Budgets -> Budget Manager, Click Create New

Once the Amount is Entered, Click SAVE

Note: Budgeting can be done for particular Customer Job or for a Financial Centres. If no Customer Job or Financial Centres are selected then these budgeting will be treated as General Budgeting.

Once the Budget is entered, and any Income / Expense is entered in the system for that particular month, then the available balance will get calculated automatically.

To View the Overall Budget for the month and actual Income/Expense for the month and the balance available for the month.

Click Manage Budgets -> Get all Income Expense with Budget