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The first step in utilizing this report is entering budget information in the Chart of Accounts. Please see the Chart of Accounts section for input information.
This report shows a month and year-to-date comparison of budgeted amounts and actual amounts, through a given time period. Only Income and Expense accounts are considered. The report is useful in gauging financial performance, as well as testing reasonableness of financial data. Accounts with wide variance from the budget may warrant extra attention.
| • | Year comparison - For both Budget This Year and Actual YTD, the amounts shown are Year to Date figures. In other words, a Budget vs. Actual report through period 3 will include three months of financial data. |
| • | Month comparison - Only one month of data is included: actual amounts for the last month of the selected time period and the budgeted monthly amount. |
| o | Year - limits the results to a specific year. |
| o | Through Period - limits the results to a specific timer period. For example, if you wanted to see where your company stood as of the end of May 2011, you would enter 5 in this field. |
| o | Division - limits the results to a single Division. |
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