Technical Tip
In MGL, there are two different ways of entering budget information against accounts. The budget matrix is one way. The second way is to maintain budgets for individual accounts (refer to "Maintaining Budgets for a Specific Account").
Use this option to maintain the Budget master file in MGL. The Budget master file allows you to maintain multiple budgets within the one ledger using a budget matrix. One budget matrix can be applied to more than one account, hence if similar budget information is required for more than one account, only one budget matrix has to be setup and this budget matrix can be applied to other accounts. These budgets are stored individually within Micronet and can be linked to individual GL accounts. Each matrix has a unique identification number – a code – that distinguishes it from budgets with different or alternative settings.
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Technical Tip In MGL, there are two different ways of entering budget information against accounts. The budget matrix is one way. The second way is to maintain budgets for individual accounts (refer to "Maintaining Budgets for a Specific Account"). |
You can have four separate budgets (each for 24 months) for each account. The budgets are called Budget 1, Budget 2, Budget 3 and Budget 4. When running financial reports, e.g. the Profit & Loss Report, Micronet prompts you to choose a budget option for that report.
Usually a business decides on its budget for the coming financial year during May/June. The initial budget is set in Budget 1. However, conditions may change and a revised budget can be set – Budget 2, Budget 3, up to Budget 4.
Various recipients of the Profit & Loss Report can have their departmental Income and Expense Report compared against either the Initial Budget, the Revised Budget, or an Adjusted Forecast.