Your income statement tells how well you\u2019ve done so far this year.\u00a0 Your budget describes what you wanted to do this year.\u00a0 Why not combine them to make a forecast of where you will be at year end?<\/p>\n
Sage 50 (formerly Peachtree) Premium and Quantum allow you to maintain multiple budgets.\u00a0 That makes it easy for you to combine actual data with budget data to project where you will be at year end.<\/p>\n
There are basically two steps to the process:<\/p>\n
To create the budget<\/strong>, go to the Maintain <\/em>menu and choose Budgets<\/em>.\u00a0 Click the New <\/em>button.<\/p>\n In the window that appears enter a name for this budget, such as Forecast.\u00a0 You can also enter a description if you want.\u00a0 At \u201cHow would you like to create this budget<\/em>\u201d choose \u201cCopy amounts from another Sage 50 budget<\/em>.\u201d (This example assumes you have already created a budget).\u00a0 Click Next<\/em>.<\/p>\n In the Copy an Existing Sage 50 Budget<\/em> window, choose the budget you want to use from the \u201cWhich existing budget would you like to copy\u201d<\/em> drop down list.\u00a0 At \u201cSelect the periods to copy<\/em>\u201d choose This Year<\/em>.\u00a0 And make sure that at \u201cSelect the periods to paste into<\/em>\u201d your starting period matches the starting period in the line above it.\u00a0 Click Finish<\/em> to return to the Maintain Budgets<\/em> window.<\/p>\n Now we need to replace the budget numbers with actual numbers for the closed months.\u00a0 Click the Autofill<\/em> button at the top of the window.\u00a0 Select the option to use actual amounts from Sage 50 and click Next.<\/p>\n At \u201cSelect the actual amounts to use<\/em>\u201d choose \u201cThis Year<\/em>\u201d, then select the first period of your fiscal year\u00a0 at \u201cFrom<\/em>\u201d and the last completed month at \u201cTo<\/em>\u201d.\u00a0 For example, if your current period is May, you would copy actuals for January through April.\u00a0 At \u201cSelect the budget periods to fill in<\/em>\u201d enter the same starting period as you used on the line above. The ending period will update automatically.\u00a0 Click Finish<\/em> to return to the Maintain Budgets<\/em> window and then click Save<\/em>.<\/p>\n Now we are ready to modify the income statement<\/strong>.\u00a0 Go to the Reports & Forms<\/em> menu and choose Financial Statements<\/em>.\u00a0 Select \u201c<Standard> Income \u2013 12 Period<\/em>\u201d and click the Design <\/em>button.\u00a0 In the Design window, right click on the gray Column Desc<\/em> button and choose Properties<\/em>.<\/p>\n Now select Column 2.\u00a0 In the lower right section change Qualifier<\/em> from Net<\/em> to Budget 1<\/em>.\u00a0 Repeat that process for all 12 activity columns.<\/p>\n After you have changed all 12 columns (columns 2 \u2013 13), check the Print<\/em> box for column 14, set the contents to \u201cYear to Dat<\/em>e\u201d, enter Total<\/em> for the title.\u00a0 Set \u201cAlign Title<\/em>\u201d to \u201cCenter of Column<\/em>\u201d.\u00a0 And change the Qualifier<\/em> to Budget 1<\/em>.\u00a0 Click OK<\/em> to save the changes.<\/p>\n Back in the design window, right click on the second Text-Header<\/em> and choose Properties<\/em>.\u00a0 Change the text from Income Statement – 12 Periods<\/em>, to Annual Forecast<\/em>, or whatever you want to call your report.\u00a0 Click OK.<\/p>\n Now click the Preview <\/em>button to take a look at the new report.\u00a0 When the Options window appears, select your new Forecast<\/em> budget as the budget for this report and click OK.<\/p>\n Click the Save <\/em>button.\u00a0 In the Save As<\/em> window enter the same name as you used for the report header.\u00a0 You can also enter a description if you want to.<\/p>\n One very important note about this report is that, since this is an annual forecast, you must run it for the last period of your year for it to work properly.\u00a0 So both the From<\/em> and To<\/em> time frame settings should be set to period 12 If you are in the first of your two open years, or period 24 if you are in the second of your two open years.<\/p>\n All of the setup is now complete.\u00a0 At the end of each month just use the Autofill<\/em> feature in Maintain Budgets<\/em> to update your Forecast budget with the actual amounts for that month before running the Annual Forecast statement.<\/p>\n","protected":false},"excerpt":{"rendered":" Learn how to combine budget and actual data using a custom income statement to make a year-end projection.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/posts\/474"}],"collection":[{"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/comments?post=474"}],"version-history":[{"count":6,"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/posts\/474\/revisions"}],"predecessor-version":[{"id":630,"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/posts\/474\/revisions\/630"}],"wp:attachment":[{"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/media?parent=474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/categories?post=474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/tags?post=474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}