After completing the June transmittal, it is important to review where the Market Centre has been, and where it’s going. At the end of last year, the Market Centre Administrator (MCA), along with the Team Leader (TL) and Operating Principal (OP), created a budget for the upcoming year. Now is the time to review the budget that was set and see how the market centre is doing.
Changes to the market center budgeted expenses are only allowed in July; not all regions allow mid-year changes to the budget, so check with your region.
Reports you will need:
- Multi-Year Trend Report (KWConnect > Reports) – Access this report by logging onto KWConnect. Click the Reports link, and then click Market Center, and click Market Center Multi-Year Trends. This report will show you information for up to the last 5 years.
- Goal Tracking (KWConnect > Reports) – Access this report by logging onto KWConnect. Click the Reports link, and click Market Center, then Market Center Goal Tracking. This report compares the goals entered at the end of last year and the actual numbers for MTD and YTD.
- KW Financial Statement (Lonewolf) – In Lonewolf, click the F.F.9 export to Caseware buttons.
- Enter the Month-End Date of June 30, 2018
- Click to Send Report to Export – save to the WinMORE3 location (C: or W: Drive) WinMORE3/MDAT/SEND
- This will create the caseware.txt file and a banks.txt file
- Open your KWFS_Canada.xls financial statement and select the Get New Caseware button on the top left.
- Ensure Macros are enabled on your spreadsheet for this to work correctly.
This report contains YTD actual values, YTD budget values, and YTD variance values.
What You Will Do:
Work with your OP and TL to review the YTD actual expenses. Compare these numbers to your budgeted expenses, and the market centre's historical expenses. Together with the OP and TL, decide if your budget for expenses for the rest of the year are still accurate. If adjustments need to be made, be sure to complete a budget variance (see Budget – Variance in this knowledge base)—approved by your region—and update your budget numbers for July through December only.
Do not change the previous months.
Update your Budget
Once you have completed your mid-year review and received the budget variance approvals, it is important that you update your budget information for the remainder of the year in Lonewolf.
To update your budget, go to Lonewolf and Select F.7 – Set year end to 12/31/CYYY then ok
Select the Account you want to enter numbers for and click on the Budget tab at the top left of your screen.
Create a new Budget file in Lonewolf
Anytime a new annual budget is created or changed in Lonewolf (when approved by your Regional Director), create a new LWBudgets.xls file. For example, if budgets are not changed during the year, these procedures are followed only once. If budgets are changed and approved, repeat these instructions at that time. This only happens in January and July 2018.
Open Lonewolf and from the menu, click F. F.9
Set the Date to 12/31/CYYY and click on Export Budget. Set Budget year to CYYY and click ok.
NOTE: Be sure to save this file as LWBudgets.xls in
if you are using a network version of WinMORE.
Your updated budget numbers are now saved and will show up in your financial statement.