DUE DATE: After transmitting December’s data and prior to transmitting January’s data.
Open your new current year company data file in Accountedge for the current Fiscal Year and Click Accounts – Account List. Highlight the Account name and click the “Budgets” tab.
Enter your budgets and goals.
1. Income and Cost of Sales:
These are calculated using the Forecast Model companion file attached to this article.
Download the spreadsheet attached and enter your percentage of sales values along with your GCI and Company Dollar Goals. Reference the values on the goals tab for Income and Cost of Sales and enter on their respective lines.
2. Expenses, Other Income, Other Expense account categories:
These values come from your Forecast Model on the goals tab. Enter the values on their respective line.
NOTE: When completed, depending on your Company Dollar, Budget and Owner Profit Goals, your calculated Owner Profit may not match your Goal Owner Profit.
To verify all budget entries match the original regionally approved forecast, compare the multi-period budget spreadsheet in AccountEdge to your forecast model. The multi-period budget spreadsheet can be found under Accounts-Profits and Loss. It will need to be customized for January-December.
Reminder—Budgets for Income, Cost of Sales, Other Expense accounts are entered with the exact amount per your market center KW Forecast Model for each month. Most of these numbers should be positive numbers. AccountEdge will convert these numbers correctly to show as an expense.
For any below the line entries, you will need to enter expenses as a positive number and income as a negative number.