Budget – Mid-Year (AccountEdge only)

After completing the June transmittal (at the beginning of July), it is important to review where the
Market Center has been, and where it’s going. At the end of last year, the Market Center 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 center 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:
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1. 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.
2. 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.
3. KW Financial Statement (AccountEdge) – In AccountEdge, click the Reports button. Click the Accounts tab. Under Accounts, click Account History [OfficeLink]. 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 center'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 sheet (see your region for their preferred variance sheet), submit for approval 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 AccountEdge. To update your budget, go to AccountEdge and click Accounts, Account List, Budgets.