A budget is a plan prepared for the flow of funds in an organisation. It contains financial guidelines for the future plan of action for a selected period of time.
A budget helps to refine goals and use funds efficiently. It provides accurate information for evaluation of financial activities, aids in decision making and provides a reference for future planning.
Multiple budgets can be created for specific purposes in Tally.ERP 9. Budgets for Banks, Head offices, Departmental budgets like Marketing Budgets, Finance Budgets, and so on, can also be created. The Budgeted figures in Tally.ERP 9 can be compared with Actual figures and variance report can be generated.
In Tally.ERP 9, you can create, alter and delete a budget.
Activating Budgets Feature
To activate the Budgets feature in Tally.ERP 9:
Select F11: Features > F1: Accounting Features .
Set Maintain Budgets and Controls? to Yes .
Accept to save.
Creating a Budget
Altering a Budget
Creating Budget for Groups
Creating Budget for Ledger Accounts
Creating Budgets for Cost Centres
Viewing Budget Variance
- Budget in Tally ERP 9
Company -> Accounts only
Financial year -> 1.4.--- to 31.3---
The main purpose of budgeting is to control the expenditure. This is possible by creating budgets and comparing the budged figures against the actual figures. You can generate report based on view the variances or differences between the actual and budgeted figures.
Tally allows you to create multiple budgets. There could be budgets for specific purposes, e.g. for marketing
Budget Activation -> F11-> Accounting features
To create a budget in Tally.ERP 9, follow the steps below:
- From the Gateway of Tally, select "Accounts Info" and then select "Budgets" .
- In the "Budgets" menu, select "Create" and fill in the details of the new budget. You will need to provide a name for the budget, select the appropriate financial year, and choose the required scenario.
- In the "Ledger Allocation" section, select the ledger accounts for which you want to create a budget.
- Set the budget amount for each ledger account by selecting the appropriate cost centre and category.
- If you need to modify or delete a budget, you can do so by selecting the appropriate budget from the "Budgets" menu and then selecting "Alter" or "Delete" .
- You can also view a list of all the budgets you have created by selecting "Display" from the "Budgets" menu.
Gateway of tally -> Accounts info -> Budget -> Create
Types of Budget:
Under the types of budget a pop-up of two different kinds of budget appear, namely as follows.
This is used for comparing the closing balance figures in the final statement.
This is used for comparing transactions against budget.
How to display budget variances of budget?
Go to trial balance -> Then Alt + F2 change the period of budget -> Then Click F4 -> Select the group -> Then Alt + C -> Alt + B Budget variance.
To create a budget in Tally.ERP 9 with the provided details, follow the steps below:
- Open Tally.ERP 9 and go to the Gateway of Tally.
- In the "Budgets" menu, select "Create" and provide a name for the budget such as "Financial Budget" .
- In the "Ledger Allocation" section, select the primary group "Direct Expenses" and set the budget amount to 20000 for the financial year.
- In the "Ledger Allocation" section, select the primary group "Indirect Expenses" and set the budget amount to 105000 for the financial year.
- Under the primary group "Direct Expenses" , select the ledger account "Stationary" and set the budget amount to 10000 for the financial year.
- Under the same primary group, select the ledger account "Rent" and set the budget amount to 50000 for the financial year.
- Under the same primary group, select the ledger account "Salary" and set the budget amount to 20000 for the financial year.
- Under the same primary group, select the ledger account "Wages" and set the budget amount to 15000 for the financial year.
- Under the primary group "Indirect Expenses" , select the ledger account "Fright" and set the budget amount to 5000 for the financial year.
- Under the same primary group, select the ledger account "Discount" and set the budget amount to 5000 for the financial year.
- Under the same primary group, select the ledger account "Commission" and set the budget amount to 10000 for the financial year.
- Under the same primary group, select the ledger account "Depreciation" and set the budget amount to 10000 for the financial year.
- In the "Budget Configuration" section, select "On Nett Transactions" as the type of budget.
- Once you have set the required details, press "Enter" to create the budget.
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Basics of Tally ERP 9
- Introduction of Tally ERP 9
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- Cost centre example 1
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- Budget example 1
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Theoretical Training in Tally ERP 9
- One Mark Questions and Answers Part-I
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What is Budget Management in Tally?
Budget Maintain and Control in tally is an effective way to better manage their expenses and costs as per allocation. It is traditionally the domain of financial managers and controllers, but certainly as important for procurement management. Budget in Tally helps to define monthly or yearly budget for projects and get each revenue item wise analysis for profit and Loss. Builders, IT Service Providers and Consulting firms works on budget based costing to complete jobs.
Business organisations determine how much financial scope is available for expenditure based on budgets making it an indirect factor for quality. And thereby making an accurate estimate of costs to be allocated by budget holders organisations are able to control expenditures and not be faced with any surprises.
In tally you can allocate budget to ledger, groups and cost centres. Based on allocations, we can see Budget vs Actual vs Variance report in tally. budget control in tally will notify you exceeded expenses voucher through email.
Benefits of Budget and control in Tally ERP 9
- *.Contributes towards better cash management.
- *.Helps control financial results.
- *.Increases financial clout and performance measurement.
- *.Enhances cost awareness within organisations.
- *.Control Vouchers while exceeding allocated budget for expenses.
- *.Send Auto email of budget crossed voucher.
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How to Alter or Delete a Budget in Tally.ERP 9? In Tally.ERP 9, we can make changes to Budgets as per our requirement. To do these we have to follow the steps listed below : Step 1: Gateway of Tally > Accounts Info. > Budgets > Alter and; Step 2: To press 'Alt + D' on the budget alteration screen to delete the budget.
The Budgeted figures in Tally.ERP 9 can be compared with Actual figures and variance report can be generated. On this page Create a budget Alter a budget Delete a budget Create a budget In Tally.ERP 9, you can create a budget for groups, ledger accounts, and cost centres. 1. Go to Gateway of Tally > Accounts Info.
Open Tally ERP 9 and go to Gateway of Tally screen. Click on "Accounts Info" from the menu bar and select "Ledgers".; Click on "Create" to create a new ledger.; Enter the name of the ledger as "Capital".; Under the "Under" field, select the appropriate group. For example, you can select "Capital Account"group.; Under the "Opening Balance" field, enter the opening balance of Rs. 500000.
The Budgeted figures in Tally.ERP 9 can be compared with Actual figures and variance report can be generated. In Tally.ERP 9, you can create, alter and delete a budget. Activating Budgets Feature. To activate the Budgets feature in Tally.ERP 9: Select F11: Features > F1: Accounting Features. Set Maintain Budgets and Controls? to Yes. Accept to ...
Welcome to SP Commerce Crunch. In thi video I have covered:- 1 What is budget in tally ERP 92 Different types of budgets3 How to make Budget in tally ERP 94 ...
Welcome to our step-by-step guide on effective budget management and control using Tally!In this video, you'll learn:Setting Up Budgets in Tally: Comprehensi...
With the help of budget in tally you can easily get for-casting of your main expenses which is made in current financial year.
Step 1. To create a budget in Tally.ERP 9, follow the steps below: Open Tally.ERP 9 and go to the Gateway of Tally. From the Gateway of Tally, select "Accounts Info" and then select "Budgets".; In the "Budgets" menu, select "Create" and fill in the details of the new budget. You will need to provide a name for the budget, select the appropriate financial year, and choose the required scenario.
Budget in TallyERP.9 Tally Knowledge 16:15:00. Budget - Powerful Option in TallyERP.9. Budget help us to make MIS Reports, Estimated Computation, Estimated P & L for the month / Year. But lots of people know about the Budget in TallyERP.9.
In tally you can allocate budget to ledger, groups and cost centres. Based on allocations, we can see Budget vs Actual vs Variance report in tally. budget control in tally will notify you exceeded expenses voucher through email. Benefits of Budget and control in Tally ERP 9 *.Contributes towards better cash management.