The Budget vs. Actual report combines an income statement with a budget income statement for the same set of criteria including both dollar and percentage comparisons between the two.
We can use this report to compare budgeted and final amounts associated with your statistical accounts. For example, you can enter a budget for the headcount statistical account that specifies the number of new employee requisitions for the Sales Department in the upcoming financial year. To view the comparison, customize the report by inserting a row or section for your statistical account. You can view the report for the total amount as well as by classification segments defined in your budget
The standard Budget vs. Actual report includes the following rows, with columns for amount, budget amount, dollars that the amount is over budget, and amount as a percentage of budget.
- Ordinary Income/Expense (header row)
- Income (financial section)
- Cost of Sales (financial section)
- Gross Profit (formula row)
- Expense (financial section)
- Net Ordinary Income (summary row)
- Other Income and Expenses (header row)
- Other Income (financial section)
- Other Expenses (financial section)
- Net Other Income (summary row)
- Net Income (formula row)
The Amount Over Budget and % of Budget columns are formulas based on the first two columns. You can review how these formulas are defined on the Edit Columns page of the Financial Report Builder.