Budgets
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. Budgets for Banks, Head offices, Optimistic budgets, Realistic budgets, Pessimistic budgets, and so on can be created. Departmental budgets like Marketing Budgets, Finance Budgets, and so on, can also be created. Budget figures can be used in Tally to compare actuals and variances.
In Tally, you can create, alter and delete a budget.
Activating Budgets Feature
To activate the Budgets feature in Tally:
-
Select F11: Features > Accounting Features
-
Set Maintain Budgets and Controls? to Yes.
-
Accept to save.
More: