71 - Account Schedules In Dynamics NAV 2017 - Part 6
We keep going on account schedules and today I wanted to move into budgets, how we can incorporate budgets into account schedules, of course including financial statements is great, you see the balance and even balance by periods, but we always want to have goals so budgets is something that we need to set up when we are setting goals, and I’m just going go in here, and take a look at what I just did.
If I go into this coffee mug income statement right here, this is an income statement that I created by pulling in sales and retail and If I take a look at that right here I can see the balance for a particular period and if I move that into a quarter I can see the balance for the quarter, and then we had created something that was kind of cool it was like 4 quarters, and I can see the balance for four quarters and If I just move into a period where I have entries for all the quarter I get this nice layout out here.
What we want to do here is go back into the balance only view, right here, and I want to just show the actual which is the balance that I change right here and the budget on the side, so let's see how well I'm doing according to budget. And the first thing we got to is to find a budget for this, so I'm gonna go ahead and create a budget. So I'll just go out of here, go into budgets and I'm going to create a new one, that's called CM, 2018 budget coffee mug.
Budget the GL accounts
I’m gonna talk about dimensions the next video, how to budget them, right now I’m just going to budget the GL accounts so I’ll keep it brief and on point and then I go into edit budget, so what I get here is my chart of accounts show those lines and then I have periods out, so the way you budget, you kind of think about what period you want to budget, most people will budget months, you can budget week's if you have a high turn around or quarters or years.
I mean it's all up to you but the important part here is you have to put the budget on the appropriate Gl account, many companies budget the entire GL and that is kind of the most proper way to do things, it's a lot of works, but then you will then have a very good understanding of your finances. I'm not gonna do that because that takes too long for this video.
I’m only going to budget these three lines here, these here I created and this has to do with dimensions so I'm going to skip that for now, just going to budget these three element here, so I'm going to say that we have -100,000 in domestic and -50,000 in EU and -25,000 in export.
And this is for the 1st quarter, 2nd quarter just going to throw that in as well -120,000 in domestic and -55,000 in EU and -30,000 in export, well in the budget it goes up, not in reality always, but anyways we’ve set up now a budget I’ve put negative of course because these are credit accounts and NAV will preserve always the debits and credits.
A good amount or the correct amount of sales will be negative here. This is my CM budget, go out of here, close that, and I'm gonna go back to account schedules, my role center here, analysis accounts schedule and I'm gonna go into my coffee mug income statement,
Coffee mug income statement
I'll just head over here, so what I want to do now is create a new column layout because I have balance but that is the balance only, and I want to create another one which shows balance and then budget alright?
That new column layout, rows are fine, I'm happy with the rows and I'm actually just budgeting these three lines, I could have budget of course, everything, just to prove a point so I go into my column layout here I have a bunch of options , I’m going to create a new one and call it CM budget, coffee mug budget and then I hit Edit column layout setup.
Net Change and Budget
So the first one is just going to be net change but it basically is just going to show the net change of the current period that I'm looking at. And the second one is going to be budget, now how do we do this differently?
Here it automatically when to net change an I just keep that, but if I take a look at here I have a ledger entry type that comes in as entries, but I have an option here to pick budget entries, so here entries are just the ledger entries for the GL but in this case if I pick budget entries those are the budget entries for GL, so we do have budget entries and those are the entries that I actually entered before. So I created these two, just hit ok. Ok again, now I have the net change and I have the budget.
GL budget filter
So there is as you probably notice these numbers are now quite the same as I put in, I didn't put a budget in for this for example so why is this coming up? this is a very important note, right now we are looking at all the budgets of the system and somebody might have a budget this before, I want to see the budget that I created and there is a thing called the GL budget filter here. I need to select my filter which is this one for my budget.
Now you can see that I have 100,000; 50,000; 25,000 and that is what I actually entered and if I go into the next period nothing has happened in the system yet but I do have my budget here.
So I hope that explained how budgets work with account schedules.