To create a report go to Reports > Budget, and click on the New Budget Report button
Fill in the name for the report and select from a Finalized budget. Check this link on how you can create and finalize a budget.
- Note the three checkboxes on the right-hand side:
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Show Actual - Selecting this box will show on the report actual values from operations, for the budget period
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Show Variance - Selecting this box will show on the report the difference between Actual - Budget values
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Show Percentage - Selecting this box will show on the report the variance displayed as a share of the budget value in percentage.
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After selecting the desired budget, the system will populate a grid with all of the values
Note the Variance and Variance % values will be color coded:
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For Assets, Owner’s Equity, and Income, negative variances signify an undesired outcome, hence for these GL categories, negative variances are colored in red. Positive variances are colored in green to signify a desired outcome
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For Liabilities and Expenses, the opposite is true. Negative variances signify a desired outcome, hence for these GL categories, negative variances are colored in green. Positive variances are colored in red to signify an undesired outcome