In your software, you can enter budgets for individual detailed accounts. The accounts that require a budget will vary according to your business. Most people prepare budgets for Profit and Loss accounts such as Income, Cost of Sales and Expenses accounts, and Balance Sheet accounts for specific assets and liabilities. To decide on the accounts that will require a budget, consider what changes you anticipate in your business and the financial impacts these changes will have. For example, you may expect to hire new employees (which will affect, among others, your Wages & Salaries accounts) or, you may be considering taking a new loan (which will affect your Bank Loans account).

You can compare your budgeted amount with actual account balances by viewing the Budget Analysis reports for Balance Sheet and Profit and Loss accounts. For information on displaying, customizing and printing reports, see ‘Reports’.