Budget

Budgeting is making sure that you're spending less than you're bringing in and planning for both the short- and long-term.

Simplified budgeting to get business values for all your hotel departments with statistics.

Budgeting is making sure that you're spending less than you're bringing in and planning for both the short- and long-term.

Budgeting is an important component of financial success. It's not difficult to implement, and it's not just for people with limited funds. Budgeting makes it easier for people with incomes, Cost of goods sold and expenses of all sizes to make conscious decisions about how they'd prefer to allocate their money.

How to setup the budget with amounts and Statistics?

Steps:
  • Navigate to Home → Tools & Utilities → Budgeting → Budget Details.
  • Click on Budget Details to add a new budget.
  • Select Corporation, Enter Budget Name, Description.
  • Select Period From and Period To dates.
  • Click on Continue,
  • From this screen there are two ways to create a budget.
    1. Based on Assumption.
    2. By giving the specific details/numbers.
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Based on Assumption

Steps:
  1. If you click on Set a pop up appears where you can set the Assumption of the budget based on the previous year budgets.
  2. You can create a budget with the assumption of increasing/decreasing a specific amount that of to the previous budget by choosing Apply Fixed Amount and define that specific amount and click on Apply. The budget will be created.
  3. You can also create a budget with the assumption of increasing/decreasing a specific percentage that of to the previous budget by choosing Apply Fixed Percentage and define that specific percentage and click on Apply and the budget will be created.
  4. You will have to define this specific assumption individually for Income, Cost of Goods Sold, and Expense and only then the complete budget will be created.
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By giving the specific details/numbers

Steps:
  1. Click on details and a pop up will appear.
  2. Click on View under any amount that is mentioned in the budget and you can drill that particular amount into splits (if there are any) under that particular group and under that chart of accounts you can even split the amount in to equally to all the chart of accounts in that budget group by checking the option Equal Distribution.
  3. we have created the budget for Income by giving a specific amount for each budget group and for each month.
  4. After filling all the budget details for Income click on Apply and the details will be saved, similarly do it for Cost of Goods Sold, Expense and save the budget.
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How to import a prepared budget?

Steps:
  • To import budget go to Home → Tools & Utilities → Budget details → Import.
  • Click on Import, If you do not have a template to import the budget, you can Export the template by clicking on the Export Template and the template will be downloaded.
  • Enter Name of the budget, give description.
  • Select Period From, Period To and Select File by browsing.
  • Choose the file with extensions (.xls) or (.xlsx).
  • Click on Import and you will be redirected to a screen stating that The budget Imported successfully.
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How to compare my budget numbers with actuals in reports like P & L and Income Statement ?

Steps:
  • From home screen Navigate to reports.
  • Click on either of the reports and mouseover to customize button.
  • Mark the check boxes like Budget, Budget Var and $ change that will be added to the current report and generate the compared analysis as desired.
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