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General Ledger Budgeting

A general ledger budget is a plan for the revenue and expense accounts in your general ledger, typically used to maintain control over costs. You can enter general ledger budgets on an enterprise-wide basis or by organization.

You develop budgets at the beginning of each fiscal year and monitor them on a regular basis. If you use multiple companies, you can also use consolidation groups to consolidate budgets for a set of companies, or for a specific company in the group.

Use the General Ledger Budget form to complete any of the following actions:

  • Create new budgets from scratch or create new budgets by copying and modifying existing budgets.
  • Import accounts from the Income Statement, Balance Sheet, or another budget.
  • Copy amounts and/or import amounts from the Income Statement, Balance Sheet, or another budget.
  • Enter a reference budget amount. This allows you to adjust the annual amount while maintaining a record of the original annual amount.
  • For accounts that have no variation in activity by period, distribute an annual budget amount evenly over a number of periods. For example, if you enter an annual amount of $12,000 for account 810.00, Rent Income, and you have specified 12 periods, Vantagepoint distributes $1,000 to each period.
  • For accounts whose activity varies by period, distribute an annual budget amount on a period-by-period basis. For example, your enterprise may experience higher vacation expenses during the summer months. Therefore, you may choose to budget account 712.00, Vacation, on a period-by-period basis, with a higher budget for the summer months.
  • Compound the annual budget. Distribute an annual amount incrementally (by percentage or amount) over each successive period specified. For example, if you enter an annual amount of $12,000 for account 773.00, Depreciation - Automobiles, and specify a compound rate of 10% over 12 periods, Vantagepoint calculates a base amount of $561 for the first period. Then it calculates the second period amount by increasing the amount in the first period by 10% ($561 + $56 = $617). Each successive period amount is increased in the same way. This allows you to more accurately budget accounts, such as depreciation accounts, that accrue at regular intervals each period.
  • Adjust the annual budget. You can adjust the period amounts by a set amount or percentage for each period. For example, you may experience an increase in rental income halfway through the year. For account 810.00, Rent Income, you can enter a $100 adjustment amount for periods 7 through 12. The amounts in each of the periods 7 through 12 increase by $100.
  • Consolidate multiple budgets. You can merge budget data from several budgets into a single budget. You may find this useful if you want to track budget data by organization, while still maintaining separate budgets for individual departments within each organization.

After you establish general ledger budgets, you can use the Profit Planning Monitor, a general ledger report that draws information from your general ledger budgets, to monitor budget information.