Forum Discussion

Experienced Cover User

6 years ago

Entering Balance Sheet Budgets

I have entered the P&L Budget for FY20 and is all ok.

However entering the Balance Sheet Budget is always a drama each year.

I believe I must enter the 'movement' for the month rather than the account balance so my question is, what is the beginning month for July 2019 to compare against to identify the movement for the firat month?

Is it the June 19 budget amount or the June 19 actual amount or another amount?

tom-mac
6 years ago
Hi Ian

I have been able to work it out.
1. You must print the June 19 Balance Sheet [Budget analysis] report.
2. You then identifty the June 19 Budgeted Amount for a particluar account and take this amount from your July 19 budgteded balance for that account.
3. You then post the difference between the 2 amounts as the budgeted amount for that account for July 19.
4. Then when you print the July 19 Balance Sheet [Budget analysis] report the July budget amount is correct.

Very strange way of doing it.

Theresa_D
Former Staff
6 years ago
Hi tom-mac

Thanks for your post. I hope you're finding plenty of useful tips, advice and support on the community forum.

As this falls into the realm of accounting advice I am not allowed to provide this information. I would recommend speaking with your accountant on how to correctly report this information. Alternatively, we have some partners on the forum who can provide this advice. I will tag GDay53 IanChait who might have some input on this.

I hope this helps. When your inquiry is resolved please mark 'Accept as Solution' to help users find this post easier.
- tom-mac
  Experienced Cover User
  6 years ago
  Hi Theresa
  
  Thanks for your reply.
  However, it is actually not an accounting question, it is about how to import/input the budgeted account balances for Balance Sheet items.
  Unlike the P&L Budget items where you input the actual balances, in relation to the balance sheet MYOB wants you to enter the 'movement' between months for each balance sheet item.
  My question relates to the opening July 19 movement - which beginning balance do you calculate the movement from? It is the June 19 actual acccount balance or the June 19 budgeted movement or the June 19 actual budget balance?
  
  Hope you can help.
  
  Thanks
  - Theresa_D
    Former Staff
    6 years ago
    Hi tom-mac
    
    Thanks for clarifying. For the month of July it would still be the movement of that balance. So will be the opening balance of that account (for the year) plus the budget value. Use the actual account balance which in the screenshot below would be 990 + 150 = 1140
    
    I hope this answers your inquiry. If so please mark "Accept as Solution" to help other users find this information easier.