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tom-mac's avatar
tom-mac
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 acco...
  • tom-mac's avatar
    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.

tom-mac's avatar
tom-mac
Experienced Cover User

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's avatar
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. 

  • IanChait's avatar
    IanChait
    Ultimate Cover User
    6 years ago

    Hi tom-mac Theresa_D 

     

    That's a bit wierd, why would you enter monthly movement, rather than budgeted balance?

    • tom-mac's avatar
      tom-mac
      Experienced Cover User
      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.

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