What 3 Key Things G/L Budgets Do in Business Central
G/L Budgets help you plan your money. They let you check how your business is doing. They help you make smart choices. You use them to set goals. You can see if your real numbers match your goals. You can find places to get better. These tools show you clear steps to set up your budget. They help you watch and study your budget. This makes it easier to handle your money.
Key Takeaways
G/L Budgets help you plan your money well. You can use them to set goals and check how your business is doing.
Use budget templates and Excel together to make budgeting easier. This saves you time and keeps things the same each time.
Watch for differences between your budget and what really happens. Finding these gaps helps you make smart choices and keep your money healthy.
Use dimensions to sort your budget by department or project. This helps you see how much you spend and how well you do.
Check budget entries and reports often. This helps you see changes and change your plans if you need to.
G/L Budgets for Planning
Creating and Editing Budgets
You use G/L Budgets in Business Central to plan your finances for the year, quarter, or month. You can create a new budget by naming it and adding a description. You select the accounts and periods you want to include. You enter amounts for each account. You can edit your budget at any time to update figures or add new information. If you want to save time, you can copy a previous budget and adjust the numbers for the new period. You can also manually add values for special projects or one-time expenses.
Tip: Importing and exporting budgets with Excel makes planning faster. You can build your budget in Excel, then upload it to Business Central. This saves you from typing each number by hand.
Budget templates help you start with a ready-made format. Templates keep your planning consistent and easy to compare. They also make it simple for your team to understand and use the budget.
Using Dimensions
Dimensions give you more control over your budget. You can track spending by department, project, or customer type. This helps you see where your money goes and how each part of your business performs. You add dimensions when you set up your G/L Budgets. You can filter your budget by these categories to get detailed reports.
Using dimensions lets you organize your data and tailor your reports. You see exactly what you need for better planning.
Tracking Performance with G/L Budgets
Budget vs. Actual Comparison
You use G/L Budgets in Business Central to check your results. You can see if your real numbers match your plans. The G/L Account Balance/Budget matrix shows both numbers together. This helps you find differences fast. You can look at sales, expenses, and other important numbers for any time.
Tip: Watch for big gaps between budget and actual numbers. These gaps show where you should look closer.
A table helps you see the most important numbers. You can check sales quantity, sales amount, and budgeted amounts. You also see the variance, which is the difference between your plan and what happened.
Reviewing Budget Entries
You can look at budget entries to see every change made to your G/L Budgets. This helps you know who made changes and when. You use standard reports to study your budget performance. These reports show you details for each account.
Here are some standard reports you can use:
To run a budget vs. actual report, you do these steps:
Post your budget register entry in Business Central.
Use the actuals vs. budget report to see results before posting.
Change the report settings to show posted actuals and budgeted numbers, or just budget numbers.
After posting, set the report back to show posted actuals and budget.
You use these tools to check your progress and keep your business on track.
G/L Budgets and Decision-Making
Analyzing Variances
G/L Budgets in Business Central help you find differences. These differences are called variances. You can use tables to see which accounts have the biggest gaps. You set materiality thresholds to pick which variances matter most. This helps you focus on numbers that could change your plans.
You can use the '5 Whys' method to learn why a variance happened. You ask "why" five times to find the main reason. You also match your variance analysis with key performance indicators (KPIs). When you look at variance trends over time, you see if a problem is new or old.
Note: When you find a variance, you check if it is good or bad. You look at what caused it and see how it changes your budget and data.
Applying Insights
G/L Budgets give you clear ideas for making smart choices. You compare actual numbers to your budget to see how your business is doing. You find places where you spend too much or save money. You use these ideas to plan your next steps.
You use financial reports and dimensions to group data for better study. You can also use tools like Power BI and Excel to look at trends. Many organizations share budget findings with others by making documents before meetings and updating them after feedback. They pick the best way to share, like email or video calls, and repeat key messages so everyone understands.
Organizations often do these steps after finding variances: 1. Find both good and bad variances. 2. Learn what caused them. 3. Study how they change your budget and business.
Non-profits have seen big improvements by using G/L Budgets. Some got 300% more work done and cut costs by 68%. You can use these ideas to make better plans and reach your goals.
G/L Budgets in Business Central help you with your money. You can use them to plan, check, and make good choices. These tools let you set goals and see how you are doing. You can learn from what happens each time. To do even better, try using special features. You can make more than one budget version. You can use the copy budget tool. You can also work with Excel to change your budget.
FAQ
What is a G/L Budget in Business Central?
A G/L Budget is a tool you use to plan and track your company’s money. You set goals for income and spending. You compare your plan to what actually happens.
What can you do with dimensions in G/L Budgets?
You can use dimensions to sort your budget by department, project, or customer type. This helps you see where your money goes and how each part of your business performs.
What reports help you review your G/L Budget?
You can use reports like Trial Balance/Budget, Budget Analysis, and Cost Accounting. These show you how your actual numbers compare to your budget.
What happens when you find a big variance?
You look at the reason for the difference. You decide if you need to change your plan or take action. This helps you improve your budget and business results.
What is the benefit of copying a budget?
Copying a budget saves you time. You use last year’s numbers as a starting point. You adjust them for new goals or changes in your business.