Preparing the file
If the Budget table is not visible in the accounting file, proceed to display it via the Tools → Add/Remove functionalities → Add Budget Table menu.
The Transactions table remains as preset in any case. If you don't need it, use the Data → Tables setup menu and un-tick Transactions table so it is not displayed.
The process will be the same whether you are managing only an accounting, a budget or both:
- Create an accounting file.
- Set the file properties.
- Set up the Chart of Accounts.
- Enter opening balances (if any).
- Enter the forecast values in the Budget table.
Accounting and budgeting are usually performed in the same Banana Accounting file. If you wish to manage the Budget separately from the accounting, just enter the Transactions in the Budget table only. In this case, the Transactions table, is left empty of posting of movements.
A Budget only file is used:
- To set up the Budget of a Startup:
- Prepare the financial plans of a new company, that has not yet started.
- Initially, if you don't have precise ideas, it might prove useful to select a template with few accounts, without VAT.
- If you plan to keep the accounting as well, it's helpful to start with one of our pre-set Charts of Accounts.
- For an existing company that keeps the accounting with another program:
- The Chart of Accounts will be modeled on the one used for the accounting.
- There are three possibilities to compare with the actual balance sheet:
- You can export the Budget data of Banana Accounting and import it into the accounting program.
- In case you wish to make a comparison between the Budget created in the Banana Accounting file and the actual data of your program on the other hand, you have to export the data and import them into the Budget file (Banana Accounting Budget table).
- Create Excel spreadsheets and report the Banana Accounting Budget data and the accounting data present in your own program.
Further information on Budget transactions can be found at the following links:
It is not necessary to define the budgeting period. You can set up the budget for a year and still get forecasts for the following years.
As a rule, the budget is prepared for the accounting period defined in the File properties, which is generally identical to the calendar year.
- Enter the opening balance at the beginning of the period in the Opening column of the Accounts table.
- Enter the forecasted data for the current year in the Budget table.
When requesting Reports, the program will use the accounting period, if you do not specify a period different from the one present in the File Properties
When you want to budget for the following year, you create a file for the new year. The program reports the budget postings, which can then be modified (see Create new year ... in Actions menu).
With Banana Accounting you can have planning over several years available. The planning period is free and is set at the time the report is requested.
To make a budget over several years, generally proceed by setting the budget for the first year, then extending it for the following years.
Technically, therefore, proceed as if you were establishing an annual budget, extending it for the following years:
- In the File properties, the date of the first year (which is generally the calendar year,) is indicated as the start and end date.
- The opening balances are entered in the Chart of Accounts.
- The movements of the budget are inserted in the Budget table
- Operations that are specific to the first year only, are indicated without repetition.
- Indicate the repetition code for all other operations, which are presumed to also be repeated in subsequent years.
- Operations that take place only once a year are indicated by the annual "Y" repetition code. For example, the calculation of depreciation, that is done at the end of the year.
- Specific operations for subsequent years are indicated with the respective date on which they occur.
- For repetitive operations that are limited to a single year or to a specific period (fixed-term leasing transactions) the End date will be indicated. After that date, no repetition will be made.
- Formulas may be used to make the amount of the row to be repeated automatic .
- The calculation of depreciation can be based on the balance of the fixed assets account.
- Interest can be calculated directly on the movement in the bank account.
- A progression of sales can be specified.
- Purchases can be defined as a percentage of the cost.
- To obtain the budget (Enhanced Balance Sheet or Enhanced Balance Sheet with groups, Account cards) indicate the start and end date of the required budget.
Changeover to the new year
The Banana Accounting function for Creating a new year ... also carries forward the budgeting transactions.
- At the level of each row you have the possibility to indicate whether the operation should be carried over or not, and whether the original data should be kept or replaced by that of the new year.
- Creating the budget for the new year is therefore very simple, because it is only a question of changing the items of expenditure and income that are expected to change.