Budget Utilization

Budget Utilization

 

WizCount can be used for budget management. Budget transactions are recorded in journal entries, in a special batch, as credit for an expense account or as debit for an income account and against a special Contra Account. The transactions dates indicate the budget period (quarterly budget, yearly budget, etc.). Budget utilization is made according to journal entries for expenses and income, as well as open orders. The report shows what the budget was and how much of it has been utilized so far.

 

Budget/Accounting Transaction Filtering: These sections allow you to determine the Filtering of Journal Entries to be included in the report. As previously mentioned, Budget Transactions are recorded in journal entries, in a special batch, as credit for an expense account or as debit for an income account and against a special Contra Account. The transactions dates indicate the budget period (quarterly budget, yearly budget, etc.). Budget utilization is made according to journal entries for expenses and income. You can apply one limit to budget transactions and another limit to budget utilization transactions.

 

Reference Date / Due Date / Date 3: A Journal Entry contains three date fields. In budget transactions, the Reference Date field indicates the beginning of the period and the Date 3 field indications the end of the period. This way you can manage a quarterly, annual, or any other budget.

 

Costing Code: In addition to budget management, WizCount can also be used for costing management (by Income and Profit Centers or Overhead Costs). You can enter a Costing Code for each Journal Entry. This section allows you to filter the transactions by Costing Codes.

 

Details: In this section, transactions can be filtered by information found in the Details field of the journal transaction. The transactions can be limited in two ways:

(1) Details from… To: Limit From one value to another value (as in other fields).

(2) Details include: limit by characters found somewhere in the Details field. For example: If you write the name: Cohen, the software will pull out transactions that include that name in the Details field. The name does not have to appear at the beginning but can rather be found anywhere within the field. For example: Invoice for Cohen – Commission. When searching by a partial value (as in the “Cohen” example), an asterisk (*) must be added before and after the search value.

 

Year-End Transactions: This section is only applicable to resultant cards (income and expenses). WizCount is a multiannual software. The new year’s transactions are added to the transactions of the previous years. The only thing that is updated following the Yearend Routines is the resultant card balances (income and expenses) transfer against a Surplus Card. Profit or Loss is transferred into a Surplus card, and the Income and Expenses Cards are restarted from a zero balance. This transfer is done through a section called Year-End Transactions.  When you activate this section, the software records, for each income or expense card, a journal entry that resets the card balance and transfers it to a Surplus Account. When issuing reports (as in the current report), it can be determined how income and expense transfer transactions should be presented. The following options are available:

  • Include Year-End Transactions: When this option is selected, the resultant cards opening balance for the last (or current) year/period will be 0.
  • Exclude Year-End transactions: The report will ignore Year-End transactions. For example, you may use this option to issue a sale cards report for the period of October 2020 – February 2021 (and therefore to ignore the Year-End transactions recorded at the end of December 2020).
  • Include Year-End Transactions Until (Date): The report will ignore year-end transactions after this date. For example, you can use this option when Year-End Routings have been completed for 2020, but you want to view the 2020 Loss and Profit Statement. (If Year-End transactions from end of December 2020 are not ignored, the income and expense card balances will be zero).

 

Include Orders / Delivery Notes: Check these checkboxes in order to incorporate orders and delivery notes as part of the budget utilization report.

 

Include Forecasted Transactions: Forecasted Transactions are special journal entries, which are excluded from the Account Balance calculation, and recorded for forecasted expenses and income, such as: rent to be paid in the coming months, customer orders, etc.

 

Allow text to continue onto next line: There are cases where the column width does not allow you to view all the data for a particular field in a single row. For example, if the width of the Account Name field is limited to 20 characters, while the name of a particular account is 30 characters long, then the Account name data cannot all be printed in one line. In these cases, WizCount allows printing to continue into second row in the same column, so that the Account Card is displayed in two rows (instead of just one row). To allow printing into another line, select Yes. To limit printing to one line while “cutting-off” some of the fields content that is too long, select No.

 

Skip to content