What is budget in an organisation
A budget is a plan or eatimation for the flow of funds in an organisation. It contains financial guidelines and principals for the future plan of action for the specific or selected period of time. A budget and budgetary control in business organizations is maintained for getting actual estimated value of money which would be gathered from taking all revenue and expenditure of an organisation. By making budget we assume the future probability to generate profit as well as budget control in project management etc.
Need of the budget in an organisation.
A budget help us to define goals and future plan for enabling good wealth of a business.
Generally, the need of budget and control in organisation is maintaining proper use of resources that are given and use of funds efficiently. It provides a accurate information for evaluation of financial activities or transaction, aids in decision making and facilitate a reference for future plans.
The business or organisation use their own specified budget and control system according to their requirements. They might follow different software to accommodate the financial activities.
Pass the following entries for creating the budget.
1. Started business with cash of 500000, bank 250000, plant and machinery 150000 and building 80000.
2. Paid into bank of 80000.
3. Withdrawal of cash from bank for office use is 50000.
4. Paid electricity bill of 15000, rent 12000, salary 20000, wages 8000, carriage inwards 5000.
5. Receive commission of 10000, interest 12000, discount 15000.
6. Cash received from xyz ltd. Of 15000.
7. Paid cash to jhon of 12000.
8. Purchase iPhone for cash of 80000.
9. Sold computer to a party of 50000.
10. Loss by fire of 10000.
Solution:
Step 1: create a company or select your company from company info.
Step 2: Go to gateway of telly -->press F11 key select accounting features enable:
Budget and control.
Step 3: Back to gateway of telly choose accounting voucher then pass the entries given.
Step 4: Then bank to gateway of telly--> select account info--> budget --> create.
Ex. Corporate budget, financial budget etc.
Step 5: Come back to gateway then select balance sheet then press alt+c, specify the name of budget and date then enter.
The business or organisation use their own specified budget and control system according to their requirements. They might follow different software to accommodate the financial activities.
How to make budget in telly ERP 9
Let's take example to explain budget in telly.Pass the following entries for creating the budget.
1. Started business with cash of 500000, bank 250000, plant and machinery 150000 and building 80000.
2. Paid into bank of 80000.
3. Withdrawal of cash from bank for office use is 50000.
4. Paid electricity bill of 15000, rent 12000, salary 20000, wages 8000, carriage inwards 5000.
5. Receive commission of 10000, interest 12000, discount 15000.
6. Cash received from xyz ltd. Of 15000.
7. Paid cash to jhon of 12000.
8. Purchase iPhone for cash of 80000.
9. Sold computer to a party of 50000.
10. Loss by fire of 10000.
Solution:
Step 1: create a company or select your company from company info.
Step 2: Go to gateway of telly -->press F11 key select accounting features enable:
Budget and control.
Step 3: Back to gateway of telly choose accounting voucher then pass the entries given.
Step 4: Then bank to gateway of telly--> select account info--> budget --> create.
Ex. Corporate budget, financial budget etc.
Step 5: Come back to gateway then select balance sheet then press alt+c, specify the name of budget and date then enter.
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