How do I use Firm Budgeting?

CARET Legal’s Firm Budgeting allows you to create many budgets, specifying a budget figure for any applicable Profit & Loss accounts. Budget figures can then be selected on the Profit & Loss Report comparing them to the actuals and displaying the differences.

To view and create a Firm Budget:

1. Click on the Accounting icon to display the Accounting module, then click on the Reports tab.
   
   
   
   
2. Scroll down to the Accounting Reports section and select Firm Budgeting.
   
   
   
   
3. Set parameters by selecting a BUDGET YEAR and BUDGET INTERVAL from the drop-down lists. Only budgets that meet those requirements are returned in the list.
   
   
4. Select the + icon on the far right of the tab bar to create a new budget.
   
   
   
   
5. Complete the fields:
   
   
   • Enter a NAME.
   • Select a FISCAL YEAR from the drop-down list.
   • Select an INTERVAL. Budgets can be created by Month, Quarter, or Year. Additionally, multiple budgets can be created for the same interval.
   • Enter or select a BASIS for the budget.
     
     
6. Click SAVE & NEW to save the budget and create a new one, or SAVE & CLOSE to return to  the main screen. 

The Profit and Loss report utilizes the information collected when creating a new budget to overlay the budgeted figures with the Current view.