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:
- Click on the Accounting icon to display the Accounting module, then click on the Reports tab.
- Scroll down to the Accounting Reports section and select Firm Budgeting.
- 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.
- Select the + icon on the far right of the tab bar to create a new budget.
- 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.
- 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.
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