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iX ERP helps you to track your business performance by comparing actual transaction with entered budget, it allows you to enter your annual budget using chart of accounts and cost centres.

You can define a monthly budget for every account, also you can have the budget entry split by cost centres.

*Please note that all income accounts should be recorded with negative sign.

Banking and General Ledger > Transactions > Budget Entry

Budget entries automation:

  • Past Year Data Powers Your Budget: iX ERP effortlessly takes your past year’s financial data and uses it as a foundation for your new budget.
  • Set Your Growth Goals: Simply enter the percentage of increase or decrease (with negative sign) you anticipate for each budget item.
  • Click and Fill: Press the “Get” button, and iX ERP will automatically fill in your budget entries based on your chosen percentages based on last year values
  • Want to stick to budget manual entries? No problem! Just leave the percentage field empty or enter 0.

The budget entry will be used in several reports and charts like profit and loss statement and main dashboard charts.

Tips: Real-Time Budget Smart Indicator is integrated with payment entry and journal entry, it gives you information about how much left of your set budget from the start of fiscal year till today, the budget smart indicator has 4 colours:

  • Black: if the set budget is zero.
  • Green: if the YTD budget remaining including the amount entered is less than 50% of the set budget.
  • Blue: if the YTD budget remaining including the amount entered is greater than 50% but less than 100% of the set budget.
  • Red: if the YTD budget remaining including the amount entered is equal or greater than 100% of the set budget.

In all cases, by hovering the mouse over the indicator, it will give you the remaining budget amount including the entered amount whether with positive or negative sign (negative amount means over budget with indicated amount), moreover smart budget indicator will convert the remaining budget amount to the transaction currency using the available exchange rate.