How to Create an Income Budget ( A Single Nominal Account All Fund) | Scribe

    How to Create an Income Budget ( A Single Nominal Account All Fund)

    • Annmarie |
    • 10 steps |
    • 24 seconds
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    Income Budgets can be created for: All Income against a nominal account ( All Fund) All income for a single fund ( All Nominal Accounts) Income transactions against one or more income nominal accounts AND against one or more funds All income against one or more nominal accounts attached to a cost centre. All income against a grantor. All income transactions for an organisation.
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    [[In the example we are setting a budget for the Gift Aid we receive]]
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    Navigate to [https://www.myfundaccounting.online/dashboard](https://www.myfundaccounting.online/dashboard)
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    Click "Create Income Budgets"
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    Click "Add New"
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    Click the "Name" field and enter your Budget Name
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    Click "A single nominal account (all funds)"
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    Click "Next Step"
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    Click this dropdown and select your Income Code
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    Click "Next Step"
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    From left to right this page is displaying ‘Last Year’ actual throughput (i.e. what was processed by this account for that period) , ‘This Year’ actual throughput, the budgets for ‘This Year’ and the fourth column relates to next year's budget. Each column display 12 amounts, relating to each financial period
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    Using the third column you can either enter an amount into each period box, or you can enter the total into the Total box. If you enter the total into the Total box the amount will be divided between the periods. If you enter a total amount indivisible by 12, for example 100, the 12th period will show the amount required to produce the total entered. In this example each period will show 8.33 except for period 12 which will show 8.37. You can then adjust each period if you wish and the total will recalculate automatically as you exit each box.
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    At any time during the current financial year you can use the fourth column to set-up a budget for the next financial year. During the year-end procedure the figures in the fourth column ('Next Year Budgets') will be transferred into the third column ('This Year Budget'). If no figures have been entered for next years budget then this years budgets will be carried forward and remain in the third column.
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    When you are happy with the information you have entered click on the 'Save' button