What is Budget Vs Actual PL?
The Budget Vs Actual PL report provides a detailed comparison between the income earned and expenses incurred, allowing for a comprehensive assessment of profitability relative to budgeted values. It serves as a vital tool for financial analysis, offering insights into the financial performance of a business.
Selecting Reporting Template
After choosing the Budget Vs Actual PL option, the system prompts to choose a document template. Select the report template from the "Select Document Template" dropdown to open the report.
Key Feautures
The report specifically focuses on two key aspects:
Income Analysis: The report presents a breakdown of the income generated by the business during a specified period. This includes revenue from sales, services rendered, interest income, and any other sources of income. By comparing the actual income figures with the budgeted income values, the report highlights variances and deviations, enabling stakeholders to evaluate the effectiveness of revenue-generating activities.
Expense Analysis: In addition to income, the Budget Vs Actual PL report delves into the expenses incurred by the business. It categorizes expenses into various cost centers such as operating expenses, cost of goods sold (COGS), administrative expenses, and others. By comparing actual expenses against budgeted expenses, the report facilitates a detailed analysis of cost management, resource allocation, and expenditure control strategies.
Budget Vs Actual PL Report Detailed Features and Clickable Values
Account Type: This field allows you to view the account type such as Sales, CODG, Other Incomes, Operating Expenses and so on.
The "Account Type" categorizes financial transactions into key groups for easy organization and analysis:
Sales: Records revenue from sales activities, crucial for tracking sales performance.
COGS (Cost of Goods Sold): Captures direct costs related to production or service delivery.
Other Incomes: Includes additional revenue sources beyond sales, diversifying income streams.
Operating Expenses: Covers day-to-day business costs like rent, utilities, and salaries.
Non-Operating Expenses/Income: Records non-core financial activities such as interest expenses or gains.
Assets, Liabilities, and Equity Accounts: Categorizes accounts related to financial position and balance sheet items.
Account Name: The "Account Name" field refers to the specific name assigned to an Account Type within the system. It serves as a crucial identifier for different categories of financial transactions and plays a vital role in budgeting and financial analysis.
Actual: In the context of the Budget vs. Actual Profit and Loss (PL) report within XoroERP, the "Actual" refers to the actual amount of money spent or earned by a business entity during a specific fiscal period. This amount is a real-world representation of the financial transactions and activities that occurred within the designated time frame, reflecting the actual financial performance of the organization.
The "Actual" column in the Budget vs. Actual PL report showcases the tangible financial outcomes, such as expenses incurred or revenue generated, as opposed to projected or planned figures. It provides a direct comparison between the budgeted amounts and the actual results, highlighting any variances or deviations from the planned financial targets.
Difference:
% of Budget: (Needs Clarification)
Clickable Values
When you click on the Actual Amount listed under the Actual Column for a specific account name, the system will direct you to the Income Statement Account Details within the same popup window. This functionality allows you to delve deeper into the financial specifics of the selected record. Within the Income Statement Account Details view, you can access comprehensive information related to the income statement, including Transaction Number (Txn No), Transaction Type (Txn Type), Transaction Date (Txn Date), Account Name, Entity Name, Reference Number (Ref Number), Item details, Memo, Store name, and the respective Amount.
This detailed breakdown provides users with a granular understanding of the financial transactions associated with the selected account, facilitating thorough analysis and informed decision-making.
By clicking on the Reference Number, Transaction Number (Tx Number), or Store Name within the XoroERP system, users can access the Journal View of a selected transaction. In this view, they can delve deeper into the specific details of the transaction, including its Debit and Credit aspects.
The Journal View provides a comprehensive breakdown of the financial entries associated with the transaction. Users can examine the Debit and Credit details to understand how the transaction impacted different accounts and financial categories within the system. This level of granularity is crucial for accurate financial analysis, auditing, and reconciliation processes.
Period
XoroERP offers users the flexibility to choose the timeframe they wish to analyze in the Budget Vs Actual PL Report. Positioned at the right corner of the Budget Vs Actual PL interface, there is a dropdown menu containing various options. This menu allows you to tailor the date range according to your preferences, enabling a customized view of the summary report based on specific periods.
Key Features of the Budget Vs Actual PL Report:
Profitability Assessment: The report provides a clear overview of the business's profitability by analyzing the net income (income minus expenses) in comparison to budgeted values. This assessment is crucial for gauging the financial health and performance of the business.
Variance Identification: By highlighting variances between actual and budgeted income and expenses, the report helps identify areas of overperformance or underperformance. This variance analysis is instrumental in understanding the reasons behind financial discrepancies and taking corrective actions as necessary.
Performance Monitoring: The Budget Vs Actual PL report serves as a monitoring tool for tracking financial performance over time. It enables stakeholders to monitor progress toward financial goals, assess the effectiveness of budgetary controls, and make data-driven decisions to optimize profitability.
Customization Options: The report offers customization options to tailor the analysis based on specific financial metrics, time periods, or business segments. This flexibility allows users to focus on key performance indicators (KPIs) relevant to their financial objectives and strategies.
Decision Support: Armed with insights from the Budget Vs Actual PL report, businesses can make informed decisions regarding budget adjustments, revenue enhancement initiatives, cost-saving measures, and strategic investments. The report provides valuable data-driven insights to support decision-making processes and drive financial performance improvements.
Report Header Icons
Refresh: This allows you to refresh the search results after changing the search criterion.
Toggle Print View: This feature enables you to switch the display mode specifically for printing the report. When activated, it adjusts the formatting and layout of the report to optimize its appearance when printed out.
Toggle Parameter Area: This functionality enables you to switch the parameter area's visibility, located on the right side of the Balance Detail Sheet Window. Toggling this setting allows you to show or hide the parameter options, giving you more control over the display and customization of the Budget Vs PL Report details.
Download: This versatile feature allows users to export and download data in various file formats, providing a summarized overview for quick reference. Options include CSV, TXT, MS-Word, MS-Excel, PDF, and MS Excel (.xlsx), catering to diverse user preferences and use cases.
Advanced Search: The Advanced Search option elevates customer information retrieval to a sophisticated level. Users can delve into a nuanced search by specifying criteria facilitating precise and tailored searches.
Zoom In and Zoom Out: These features in XoroERP's reporting module allow users to adjust the view of the report according to their preferences. Zooming In increases the size of the report elements, making them easier to read and analyze, while Zooming Out decreases the size for a broader view. These options are particularly useful when dealing with detailed reports or when users need to focus on specific sections of the report.
Toggle Full Page Width: This feature enables users to toggle between displaying the report at its full page width or adjusting it to fit the screen width. When toggled to Full Page Width, the report expands to utilize the entire width of the viewing area, ensuring that all elements are fully visible and enhancing readability. On the other hand, toggling off Full Page Width may be useful for viewing multiple reports simultaneously or when a narrower view is preferred for better organization of the workspace.
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