This article explores Nominal Budgets within Insight.
1. Adding a Nominal Ledger
1.1 To add a budget to the nominal ledger, you need to go to Accounts > Nominal Ledger.
1.2 Once in the Nominal Ledger section, you will need to look up the nominal that you wish to put a budget against. Once you have found the nominal you wish to add a budget to, you need to click on the budgets tab at the bottom of the page.
1.3 Once you are on the Budgets tab at the bottom of the page, you need to click on the Add button in the budgets section at the top of the screen.
1.4 Once you have clicked on add, you will then have the ability to add a budget to the nominal for each month.
1.5 To enter the monthly budget, click on the month you wish to enter an amount on and then enter the budget amount for that month.
1.6 Once you have entered all the budget figures for the year you need to click on save in the top lefthand corner.
1.7 Once you have clicked on the save, the budget will have been entered into the system and when you look at the nominal ledger you will be able to compare what has been posted against the budget for the nominal during the year.
2. Reports
- To run reports to view the nominal budgets against the actual spend on the nominal you need to click on reporting and go to the nominal section at the end, there are 3 reports you can run which will show you the budget vs actual spend on the nominal.
3. Nominal Budgets Report
Once you have added the budgets to the various nominal ledgers that you need to add budgets to, you can run a Nominal Ledger Budgets report, which lists out all the nominals that have budgets on them.
4. Nominal List Report
- You can also run a report which will compare the actual balances on the nominal ledgers to the budget and it will also give you a variance figure between this as well. The report to select for this is the Nominal List Report.
This report gives you the year to date figure and the previous year along with the current period you are in.
5. Nominal Periods
Another report you can run to show you the budgets vs actual spend is the Nominal period report, this report shows you the budget per period against the actual expenditure that has been posted to the particular nominal in questions.