• Create a Budget using the Advanced tool

    There is an Advanced tool that can be used during the process of creating (or extending) a budget to further refine the data being imported into the new budget. This is one of several budgeting features that can help experienced users.

    When selecting Actual or existing Budget data to create your new budget, click the Advanced button.

    0_1473072733041_Screen Shot 2016-09-05 at 10.51.41 PM.png

    A preview of the transaction codes that will appear in the new budget are displayed. Clicking on (+) will expand the categories to show items within and clicking (-) will collapse them.

    0_1473072808750_Screen Shot 2016-09-05 at 10.52.50 PM.png

    Within this screen you can make changes that will impact the budget when it is created.

    Be careful when making changes to lines with a (+) or (-) sign visible - you will change not only the category but everything within it!

    Once you have completed editing, clicking Next will take you to the review screen and your budget is ready to create.

    Let’s look at a few examples of how customers have used this tool:

    Stephanie is planning a 2% increase on farm wages compared to Actual wages paid in the previous financial year. She locates Wages as a line item and clicks on 100. She changes this to 102. When the new budget is created, Wages (and all transaction codes located under it) will be populated with a 2% increase on the actual data that has been used in creation.

    0_1473072858424_Screen Shot 2016-09-05 at 10.53.57 PM.png

    Jean has extended her Main budget into the next financial year and wants to increase her electricity expenditure by 5%. She can do this using the Advanced button but prefers to use the Copy Special tool to do this. For more on using copy special click here.

    Daniel wants to explore a 5% decrease on freight costs as part of a budget focussing on where savings can be made. He locates Freight as a line item and clicks on 100, he changes this to 95. When the new budget is created, Freight will be populated with a 5% decrease on the budget data that has been used in creation.

    0_1473073071900_Screen Shot 2016-09-05 at 10.57.35 PM.png

    Nathaniel decides to change the percentages on several line items but wants to look more closely at Milk Production and Livestock transactions. He sets the percentage for each of these to zero (this also changes the sub-categories automatically). When the new budget is created, these categories will appear and the lines will have blank cells. This has several advantages:

    • Having the Milk Production and Livestock lines blank means that he can use the Advanced View tool to look carefully at Actual and Budget data before deciding what to enter for this budget.
    • It acts as a reminder that these are financial elements he wants to review carefully.
    • This saves time as he doesn’t need to clear the data from these lines after the budget is created.

    0_1473073136236_Screen Shot 2016-09-05 at 10.58.41 PM.png

    Create a budget using Revised data

    Creating a new budget


    Scenario: Joe has a dairy farm and created his 2016 Main budget on the assumption that milk prices would be $4.10 kg/MS. Due to projected low payouts, he decides to created a revised budget for the rest of the financial year and reduce his projected income to $3.80 kg/MS as a worst case scenario.

    He chooses to use Actual data up to 29 February 2016 and existing Budget data from his Main budget for March to May 2016. Once the revised budget has been created he amends his projected income in Milk Production:This Seasons.

    He saves his revised budget as Milk @ 3.80.

    0_1473073286626_Screen Shot 2016-09-05 at 11.01.07 PM.png

    Step 1: Review your actual data for the current financial year.

    • On the Cashflow screen, check if Line One is currently displaying Actual data.
      • If it is not, click on Change View.
      • Select Transactions (Actual Cashflow) and make sure the correct financial year is displayed in the dropdown box.
      • Click the Cashflow button.
      • Line One will now display Actual data for the financial year selected.

    0_1473073474452_Screen Shot 2016-09-05 at 11.04.16 PM.png

    • Check if Actual data is correct.

      • Tip: It is a good idea to also review Actual Data in the Transactions screen to ensure that all items have been coded correctly. Be aware that any discrepancies in your Actual data will flow into your new budget. It is much quicker to change these in the Transactions screen now, rather than fixing them after you have already spent time editing your new budget!

    Step 2: From the Cashflow screen, select Change View.

    0_1473073603508_Screen Shot 2016-09-05 at 11.06.26 PM.png

    This will bring up the ‘Cashflow Screen Options’ portal.

    Tip: You can also access this pop-up portal by clicking on ‘Cashflow’ from the main dashboard.

    Step 3: Select Revision.

    • Check that the correct financial year is shown.
    • Select what portion of your new budget will use Actual data.
    • Select what budget will be used to provide data for the remaining months.
      • Select this budget carefully! You may want to review the budget before using it to create your revised budget.

    Tip: Only Actual and Budget data from the current financial year can be selected and you will need to have already created your Main budget.

    0_1473073781810_Screen Shot 2016-09-05 at 11.09.21 PM.png

    Step 4: If you want to display only Line One in your revised budget, select Cashflow.

    There is also the option to display a budget from the current financial year in Line Two.

    • Tick Show Line Two.
    • Select the budget you wish to display (it must be from the current financial year).
    • Click Cashflow.

      0_1473073868781_Screen Shot 2016-09-05 at 11.10.50 PM.png

    Step 5: Edit your budget.

    • Review all budget data and update as required.
    • Make specific changes based on the purpose of the budget.


    Step 6: Save and name your budget.

    • Click on Cashflow.
    • Select Save copy.
    • Name your budget.
      • Tip: Choose a name that captures the purpose of the budget; i.e. “Milk @ $3.80” for scenario planning based on milk price.
    • Add a note if you want to.
      • Tip: It’s a good idea to record what months you used Actual data, what months are budget data, and what data you have revised.

    0_1473074209035_Screen Shot 2016-09-05 at 11.16.28 PM.png

    Extending an existing budget


    Towards the end of your financial year, it is a good idea to extend your Main budget into the new financial year (i.e. if you are currently using ‘Main 2016’ then this allows you to create ‘Main 2017’). When your new financial year begins, you can then revise the budget.

    Tip: Make sure that you backup your Main budget at the start of the financial year by using ‘Save Original’.

    Tip: When viewing budgets, you can:

    • move between financial years on the Cashflow screen by clicking on ‘Last Year’ or ‘Next Year’, or,
    • set one financial year to appear on Line One and a different financial year to appear on Line Two.

    Step 1: Create and save a revised budget.

    Step 2: From the Cashflow screen, while your revised budget is showing, select Change View.

    Step 3: Select Create Budget and then select Main (this is your current Main budget).

    0_1473074819508_Screen Shot 2016-09-05 at 11.26.34 PM.png

    Step 4: Capture your bank balance and interest rates. Click here for more information on editing these fields.

    The Opening Balance will automatically populate with the closing balance of your previous financial year. You can check this and manually adjust any of the balance and interest rates to reflect your correct amounts/rates.

    0_1473075194215_Screen Shot 2016-09-05 at 11.32.43 PM.png

    Step 5: Select using Revised data.

    0_1473075250693_Screen Shot 2016-09-05 at 11.33.52 PM.png

    Step 6: Select the revised budget you have just created and ensure the correct financial year for that budget is displayed.

    0_1473075313765_Screen Shot 2016-09-05 at 11.34.55 PM.png

    Tip: If the new financial year is not currently open, when you click Next, a screen will appear asking you to confirm the first month of your new financial year. You can adjust this if required, otherwise, click Next.

    0_1473075378801_Screen Shot 2016-09-05 at 11.35.57 PM.png

    Step 7: Check that you are happy with the details and have extended to the correct year; i.e. if your current financial year is 2015/16, then you want to extend to 2016/17.

    • If you would like to make any changes, click ‘Back’.
    • To create your new budget, click ‘Finish’.

    0_1473075433539_Screen Shot 2016-09-05 at 11.36.55 PM.png

    Step 8: Review and edit your budget based on your goals and financial expectations for the new financial year.


  • Comments

Log in to reply

Looks like your connection to CRS Community was lost, please wait while we try to reconnect.