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Article ID:                  4184

Subject:                    How to Setup a Budget in Pro Gold i2

Last Modified:         May 21, 2013

Applies to:                Pro Gold i2 2.0, 3.0

Issue:  After the Chart of Accounts is established, a budget can be created and entered into Pro Gold i2 to track estimated COGS, Revenue, and Expenses.   

Resolution:  Setup a Budget in Pro Gold i2.

•          Note: Chart of Accounts must be setup in Pro Gold i2 before the budget can be entered.

•          In the Accounting Tab, select the “Accounting” icon.

•          Click on the “Budget” button at the bottom of the screen.

•          Click “Ok” to the message.

-          If no budget has been created for the current year, Pro Gold i2 will ask if a budget for the current year is to be created.

•          Select the correct “Budget Year” at the top of the screen. By default, the year is set to the current year.

•          The General Ledger accounts for COGS, Revenue, and Expense appear in a list.

•          For each account, enter the budget for the months that appear to the right of the account.

•          The “Fill” option can be used to automatically update the amounts.

-          Highlight the amount that will be used to update the rest of the months.

-          Under the GL account description, click on the red arrow next to “Fill”.

-          Select the appropriate option.

•          Fill Remaining Months with Value: this takes the highlighted amount and enters it for the rest of the months for that GL account. (Used when all or some of the months have the same budget amount.)

•          Change Remaining Months by Amount: this updates the rest of the months for that GL account with the highlighted value plus the amount entered. Each month takes the previous month’s balance and adds the amount entered. (For example, if $500 is highlighted and $50 is entered into the “Fill” screen, then the next month will be $600, the month after that will be $650, and so on.)

•          Change Remaining Months by Percent: this updates the rest of the months for that GL account with the highlighted value plus the percent entered into the “Fill” screen. (For example, if the highlighted value is $500 and 50% is entered into the “Fill” screen, then the next month will be $750; $500 plus 50% of $500. Each following month will increase in that manner.)

•          Click “Done” when all the budgeted values are entered.

•          Budget vs. Actual Report: In the Accounting Reports category, there is a report that compares the budget entered for each GL account with the actual amounts. It shows the difference between the two numbers and the % of the budget that has been used.

References:   Below is a link you can use to access Enhancement HelpNet Center resources, which includes the Knowledge Base Article (KBA) Library, Pro Gold i2 Documentation, and Training Webcasts:

   http://secured.progoldi2.com

•          The Enhancement HelpNet links are located on the right side of the web page.

Related articles: N/A

Keywords: Accounting, General Ledger, GL, Budget, Chart of Accounts, 4184