In this guide, we show How to Monitor Budgets, specifically:
- How to Monitor Budgets using Cost Centre Enquiry
- How to Monitor Budgets using Chart of Accounts Enquiry
- How to Monitor Budgets by CFR
- How to Monitor Budgets by Cost Centre/Holder
Access: The minimum permissions required to Monitor Budgets are found in the Finance Module section Config > Setup > Roles & Permissions.
Pre-requisites: In order to Monitor a Budget, a Budget needs to be in place within the Finance Module.
Related guides:
- Bromcom Finance Manuals
- Budgeting Module User Guide
- How to Use Finance Reports
- How to Use the Budget Projections Report
This Guide is part of the Budgeting Module User Guide
The previous guide in the Budgeting Module User Guide is: How to Use the Salary Calculator.
The next guide in the Budgeting Module User Guide is: How to Use the Budget Dashboard.
How to Monitor Budgets using Cost Centre Enquiry
To begin, go to Modules > Finance > Finance Home Page > General Ledger > Cost Centre Enquiry.
In the Details table, note the % Spend/Recd. column that colour codes the Cost Centre amounts from green through to red according to spending or income received against that budgeted.
By clicking twice on the Up and Down Arrows in the column header, the column can be ordered to rank the Cost Centres according to percentage spend. This allows for the easy identification of areas of overspend or lack of income received.
Double-click on a Cost Centre line to get more detail.
The Cost Centre Enquiry Details table gives an overview of the Cost Centre, while the Linked Ledgers table shows the Ledgers that are linked to the Cost Centre. These can similarly be ordered by clicking twice on the Up and Down Arrows in the column header.
Detailed information can be shown by selecting a Ledger and clicking on Actuals or Commitments.
Selecting a line and clicking on Actuals shows the Actuals and gives the option of viewing Journals or Commitments.
In the Journal pop-up, selecting a line allows the option of viewing the Ledger that contains the Journal, or the Action that created the Journal.
In this case, the Action was a Salary Auto-Reconciliation.
Similarly, information on Commitments can be viewed by selecting a line and then clicking the Commitments button.
While viewing the Commitments, clicking on Actuals shows the Actuals.
Clicking on View Details opens Salary Projections in a new tab as this is where the Commitments are taken from.
From the Cost Centre Enquiry page, Cost Centres can be filtered and then viewed by Holder.
Use the Grid actions to Export or Print the Details table.
How to Monitor Budgets using Chart of Accounts Enquiry
To begin, go to Modules > Finance > Finance Home Page > General Ledger > Chart of Accounts Enquiry.
This page functions very similarly to the Cost Centre Enquiry page. In the Details table, the % Spend column colour codes the Ledger Code amounts from green through to red according to spending or income against that budgeted.
Note: Unticking the Include Ledgers with zero balances tick box makes the Details table more manageable.
By double-clicking twice on the Up and Down Arrows in the column header, the column can be ordered to rank the Ledger Codes according to percentage spend. This allows for the easy identification of areas of overspend or lack of income received.
Select a Ledger Code line and click Actuals to get more details on the Actuals.
The Ledger Enquiry Detail table gives an overview of the Ledger, while the Transaction Listings table shows the Transactions that are associated with the Ledger. These can similarly be ordered by double-clicking twice on the Up and Down Arrows in the column header.
Select a Ledger Code line and click Commitments to get more details on the Commitments.
The Ledger Enquiry Detail table gives an overview of the Ledger, while the Commitments Listing table shows the Commitments that are associated with the Ledger. These can similarly be ordered by double-clicking twice on the Up and Down Arrows in the column header.
Select a Ledger Code line and click Show Periods to show the Period Summary.
The Period Summary breaks down the Ledger Code by Period.
Clicking on Journal Browser will open the Journal Browser.
How to Monitor Budgets by CFR
The Budget Monitoring by CFR Report provides an overview of school finances, tracking income and expenditure against budget allocations. It helps with monitoring spending, ensuring compliance with financial reporting requirements, and reviewing budget performance throughout the year.
Go to Modules > Finance > Finance Home Page > Reports > Budget Monitoring by CFR
Adjust the report parameters for your required settings and select Preview to run the report.
The Report looks like this.
The Report separates Extended Schools Budgets into distinct Income and Expenditure sections, ensuring these values are not included in the main school budget totals. These two sections are included after E30 and before the Devolved Formula Capital (DFC) section.
Community Focused Extended Schools Income (I16 and I17 codes). A subtotal for Total Community Focused Extended Schools Income is displayed at the end of this section.
Community Focused Extended Schools Expenditure (E31 and E32 codes). A subtotal for Total Community Focused Extended Schools Expenditure is displayed at the end of this section.
Community Focused Contingency calculates the difference between Total Community Focused Extended School Income and Total Community Focused Extended School Expenditure. This value is displayed below the Expenditure section.
The TOTAL ALL BALANCES field includes the Contingency Value, ensuring that the report balances remain accurate.
How to Monitor Budgets by Cost Centre/Holder
The Budget Monitoring by Cost Centre/Holder Report allows for the monitoring of spending by individual Budget Holders.
Go to Modules > Finance > Finance Home Page > Reports > Budget Monitoring by Cost Centre/Holder.
Adjust the report parameters for your required settings and select Preview to run the report. You can choose to run the report for a specific Cost Centre Holder’s Cost Centres.
The Report looks like this.
This Report can be scheduled to be automatically sent to a Budget Holder’s email addresses on a periodic basis, allowing them to keep abreast of their financial responsibility. See: How to Use Finance Reports.
In addition, and as described above, from the Cost Centre Enquiry page, Cost Centres can be filtered and then viewed by Holder.
The next guide in the Budgeting Module User Guide is: How to Use the Budget Dashboard.