Budget and Control in tally

A budget is a plan prepared for the flow of funds in an organization. It contains financial guidelines for the future plan of action for the selected period of time

                 A budget helps to refine the goals and use funds efficiently. It provides accurate information for evaluation of financial activities, aids in decision making and provides a reference for the future planning 

  • Creating Ledger

Gateways of tally—–> Create—–> Ledger—–> Create

Advertising Expenses (under indirect expense)

  • Creating Budget

Gateway of Tally—–> Create —–> Budget —–> create        

Name: -Adv. Expense

Under: – primary

Set Alter Budget of ——> Ledger —-> Yes

Account name: – Advertising Expenses

Types of Budget: – On Net Transaction

Amount: -30,000 (Budget for one year)

Create payment voucher of the give Advertising Expenses by date give below.

DateAccountAmount
1-4-2023Cash1500
1-5-2023Cash1250
1-6-2023Cash1750
1-7-2023Cash8500

Gateway of tally —–> Voucher —-> Payment Voucher (F5)

Note: – Change the date of entry

Account: – ICICI bank

Particular: Advertising Expense

Amount: -1500

To budget Report follow below steps.

                Gateways of tally—-> Profit and Loss A/c—–>Indirect expenses—–>Advertising

Expenses —–> F10 (Budget Variance) —–>Select the budget name —> Press “Enter”.

Ques: – Abhinav and Co. have budget of Petrol expenses is 35,000 per year on their net transaction. Below table show the record of there petrol expenses per month. DO the entry and find budget variance.

DateAccountAmount
1-4-2023Cash1758
1-5-2023Cash1452
1-6-2023Cash2145
1-7-2023Cash7485