A budget helps to refine goals and use funds efficiently. It provides accurate information for evaluation of financial activities, aids in decision making and provides a reference for future planning. Multiple budgets can be created for specific purposes in TallyPrime. You can create budgets in TallyPrime for groups, ledger accounts, and cost centres. Budgets for Banks, Head offices, Departmental budgets like Marketing Budgets, Finance Budgets, and so on, can also be created. The budgeted figures can be compared with Actual figures and variance report can be generated. You can also modify or delete a budget in TallyPime.

1.1 Introduction to budget

In this section, you will learn about the meaning of Budget, It’s Importance for business concern,

Types of Budget on the basis of its creation and about variance analysis.

1.1.1 Meaning of Budget

1.1.2 Importance of Budget

1.1.3 Types of Budget

1.1.4 Benefits of Budget Management for Businesses

1.1.5 Variance Analysis

1.2 Creation of Budget for Groups

You will learn how to Create Budget in Tally and about the different set of budget. In this session we have covered creation of budget for group of accounts, recording transaction and then reporting of budget with variance analysis.

1.2.1 Create Budgets for Groups

1.2.2 Recording of Transactions

1.2.3 View Budget Variance under reporting

1.3 Creation of Budgets for Ledgers and Cost Centre

In this chapter, you will learn about Creation of Budget for Ledgers and Cost Centre, creation of cost centre, recording of transactions and related reporting for variance analysis.

1.3.1 Creation of budget for Ledgers

1.3.2 Create Budgets for Cost Centres

1.3.3 Alter a Budget

1.3.4 View Budget Variance

1.3.5 Delete a Budget

1.4 Introduction to Scenario Management

In this session you will learn about Meaning of Scenario, Creation of Scenario, Use of Optional voucher in scenario and Scenario report.

1.4.1 Scenarios in TallyPrime

1.4.2 Create a Scenario

1.4.3 Alter a Scenario

1.4.4 Use Optional Vouchers in Scenarios

1.4.5 Use Scenarios in Reports

1.5 Creation of Scenarios for Reversing Journal and Reporting

In this session you will learn about Meaning of Reversing journal voucher and its uses, Creation of Scenario for reversing journal, Use of Reversing journal voucher in scenario and Scenario report.

1.5.1 Reversing Journals

1.5.2 Reversing Journals in Day Book

1.5.3 Exception Reports for Reversing Journal

1.5.4 Creation of Scenarios for Reversing Journal

1.5.5 Create a Scenario

1.5.6 Use Reversing Journal Voucher in Scenarios

1.5.7 Use Scenarios in Reports