Set Budgets and Forecasts in Businesses for Effective Financial Planning

Create budgets in Docyt to compare and analyze your actual sales and expenses.

Table of Content

A. How to Access the Budget and Forecast

B. Adding a Budget or Forecast

C. Modifying a Budget/ Forecast

D. Deleting a Budget/ Forecast

E. Setting a Budget as Default

A. How to Access the Budget and Forecast

 1. Log in to Docyt. Select 'Business Reports' and click 'Budget and Forecast'.

2. On the 'Budget and Forecast' page, you will find the budgets and forecasts explicitly created for your business.

B. Adding a Budget or Forecast

1. To add a budget or forecast, click the blue + button on the 'Budget and Forecast' page. 
   
2. Provide a name for your budget/forecast and select the financial year for which you are creating the budget/forecast. Select 'Budget' or 'Forecast' from 'Report Type' and click 'Continue'.
   
3. Input the monetary value for each chart of accounts and each month. When you have finished inputting the monetary value for each chart of accounts and each month, remember to click the 'Save' button.
   
4. Likewise, when creating a 'Forecast', make sure to enter the monetary value for each chart of accounts and each month. Once you have finished entering the values, remember to click the 'Save' button to save your changes.
   

C. Modifying a Budget or Forecast

1. To edit a budget/forecast, click on the three dots next to the budget/forecast you wish to modify. Select 'Edit' from the menu to access the editing options.
   
2. Modify the name or time frame of the Budget/Forecast as applicable.
   
   
3. Modify the monetary value for the chart of accounts and each month as needed.
4. Click the 'Save' button when you are done.
   

D. Deleting a Budget/Forecast

1. To delete a budget/forecast, click the ellipsis icon in front of the budget/forecast row. From the options that appear, select 'Delete'.

2. In the pop-up box, type 'DELETE' and click the 'Delete' button. By doing this, you will successfully remove the budget/forecast from your records.

E. Setting a Budget as Default

To designate a specific budget as the default option from a range of sample budgets created for your business, follow these steps:

1. Locate the ellipsis icon in the row corresponding to the desired budget and click on it. Then, select 'Set as default' from the available options.

2. The chosen budget will be visually distinguished with a green 'Default' flag displayed in front of it.

3. By setting a default budget, you ensure that it is automatically selected and used as the primary reference for financial analysis and planning within your business.