Practice Pro - Budget Reports
To view and analyze Budget Reports:
From the left-hand navigation menu, select Reports.
Under the Accounting tab, open the Profit and Loss with Budget report.
Filtering the report(s):
Choose Accounting Method (Accrual or Cash)
Choose Division and / or Billing Class (carried over from P & L Statement, for example; department or office)
Choose to exclude Zero Balance Accounts
Select Month / Year you wish to run the report on
How to read the report:
Once the filters have been set view the report, based on the filtering criteria applied.
The layout follows a standard Profit and Loss format: income appears at the top, followed by expenses, with Net Income, (the difference between the two), shown at the bottom.
Points to Note:
Total and Net Budget values are aggregated from all underlying accounts. For example, if multiple expense accounts each have a budget, those values are combined into Total Expenses Budget.
Net Income is calculated as Total Income minus Total Expenses — for both actuals and budgets.
Each section of the report is broken into two main views: Month-to-Date and Year-to-Date.
Month-to-Date:
MTD Amount: Actual activity for the selected month
MTD Budget: Budgeted amount for that same month
MTD Variance: The difference between actual and budget
% Over/Under Budget: The variance expressed as a percentage of the budget
Year-to-Date:
YTD Amount: Total actual activity from January 1 through the end of the selected month
YTD Budget: Total budgeted amount for that same period
YTD Variance: Difference between YTD actual and budget
% Over/Under Budget: Percentage comparison across the year
To help you quickly interpret performance, the report also includes color coding.
For income accounts: actual below budget is unfavorable and shown in red; actual above budget is favorable and shown in black.
For expense accounts: actual above budget is unfavorable and shown in red; actual below budget is favorable and shown in black.
If no budget has been entered for an account, the percentage will display as 0%.
You can export the Profit and Loss with Budget report to PDF or print it directly from the screen.
GL Budgets give you a flexible way to plan and track your firm’s financial performance. Whether you're entering budgets manually for a few accounts or importing a full dataset, the process is straightforward. And once your budgets are in place, the Profit and Loss with Budget report becomes an important tool for ongoing monitoring — giving you clear, real-time insight into how your firm is performing against its goals, both month-to-date and year-to-date.