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        <a class="WebWorks_Breadcrumb_Link" href="financialcontrol.20.1.htm#1106760">Financial control</a> &gt; Budgets</div>
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      <blockquote>
        <div class="hs_SectionHeading"><a name="1106760">Budgets</a></div>
        <div class="b_Body"><a name="1087278">When you prepare a budget, you are predicting the financial </a>state of your business. For example, you could prepare a budget that predicts how much you intend to spend and earn over the next financial year. Having a budget means that, as the year progresses, you can track projected data against actual data and take corrective action if things are not going according to plan. </div>
        <div class="b_Body"><a name="1087279">You can also use budgets to plan for future goals. For example, </a>you may want to undertake a new business venture in the coming year. By creating a budget, you can work out the amount of money you will need for the venture, where this money will come from, and the impact that the venture will have on other aspects of your business.</div>
        <div class="hr_RunInHeading"><a name="1087281">What do I need to budget?</a></div>
        <div class="b_Body"><a name="1087285">You can enter budgets for </a>individual detailed accounts. The accounts that require a budget will vary according to your business. Most people prepare budgets for <span class="ei_EmphasisItalic">Profit and Loss</span> accounts such as Income, Cost of Sales and Expenses accounts, and <span class="ei_EmphasisItalic">Balance Sheet</span> accounts for specific assets and liabilities. To decide on the accounts that will require a budget, consider what changes you anticipate in your business and the financial impacts these changes will have. For example, you may be considering taking a new loan (which will affect your Bank Loans account). </div>
        <div class="hr_RunInHeading"><a name="1087286">What period can I budget for?</a></div>
        <div class="b_Body"><a name="1087290">Your MYOB software lets you </a>create a budget for the current financial year and the next financial year.</div>
        <div class="hr_RunInHeading"><a name="1087291">Reviewing your budget</a></div>
        <div class="b_Body"><a name="1087292">You can review your budgets </a>periodically to track your financial progress and see if it is going to plan. A slight variation from the budget is normal. Large variations, on the other hand, may need investigation. For example, if you have a large increase in accounts receivable, it may indicate that your customers are taking a longer time than expected to pay your account. </div>
        <div class="b_Body"><a name="1087294">You can compare your budgeted amount with actual account </a>balances by viewing the Budget Analysis reports for Balance Sheet and Profit and Loss accounts. For information on displaying, customising and printing reports, see <span class="l_Link"><a href="reports.13.1.htm#1087117">Reports</a></span>.</div>
        <div class="href_ReferenceBlockHeading"><a name="1110109">Related Topics</a></div>
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                  <span style="color: Gray;">■</span>
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                <div class="bbi_BulletedIndented_inner"><span class="l_Link"><a href="financialcontrol.20.12.htm#1087298" name="1110113">Entering budget amounts</a></span></div>
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                  <span style="color: Gray;">■</span>
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                <div class="bbi_BulletedIndented_inner"><span class="l_Link"><a href="financialcontrol.20.13.htm#1087472" name="1110117">Budget Shortcuts window</a></span></div>
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