Actual Expense vs. Budget Expense
The Actual Expense vs. Budget Expense chart compares your organization's actual expenses to budgeted expenses for the current fiscal year. The first bar represents your actual expenses and the second bar represents your budgeted expenses. Hover over a bar in the chart to view the exact amount details for the month. Select a bar to drill down into the corresponding GL codes and documents.
Details
Selected Month: The selected month for the expense details
Budget Version: The primary budget version
Fiscal Year Beginning Date: The first day of the fiscal year for which you're entering transactions. This date cannot be changed after the organization is created.
Transaction Date From: The start date of the month for the transaction
Transaction Date Through: The actual transactions through the current date (the date you log in into the system) when you're viewing the current month. Otherwise, it specifies the end of the month date for the selected period.
Codes
To search for a specific GL code, enter the code into the search box at the upper left corner of the grid. All the transactions that match will display in the grid. To view an individual expense for a code, select an Expense from the grid.
GL Code: The ID associated with the Expense type
GL Title: The title assigned to the GL code
Expense The actual expense incurred for the line item. Select an Expense to view its details.
Budget: The budgeted or estimated expense for the line item
Difference: The amount difference is calculated by subtracting the actual expense from the budget expense.
%: The percentage difference is calculated by subtracting the actual expense from the budget expense, and dividing the difference by the budgeted amount for that GL Code.
Actual Expense vs. Budget Expense
At the bottom of the page, the system displays a snapshot of the actual vs. budget expenses for the selected month.
Budget Total: The budgeted or estimated total for the specified month of the primary budget version
Expense Total: The actual expense incurred for the specified month of the primary budget version
Variance: The amount difference is calculated by subtracting the actual Expense Total from the Budget Total.
Percent Variance: The percentage difference is calculated by subtracting the actual Expense Total from the Budget Total, and dividing the difference by the budgeted total for the month selected.
Here's an example of how MIP calculates the Percent Variance:
MIP subtracts the budgeted amount from the actual amount to find the increase or decrease from the budgeted amount. The system then divides the difference by the budgeted expense. If you budgeted $1,000 for broker fees and you spent $1,500, subtract $1,000 from $1,500 to find you went over budget by $500. Then divide $500 by $1,000 to get 0.5%.
View Expense Details for a GL Code
Select an Expense from the grid above to view expense details for a specific code.
Details
Selected Month: The selected month
Budget Version: The primary budget version
Beginning Balance Date: The beginning date of an accounting period
Fiscal Year Beginning Date: The first day of the fiscal year for which you're entering transactions
Transaction Date From: The start date of the month for the transaction
Transaction Date Through: The actual transactions through the current date (the date you log in into the system) when you're viewing the current month. Otherwise, it specifies the end of the month date for the selected period.
Documents
To search for a specific document, enter the document number or description into the search box.
Document Number: The number assigned to the document. Select a Document Number to view the transactions entered for the document.
Description: The description of the document
Document Date: The date entered on the transaction document
Amount: The amount incurred for the line item
Session ID: The session ID assigned to the batch of documents
Transaction Source: The transaction type which includes expense type GL codes
Posted By: The user who posted the document
Posted Date: The date the document was posted
Actual Expense vs. Budget Expense - GL Code
At the bottom of the page, the system displays a snapshot of the actual vs. budget expenses for the selected GL Code.
Beginning Balance: The total balance at the beginning of an accounting period
Debit Total: The total amount of all debit transactions
Credit Total: The total amount of all credit transactions
Ending Balance: This balance is calculated by taking the Beginning Balance and applying the current activity (Debit Totals and Credit Totals).