How To Generate a Budget Report

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A budget comparison report compares budgeted income and expenses, and actual income and expenses over a specific period of time. By comparing budgeted and actual, a more accurate budgeting system can be developed over time to meet Free Geek's specific needs. The goal is to minimize the gap between budgeted and actual, so net income can be more predictable.

The purpose of the instructions is to assist in creating a simple and uniform report for any time specific time period. The report was formatted with the intentions of being easy to understand and print. The process begins using GnuCash. The information obtained in GnuCash is then exported into a Gnumeric file. In Gnumeric the report will be formatted and completed. Steps 1-5 is strictly for numeric and information purposes. Step 6 is for the presentation and aesthetic purposes.

Inputting the Budget Into GnuCash

If the budget is already placed in GnuCash, then step can be skipped. The budget for Free Geek is located on wiki.freegeek.org. Once the budget for the selected time period is found open GnuCash for the year of the selected period. Got to File > New > New Budget. Now choose Options located on the task bar. Here you can choose the time period you wish to budget for, choose the type of time period (weeks, months, quarters, or years).

The budget report is only concerned with Income and Expenses. Ignore all other line items. Open up Expenses and Income to as many line items as you would like to place in the budget. The following instructions will assume that Income, Expenses, One Time Income, and One Time Expenses (one time expenses and income may not have any line items under them, so just use one line item) will show broken down by two line items. Two exceptions are Donations and Sales under Income, which should be broken down into 3 line items.

Now the budget can be entered into GnuCash. Open the budget found on the Wiki. Unfortunately, the only way to put the data into GnuCash is to physically input it. Click the cell under the correct time period and in the correct line item and input the corresponding budget amount located on the Wiki page. If the budget is broken down into different time periods than the Budget sheet in GnuCash, then divided or multiply to come to the correct amount for that time period. For example, if the you want to budget by months, but the written budget is in quarters, then divide the quarter budget by 3 to find out how much each month.

Creating a Budget Report in GnuCash

Go to Reports > Income & Expense > Budget Report. Select Options on task bar. Select the Accounts tab. Make sure the correct levels for each account are showing. Highlight all expense categories by holding down the shift and down arrow keys. While pressing ctrl, select each line item that you want to include in the budget report (do not forget One Time Income and One Time Expenses) using the mouse. Select OK at the bottom of the Options menu.

Exporting the Budget Report into Gnumeric

Now that the budget report is created in GnuCash, the information needs to be exported and placed in a gnumeric file. Select Export on the task bar. Name the file and make sure to save in the correct folder, then click Export. Find the file that you just exported and open it. Press ctrl A to select everything in the exported document. Open a gnumeric or other spreadsheet program and paste onto a sheet.

Formatting Budget Comparison Report

Delete all columns containing information of months irrelevant to your specific report. In this case, all but one month data should be deleted. In the cell on the right of the the cell labeled "Act" type "Difference". Change all text to black and undo word underlining. Drag or move column A to the far left. Delete data in "Bgt" and "Act" pertaining to "Income" and "Expenses".

Insert a row between the last income category and "One Time Income". In the new row, type in column A "Income (w/o one time)". Change "One Time Income" to "Total One Time Income". Insert rows needed under "Total One Time Income" to show specific sources of one time income. The total amount of one time income should still be seen in the "Total One Time Income". Insert two rows above row with "Expenses". Under "Total One Time Income" type "TOTAL INCOME".

Insert a row above "One Time Expenses" and name it "Expenses (w/o one time)". Change "One Time Expenses" to "Total One Time Expenses". Add rows under "Total One Time Expenses" to break down and show specific one time expenses. After the last one time expense type in column A "TOTAL EXPENSES". 2 rows down type in column A "TOTAL NET INCOME". Another 2 rows down insert "NET INCOME (w/o one time)".

Calculations in Budget Comparison Report

All formulas can be used for actual and budgeted.

  • Income (w/o one time) = sum of income (DO NOT include one time income)
  • TOTAL INCOME = Income (w/o one time) + Total One Time Income
  • Expenses (w/o one time) = sum of expenses (DO NOT include one time expenses)
  • TOTAL EXPENSES = Expenses (w/o one time) + Total One Time Expenses
  • TOTAL NET INCOME = TOTAL INCOME + TOTAL EXPENSES
  • NET INCOME (w/o one time) = TOTAL INCOME + Total One Time Expense - Total One Time Income
  • Difference = Budgeted - Actual
    • If the difference is positive, then the budget was over by that amount.
    • If the difference is negative, then the budget was under by that amount.

Formatting Appearance of Report

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