How To: Create and Use Budgets for Stock Items
Table Of Contents
Introduction
Budgets allow you to monitor the sales performance of individual Stock items against predefined targets.By setting budget quantities and values for future periods, you can compare actual sales performance against expected results and quickly identify whether products are performing above or below target.
Budgets allow you to monitor the sales performance of individual Stock items against predefined targets.
By setting budget quantities and values for future periods, you can compare actual sales performance against expected results and quickly identify whether products are performing above or below target.
Create a Stock Item Budget
- Open a Stock screen. (Show me how)
- Select the [ Stock | Budget ] tab.
- Ensure the Budget on Stock Item option is selected.
- Press Alt + E or click Edit to enter edit mode.
- Click Add in the top-left corner of the grid.
- Select the stock item or items you want to monitor.
- For each stock item, enter the following information:
Field Description Date From The start date of the budget period. Date To The end date of the budget period. Budget Qty The quantity of stock you expect to sell during the budget period. Budget Val Unit The expected unit value used when budgeting for the stock item.
- Press Ctrl + S or click Save to save the budget.
- Open a Stock screen. (Show me how)
- Select the [ Stock | Budget ] tab.
- Ensure the Budget on Stock Item option is selected.
- Press Alt + E or click Edit to enter edit mode.
- Click Add in the top-left corner of the grid.
- Select the stock item or items you want to monitor.
- For each stock item, enter the following information:
Field Description Date From The start date of the budget period. Date To The end date of the budget period. Budget Qty The quantity of stock you expect to sell during the budget period. Budget Val Unit The expected unit value used when budgeting for the stock item. - Press Ctrl + S or click Save to save the budget.
Update Actual Sales Figures
Once sales activity has taken place, use the Recalculate button on the Budget tab to refresh the actual sales figures.Khaos Control will compare:- Budgeted quantities against actual quantities sold.
- Budgeted values against actual sales performance.
- Variances between the budget and actual results.
This provides a clear view of how each stock item is performing against its target.
Once sales activity has taken place, use the Recalculate button on the Budget tab to refresh the actual sales figures.
Khaos Control will compare:
- Budgeted quantities against actual quantities sold.
- Budgeted values against actual sales performance.
- Variances between the budget and actual results.
This provides a clear view of how each stock item is performing against its target.
Monitoring Performance
After updating the actual figures, you can review:- Whether sales targets have been achieved.
- Products that are outperforming expectations.
- Products that are underperforming and may require attention.
- Differences between planned and actual sales activity.
Regularly updating actual figures helps ensure your budget information remains accurate and meaningful.
After updating the actual figures, you can review:
- Whether sales targets have been achieved.
- Products that are outperforming expectations.
- Products that are underperforming and may require attention.
- Differences between planned and actual sales activity.
Regularly updating actual figures helps ensure your budget information remains accurate and meaningful.
Tips
- Create budgets before the start of a sales period to provide meaningful comparisons.
- Review budgets regularly throughout the year rather than waiting until the end of a reporting period.
- Use realistic sales targets based on previous performance and expected demand.
- Update actual figures frequently to keep performance information up to date.
- Create budgets before the start of a sales period to provide meaningful comparisons.
- Review budgets regularly throughout the year rather than waiting until the end of a reporting period.
- Use realistic sales targets based on previous performance and expected demand.
- Update actual figures frequently to keep performance information up to date.
Additional Information
You can create budgets for as many stock items as required. This allows you to monitor individual products, compare performance across product ranges and track progress towards your sales objectives throughout the year.
You can create budgets for as many stock items as required. This allows you to monitor individual products, compare performance across product ranges and track progress towards your sales objectives throughout the year.