How To: Create and Use Budgets for Stock Types
Table Of Contents
Introduction
Budgets can be used to monitor the sales performance of Stock Types against predefined sales targets.
By setting budgets, you can compare actual sales performance with expected results over a specific period, helping you identify trends, measure success and make informed business decisions.
Create a Stock Type Budget
- Open a Stock screen.
- Go to the Stock | Budget tab.
- Select the Budget on Stock Type radio button.
- Press Alt + E or select Edit to enter edit mode.
- Click the Add button in the top-left corner of the grid to create a new budget line.
- Click in the Stock Type column and press F4.
- Select the Stock Type you want to monitor.
- Complete the budget information for each Stock Type:
| 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 selling value per unit. |
- Repeat the process for any additional Stock Types you wish to budget for.
- Press Ctrl + S or select Save to save your budget.
Review Budget Performance
Once budgets have been created, use the Recalculate button to compare budgeted figures against actual sales performance.
The results will show:
- Budgeted quantities and values.
- Actual quantities and values sold.
- Variances between the budget and actual results.
This allows you to quickly identify whether a Stock Type is performing above or below expectations.
Tips
- Create budgets for key product categories to monitor sales performance throughout the year.
- Review budgets regularly and update them as business priorities change.
- Use realistic targets based on historical sales data where possible.
- Compare actual sales figures throughout the budget period rather than waiting until the end.
Additional Information
- Budgets can be created for multiple Stock Types.
- Budget periods can cover any timeframe, such as monthly, quarterly or annual targets.
- The actual sales comparison helps highlight areas of strong performance and those that may require further attention.
- Budget analysis can be used alongside other reporting tools to support forecasting and stock planning.