Summary

The Edit Estimated Actual Balances feature is used to calculate the estimated amount for the next fiscal year based on the activity in the current fiscal year. The estimated actual amounts calculated by this process can be used as the initial budget amounts when generating budgets with the Extended Budgeting tool (EB> Extended Budgeting).

The estimated actual amount will also display on the Budget Analysis Report (GL> New Budget Information> Print Budget Analysis), Export Budget Analysis (GL> New Budget Information> Export Budget Analysis) and Chart of Accounts Maintenance window (GL> Maintenance> Chart of Accounts> Budget tab> Estimated Actuals field).

In order to use this process the chart of accounts for the next fiscal year must already be set up using the Create New Fiscal Year tool (GL> Utilities> Create New Fiscal Year).

Step by Step

1     View the estimated actual amounts of the next fiscal year.

• Open the Edit Estimated Actuals window (GL> New Budget Information> Edit Estimated Actual Balances).
• Only GL accounts that are set up as budgetable in the next fiscal year will display in the window. If an account is missing from the window make sure the Account is budgetable toggle is checked on the GL account in GL> Maintenance> Chart of Accounts> General tab.
• Click CSV EXPORT or EXCEL EXPORT to create a spreadsheet of the estimate actual amounts.
• The window will display the estimated actual amounts of the next current year in the Estimated Actual column. For example, if 2022 is your current fiscal year, the window will display the estimated actual amounts for the 2023 chart of accounts. If an estimated actual amount has not been calculated for the next fiscal year the Estimated Actual column will be blank.
  • The estimated actual amount will display on a GL account in GL> Maintenance> Chart of Accounts> Budget tab> Estimated Actuals field.

2     Edit the Estimated Actual amount of the GL accounts in the window.

• You can manually change the estimated actual amount by modifying the value in the Estimated Actual column or you can select some GL accounts and apply an estimated actual calculation to those accounts.
• Check the Selected toggle of the GL accounts that should be modified.
• Click the Generate icon   to select the formula you would like to use to calculate the estimated actuals amounts.
  • Select Zero if you would like to change the selected estimated actual amounts to zero.
  • Select YTD balance, activity only if you would like the estimated actual amount of the selected GL accounts to equal the current fiscal year to date balance. For example, if you are creating an estimated actual for 2023 GL accounts, the process will copy the current 2022 YTD amount into the 2023 estimated actual amount.
    • You can view the YTD amount on a GL account in GL> Maintenance> Chart of Accounts> Balance tab> YTD field.
  • Select YTD balance plus beginning balance if you would like the estimated actual amount to equal the YTD amount plus the beginning balance. For example, if you are creating an estimated actual for 2023 GL accounts, the process will copy the current 2022 YTD amount and the 2022 beginning balance into the 2023 estimated actual amount.
    • You can view the beginning balance of a GL account in GL> Maintenance> Chart of Accounts> Balance tab> Beginning Balance field.
  • The Projected End of Year selections are used in conjunction with the field next to the Generate icon. Enter the number of periods you would like to use in the projected end of year calculation in the field next to the Generate icon.
    • For example, if you would like the estimated actual amount calculated based on the activity during the first three fiscal periods, enter 3. Uncommitted transactions during those periods will be included in the calculation.
    • Select Projected end-of-year plus beginning balance to use the following formula to calculate the estimated actual value:

• For example, if you entered 6 in the period field, the process would use the first six fiscal periods of activity on the GL account, divide that amount by six to determine a monthly average, multiply that amount by 12 to determine a yearly amount based on the monthly average, and then it will add the beginning balance of the GL account to determine the estimated actual amount.
• Select Projected-end-of year using activity only if you would like to calculate the estimated actual amount using the following formula:

• For example, if you entered 4 in the period field, the process would use the first four fiscal periods of activity on the GL account, divide that amount by four to determine a monthly average, and then multiply that amount by 12 to determine a yearly amount based on the monthly average. The beginning balance of the GL account will not be included in the formula.

• Click the Generate icon to calculate the estimated actual amounts. The Estimated Actual column will populate with the calculated amounts.
  • Click the Save button if the estimated actual amounts are correct or continue to modify the estimated actual amounts by either applying a new calculation or manually modifying the amounts.
  • Once you click the Save button the calculated estimated actual amounts will be posted to the GL accounts.