Top tips for Xero users AWS
Top tips for Xero users January 2017
In this issue of Top Tips we cover how to enter a budget into Xero’s Budget Manager and our App review is Futrli (formerly Crunchboards). Creating a budget in Xero allows you to compare actual income and expenditure throughout the year. If you use tracking, you can also set up budgets for tracking categories. You use the Budget Manager worksheet, found under Reports > Budget Manager, to set up your overall budget. You can also edit an overall budget; however it cannot be renamed, copied or deleted. You can create numerous budgets but you cannot have two budgets with the same name. Top Tip You cannot copy a budget however they can be exported and reimported with another name. • • • • •
You can set the name or choose Overall Budget. Select your start date. To compare with actuals, set how far back you want to view (3, 6, 12 months) or select ‘None’ if you do not want to view actuals. Select the period you want to cover. You can choose 3, 6, 12 or 24 months. Then click Update to filter the budget by your selections.
Fill out rows using simple formulas You can fill out rows automatically using a simple formula. Click into the box you want to base a formula on, and then click the green arrow to start. The options to choose from are: • Apply fixed amount to each month to fill other boxes with the same amount • Adjust by amount each month to increase by that amount each month • Adjust by percentage each month to increase by a certain percent each month. Then click Apply to update the worksheet.
Apply a formula to all accounts To apply a formula to all accounts, click on the green arrow next to a month name in the header. From here, you can have the same formula options as before, which you can now apply to the entire worksheet. In addition you can also clear all months from that point on. Top Tip Save your budget regularly to avoid losing your updates.
Once the budget is set up you can then start using this to compare your actual data with the budget. When you run the Profit & Loss report choose the format ‘Actual vs Overall budget’. You can then choose the date range you want to look at. If you have set up a tracking category budget you can choose which budget to compare with under the Compare Periods tab. Then choose More Options to set the actuals to show the same tracking category.
The report will then show you the actual and budgeted figures for the date range chosen, the variance in GBP and in %. The year-to-date figures are also shown so you can easily see the overall position. If you would like any help or advice on budgeting please contact us at [email protected]. App review FUTRLI, formerly Crunchboards, is all-in-one forecasting and reporting for your business. It allows users to analyse their financial data to create reports and forecasts, either from scratch or using the included templates. As well as many other features, FUTRLI includes an indepth budget function. • • •
Simplify how you prepare budgets, and not a spreadsheet in sight. Their all-in-one engine lets you track your budget against auto-updating actuals, daily. If you have already built a budget, you can easily import it with their import template. As well as showing you a straight Profit & Loss actual vs Budget variance, FUTRLI will go a step further has the ability to forecast cash flow and balance sheet movements such as fixed asset purchases or VAT payments and their impact.
Need more info? Contact us at [email protected] or visit our online accounting page at http://www.krestonreeves.com/services/online-accounting. Kreston Reeves have made every effort to ensure accuracy at the time of publication. Information may be subject to legislative changes. Recipients should note that information may not reflect individual circumstances and should, therefore, not act on any information without seeking professional advice. We cannot accept any liability for actions taken or not taken as a result of the information given in this factsheet. Kreston Reeves LLP (registered number OC328775), Kreston Reeves Financial Planning Limited (registered number 03852054), Kreston Reeves Private Client LLP (registered number OC342713) and Kreston Reeves Corporate Finance LLP (registered number OC306454) all operate under the Kreston Reeves Brand and are together known as “Kreston Reeves”. Any reference in this communication or its’ attachments to “Kreston Reeves” is to be construed as a reference to the Kreston Reeves entity from which the advice originates. All entities are registered in England and Wales, and the registered office address is 37 St Margaret’s Street, Canterbury CT1 2TU. Further details can be found on our website at www.krestonreeves.com.
Website: www.krestonreeves.com Email: [email protected] Top Tips for Xero users January 2017 © Kreston Reeves
In this issue of Top Tips we cover how to enter a budget into Xero’s Budget Manager and our App review is Futrli (formerly Crunchboards). Creating a budget in Xero allows you to compare actual income and expenditure throughout the year. If you use tracking, you can also set up budgets for tracking categories. You use the Budget Manager worksheet, found under Reports > Budget Manager, to set up your overall budget. You can also edit an overall budget; however it cannot be renamed, copied or deleted. You can create numerous budgets but you cannot have two budgets with the same name. Top Tip You cannot copy a budget however they can be exported and reimported with another name. • • • • •
You can set the name or choose Overall Budget. Select your start date. To compare with actuals, set how far back you want to view (3, 6, 12 months) or select ‘None’ if you do not want to view actuals. Select the period you want to cover. You can choose 3, 6, 12 or 24 months. Then click Update to filter the budget by your selections.
Fill out rows using simple formulas You can fill out rows automatically using a simple formula. Click into the box you want to base a formula on, and then click the green arrow to start. The options to choose from are: • Apply fixed amount to each month to fill other boxes with the same amount • Adjust by amount each month to increase by that amount each month • Adjust by percentage each month to increase by a certain percent each month. Then click Apply to update the worksheet.
Apply a formula to all accounts To apply a formula to all accounts, click on the green arrow next to a month name in the header. From here, you can have the same formula options as before, which you can now apply to the entire worksheet. In addition you can also clear all months from that point on. Top Tip Save your budget regularly to avoid losing your updates.
Once the budget is set up you can then start using this to compare your actual data with the budget. When you run the Profit & Loss report choose the format ‘Actual vs Overall budget’. You can then choose the date range you want to look at. If you have set up a tracking category budget you can choose which budget to compare with under the Compare Periods tab. Then choose More Options to set the actuals to show the same tracking category.
The report will then show you the actual and budgeted figures for the date range chosen, the variance in GBP and in %. The year-to-date figures are also shown so you can easily see the overall position. If you would like any help or advice on budgeting please contact us at [email protected]. App review FUTRLI, formerly Crunchboards, is all-in-one forecasting and reporting for your business. It allows users to analyse their financial data to create reports and forecasts, either from scratch or using the included templates. As well as many other features, FUTRLI includes an indepth budget function. • • •
Simplify how you prepare budgets, and not a spreadsheet in sight. Their all-in-one engine lets you track your budget against auto-updating actuals, daily. If you have already built a budget, you can easily import it with their import template. As well as showing you a straight Profit & Loss actual vs Budget variance, FUTRLI will go a step further has the ability to forecast cash flow and balance sheet movements such as fixed asset purchases or VAT payments and their impact.
Need more info? Contact us at [email protected] or visit our online accounting page at http://www.krestonreeves.com/services/online-accounting. Kreston Reeves have made every effort to ensure accuracy at the time of publication. Information may be subject to legislative changes. Recipients should note that information may not reflect individual circumstances and should, therefore, not act on any information without seeking professional advice. We cannot accept any liability for actions taken or not taken as a result of the information given in this factsheet. Kreston Reeves LLP (registered number OC328775), Kreston Reeves Financial Planning Limited (registered number 03852054), Kreston Reeves Private Client LLP (registered number OC342713) and Kreston Reeves Corporate Finance LLP (registered number OC306454) all operate under the Kreston Reeves Brand and are together known as “Kreston Reeves”. Any reference in this communication or its’ attachments to “Kreston Reeves” is to be construed as a reference to the Kreston Reeves entity from which the advice originates. All entities are registered in England and Wales, and the registered office address is 37 St Margaret’s Street, Canterbury CT1 2TU. Further details can be found on our website at www.krestonreeves.com.
Website: www.krestonreeves.com Email: [email protected] Top Tips for Xero users January 2017 © Kreston Reeves
