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Budgets

Use budgets to plan, set goals, make decisions and monitor the health of your business. A budget can identify the areas in your business that are going better or worse than expected. Preparing a budget is critical to cash flow planning and keeping an eye on expenditure.

Before you start, define your business goals to make sure you're focused on the right things.

To make sure your budget runs smoothly, you should check for and delete any inactive linked or header accounts in MYOB Business. Then, you're ready to create your budget.

Because all of your data is in the one place, you can easily check how your business is performing against your budget whenever you want.

Define your business goals

Before you dive in to budgets, it’s important to understand what you want to achieve. Do you want to grow sales, are you planning to expand or do you need to keep an eye on cashflow?
When you’ve decided on your goals, you need to translate them into figures. There’s a lot of information you already have that can make sure these figures are as realistic as possible.

You might want to look at things like:

  • Business plans for sales, marketing, production, staffing and product lines

  • What you made and spent in other years, by looking at bank and activity statements

  • What you're planning to buy, like plant or equipment you're going to buy or dispose of

  • Any major events that will impact the budget period, such as opening or closing a business location

  • Existing budgets that you can use as a basis for this period's goals.

Check your linked accounts and header accounts

It's a good idea to check that your linked accounts and header accounts are not set as inactive, as this can prevent you running a budget. You may need to delete inactive header accounts and re-create them (find out more about linked accounts and header accounts).

Create a budget

Speed up creating a new budget by importing figures from another budget in MYOB or by importing actual figures. Duplicate a budget if you want to copy another budget's settings and filters, as well as its figures.

Once you've imported or duplicated a budget, edit it to your requirements.

If you don't have budget data to import, create a budget by entering amounts manually. There's a number of handy features that help you do this faster.

Compare your performance against your budget

During the budget period, you can check the performance of your business against your budget forecast. As circumstances change you may need to change your budget targets.

Revise your budget

If the performance of your business differs from what was projected in your budget, you may need to adjust your targets by editing your budget.

Exporting, saving and printing

You can export a budget as an Excel spreadsheet or PDF by clicking Export. Note that you must enable editing of the spreadsheet from within Excel. If editing is disabled, the spreadsheet will not display the totals calculated in the budget.

When exporting PDFs, you can also choose which style template you want to use. When the PDF displays, you can save it.

When viewing a budget, click View and print to display the budget as a PDF in a new browser tab, where you can save or print it.