Budgets
The Accounting module offers two ways to view and adjust budgets. You can use the Budgets screen to manually enter a budget amount for the desired accounts or you can use Budget Projections to adjust the current budget based on a percentage of either the prior year's actual income or budget amounts.
Access Budgets
To access from the Button Bar, go to Budgets > Budget
Church Budgeting Goals
Creating an annual budget is an important financial management tool for any organization. Creating an annual budget includes the following purposes:
Financial Planning
A budget provides a framework for planning and managing the financial resources of the church. It allows the church to identify its income and expenses for the year ahead, and plan accordingly.
Resource Allocation
A budget helps the church allocate its resources effectively. By identifying its financial priorities, the church can allocate funds to the most important activities and programs.
Accountability
A budget helps the church to be accountable to its members and stakeholders. It provides a clear picture of how the church plans to use its financial resources and helps to ensure that funds are being used in accordance with the church's mission and values.
Control
A budget allows the church to control its finances more effectively. By setting spending limits for various activities and programs, the church can ensure that it does not overspend and that its financial resources are being used wisely.
Decision Making
A budget provides a basis for decision making. It helps the church to evaluate its financial position and make informed decisions about spending and resource allocation.
In summary, creating an annual budget is an important financial management tool for churches. It provides a framework for financial planning, resource allocation, accountability, control, and decision making. By creating and adhering to a budget, churches can ensure that their financial resources are being used effectively to support their mission and activities.