Budget vs. Actuals Report

  • Updated

The term "Outgoings" differs across regions. For our Asia-Pacific customers, it's often referred to "Budgeted Outgoings." European users will see it labelled as "Service Charge," while those in North America might find it listed as either "Budget Outgoings" or "Operating Expenses." The terminology used in the app adjusts based on your location. For additional clarity on regional vocabulary, please see our Glossary of Regional Terminology.

This article will lead you through the steps to generate the Outgoings Budget vs Actuals Report within your platform. A vital tool for property management, this report provides a side-by-side comparison between budgeted expenses and actual costs, empowering you with the insights needed to maintain precise financial records for your property.

 

Generating the Report

To access the Outgoings Budget vs Actuals Report, follow these simple steps:

  1. Navigate to Reports within the platform. You can find this either in the budget section or under the Reports tab.
  2. Once there, select the Budget vs Actuals Report.

 

Setting Report Filters

With the report open, you'll then set your criteria using the available filters:

  • Report For - Choose which company's data to include in the report.
  • Property to Include - Specify the property of interest.
  • For the Budget - Select a budget; it may be at any processing stage.
  • Show Breakdown by Cost Classification - If you need detailed expense categories, check this option.
  • Show Summary View - For a less detailed overview, select this to see a summary by schedule.
  • Show Account Not Included in Budget - Use this to include expenses that were not part of the original budget.

If you require a comprehensive analysis, opt for the monthly breakdown to view expenses month-by-month according to each budgeted schedule. By enabling the Break down by Month option, the report becomes more descriptive, offering a detailed analysis of projected versus actual expenses for each month. This feature also adds a graphical representation to visually illustrate the variance between the budgeted (Service Charges/Budgeted Outgoings) and actual spend over the budget period.

 

Understanding Actual Costs

The Outgoings Budget vs Actuals Report doesn't just provide figures; it lets you dig deeper into each expense:

  1. Locate any Actual Cost entry in the report.
  2. Click the entry to access corresponding invoice details directly for in-depth analysis.

click thru actuals.gif

Analyzing the Report

The report's layout facilitates an easy comparison between the budgeted and actual figures:

  • Detect areas where expenditures more greatly or less than expected.
  • Observe spending trends throughout the covered period.
  • Cultivate well-informed strategies for budget reallocations or recoverable expenses from tenants.

The graphical element included in the monthly breakdown is particularly useful for identifying financial patterns, which can then be communicated effectively to stakeholders or during financial reviews.

 

Handling Unallocated Expenses

Occasionally, you'll find expenses that aren't assigned to any budgeted schedule:

  1. These can be allocated properly through the Expense to Schedule tab within your budget overview.
  2. If you have accurately assigned all expenses, this section won't appear in your report.

 

Troubleshooting Discrepancies

If the figures don't add up, you may need to review the chart of account codes used during invoice entries. For those using Xero integration:

  • Check that each property's tracking code aligns correctly with the expenses detailed on your invoices.

Related to

Was this article helpful?