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Tally Prime Budget Management for Businesses

Chapter No 1

How to Create company in Tally Prime?

Once you install Tally Prime – It will re-direct to Select Company Menu

There you will get Create company option which shows in Below image.

You will be to provide the required company information. Fill in the following details:

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Company Name Skill Course ( Budget Management )

Address 4th Floor Jai Hind Estate,
2-b Dr.a.m Road, Kalbadevi
Mumbai
State Maharashtra
Country India
Pin code 400002
Telephone 02268886888
Mobile 9876543210
E-Mail skillcourse@gmail.com
Website Skillcourse.in
Financial Year Beg. 2023
Books Beg. 2023

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Chapter No 2

What is an Expenses Budget?

An expenses budget is a financial plan that outlines the projected expenses a business
expects to incur over a specific period. It helps businesses set financial targets and
compare actual expenses against the budgeted figures, facilitating better financial
control.

Why Use Expenses Budget in Tally Prime?

1) Enables effective cost management.

2) Provides insights into potential cost-saving opportunities.
3) Assists in making informed financial decisions.
4) Allows comparison of actual expenses with budgeted amounts for variance
analysis.

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Chapter No 3

Creating an Expenses Budget in Tally Prime

Administrative Expenses Budget Amount Actual Amount

Salaries 80,000 85000
Rent 30,000 30000
Utilities 25,000 22500
Office Supplies 25,000 25000
Miscellaneous 40,000 40000
Total 2,00,000 2,02,500

Enable Budgets in Tally Prime:

Go to Master -> Create -> Show More -> Budget.

Set "Name for Budgets and Financial Year (Administrative Expenses & 1st Apr 22 to 31st Mar
24)

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Now we are set a budget on “Group “so we select an Indirect Exp Group

Now select an Expense Group from the list

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Now select a type of budget

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Now define a budget value 2,00,000/-

Now Enter budget amounts for each ledger.

Now select a ledger for Exp.

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Creating a ledger for budget with Alt + C

After creating an all ledger for budget just mention a budget amt and accept a screen

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Now a check our budget is properly activated or not.

Goto -> Display More Report ->Trial Balance -> Press F10 (Budget
Variance)

Now select your budget -> Administrative Expenses

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Chapter No 4

Let's take an example of a fictional company, "Skill Course (Budget Management)" and
create an expenses budget for the Financial Year of 2023 (April to March).and pass a
demo payment entry in Payment vouchers (F5)

Now again check a budget report

Goto -> Display More Report ->Trial Balance -> Press F10 (Budget Variance)

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