How to create a Budget in Tally

This is the first Modi Budget and people had lots of expectations from first ever budget in the so called Modi Sarkar, but they did not quite well did up to the people’s expectations.

Although they did better than the last budget by the previous government but it was not up to the very high people’s expectations.

They became more aggressive on imposing service tax penalties for up to 30% p.a. which is very unrealistic and can lead to the closure of the business itself.

Let’s move on to our main topic i.e. budgets in Tally. Budget is an impressive tool to keep track on the business operations and to what extent the goals are achieved.

Budget can give a quick comparison about what did well and what did not in the business. It is a yardstick of measure which points exactly where to focus in order to achieve long term as well as short term goals.

In Tally, budgets can be prepared easily for any account or any group and comparison is available straight away in the same window.

For example, if you create a budget for all the balance sheet items, you can view budget in the balance sheet along with actual numbers and budgeted figures.

It also shows the variance from the budgeted figures.

Now this is something amazing especially when you are taking major business decisions.

Here’s what you will learn:

  • Enabling the Budgets feature in Tally
  • How to create budgets in Tally
  • How to check variance from budgeted and actual figures

How to create a Budget in Tally

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Have you ever created a budget in Tally? And if the answer is yes, then which budget did you created in Tally? Answer it in comments. 🙂

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