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DETAILS OF VARIANCES 75 ECONOMIC DEVELOPMENT 76 STATE OF HAWAII PROGRAM TITLE: PROGRAM ID: PROGRAM STRUCTURE NO: VARIANCE REPORT REPORTV61 12/11/15 ECONOMIC DEVELOPMENT 01 FISCAL YEAR 201415 THREE
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How to fill out details of variances
How to fill out details of variances:
01
Begin by gathering all relevant information and documentation related to the variances. This may include purchase orders, invoices, receipts, and any other supporting documents.
02
Identify the specific nature of the variances. Determine whether they are positive or negative variances and what factors may have contributed to them.
03
Clearly document the reasons for the variances. This could involve investigating inventory issues, production delays, pricing discrepancies, or any other factors that may have caused the variances.
04
Communicate with the appropriate individuals or departments to gather additional data or explanations for the variances. This could involve speaking with suppliers, production teams, or finance personnel.
05
Use a standardized form or template to record the details of the variances. This will help ensure consistency and accuracy in the information provided.
06
Include all relevant information in the details of the variances form, such as the date, description of the variance, explanations, supporting documentation, and any actions taken to resolve the variances.
07
Review and double-check the details of the variances for completeness and accuracy before submitting them.
Who needs details of variances:
01
Management: The management team of a company needs details of variances to understand the financial performance and identify any areas of concern or improvement. They use this information to make informed decisions and take necessary actions.
02
Finance department: The finance department requires details of variances to analyze financial data, ensure accuracy in the financial statements, and determine the impact of these variances on the company's financial health.
03
Auditors: External auditors often review the details of variances to assess the internal control systems and financial reporting practices of a company. They use this information to provide independent opinions on the accuracy and reliability of the financial statements.
04
Stakeholders: Shareholders, investors, and other stakeholders may require details of variances to evaluate the company's financial performance and make investment or partnership decisions.
In summary, filling out details of variances involves collecting relevant information, documenting the reasons for the variances, communicating with stakeholders, using standardized forms, and ensuring accuracy before submission. The details of variances are needed by management, the finance department, auditors, and stakeholders for various purposes.
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What is details of variances?
Details of variances refer to the specific differences or discrepancies between expected or planned values and actual results.
Who is required to file details of variances?
Any individual or entity responsible for managing the budget or financial performance of a project, department, or organization may be required to file details of variances.
How to fill out details of variances?
Details of variances can be filled out by compiling data on budgeted amounts and comparing them to actual amounts, then explaining the reasons for any discrepancies.
What is the purpose of details of variances?
The purpose of details of variances is to analyze financial performance, identify areas of concern or improvement, and make informed decisions to better manage resources and achieve financial goals.
What information must be reported on details of variances?
Information reported on details of variances typically includes a comparison of budgeted vs. actual amounts, reasons for any discrepancies, and actions taken or planned to address the differences.
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