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LINE ITEM BUDGET vs. ACTUAL Name of Event: ___ Date of Event: ___ SummaryActualBudgetedOver / UnderNotesActualBudgetedOver / UnderNotesTotal Income Total Expenses Income Less ExpensesIncomeTotal Income
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01
Determine the time period you want to track for your budget vs actual comparison.
02
List out all sources of income for the specific time period.
03
Identify all expenses incurred during the same time period.
04
Organize and categorize the income and expenses into relevant categories.
05
Calculate the total income and expenses separately.
06
Compare the total income to the total expenses to identify if your budget is above or below the actual expenses.

Who needs budget vs actual how?

01
Business owners.
02
Financial analysts.
03
Accountants.
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Anyone looking to track and analyze their financial performance.
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Budget vs actual is a comparison of the planned financial numbers with the actual financial results.
Any individual or organization that creates a budget and monitors financial performance is typically required to file budget vs actual.
To fill out budget vs actual, you need to compare the planned numbers from the budget with the actual financial results and analyze the variances.
The purpose of budget vs actual is to track financial performance, identify variances, and make informed decisions based on the analysis.
Information such as revenue, expenses, profits, and variances between planned and actual numbers must be reported on budget vs actual.
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