This module is about estimating costs, revenues, and resources over a specified period, reflecting a reading of future financial conditions and goals. When one logs in to Baraza Business Management System the first thing to be done is to create a Budget Plan that will be used to generate a Budget. When creating a budget plan one has to establish a Fiscal year that is the established period of time when an organization's annual financial records commence and conclude.
1. Fiscal Year: This is an accounting period of 365(6) days that does not necessarily have to correspond to the calendar year beginning on January 1st. The system allows the user to add 'New Fiscal Year'. Under 'Transactions' choose the option 'Fiscal Years', click on 'New', fill in all the required fields then click on 'Save'.
Once one has established the accounting period they can generate months for that specific period. Select a specific 'Fiscal year', choose the option 'Generate Months' then click on 'Action'
2. Budget Plan: Once a fiscal year is created it is automatically added to the Budget Plan. The system allows the user to add a 'Budget'. Under 'Transactions' choose the option 'Budget' and click on 'Budget Plan'. To add a 'Budget' double-click on a specific fiscal year, click on 'New' then 'Save'. The Budget provides the department that requires a budget for specific activities and the budget name.
Once a 'Budget' is created it has to be completed before it is generated. Choose a specific budget row, select the option 'Complete' then click on 'Action'
Go to 'Approvals' under 'Transactions', choose the specific budget, select 'Approve' then click on 'Action'
Once the budget is approved choose that specific budget, select 'Generate Budget' then click on 'Action'
3. Budget: Once the budget is generated it is automatically updated under 'Budget'. Double-click on the specific fiscal year for which a budget has been generated. The system allows the user to add 'Item Budget' of the specific generated budget.
To 'Add Budget item' double-click on the generated budget then click on 'New'. Fill in all the required fields then click on 'Save'
After all the budget details are added, an income expense plan of the budget has to be created. For that the budget has to be completed and approved
3. Income Expense Plan: It is a plan used to reflect the actual expenditure and income values that occur within an organization and a report is obtained at the end of the year. Once the budget has been approved an income expense plan can be generated. Double-click on the specific fiscal year for which a budget has been generated. The system allows the user to add 'Item Budget' of the specific generated income expense plan.
To 'Add Budget item' double-click on the generated IE plan budget then click on 'New'. Fill in all the required fields then click on 'Save'
Item budget can either be 'Expenditure budget' or 'Income budget'. The expenditure and/or income budget need to be completed and approved so that the user can 'Process the Requisition'. A 'Requisition' is an authoritative or formal demand for something to be done, given, supplied, etc.
Once the IE budget has been approved the user can process the requisition for both the expenditure and income budget.
Under 'Transactions' select 'Requisition'. Double-click on the specific requisition created. The system allows the user to add 'Item details' of the budget and get a 'Requisition Report'
The system allows the user to 'Edit' the requisition details. To 'Edit' click on 'Save', to 'Delete' click on 'Delete'.
The system generates a 'Requisition Report'
The user has to Complete and Approve a Requisition so that a 'Purchase Order' can be generated.
Baraza Business Management System allows the user to keep record of the number and types of items that are in a store after sales and purchase made during the financial year.
STOCK TAKE: It is considered as the action or process of recording the amount of stock held by a business.
«Click on the image on the left for further instructions/details on Stock Take