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Finance Management

Custom Setting

  • Navigate to setup and find “Custom Settings” in the quick find box.
  • Find “Module” custom setting and click the “Manage” button.
  • Click the ‘New’ button and create a record by name “Finance”, make sure the Run checkbox is selected, this controls the Activation/Deactivation of Finance Module.

Fiscal Year Setup

  • Navigate to setup and find “Fiscal Year” in the quick find box.
  • Select “standard Fiscal Year”
  • Select the fiscal year start month and select whether the fiscal year is based on the starting month or the ending month.
  • Click the “Save” button and confirm the changes.

Finance General Ledger

Finance general ledger is used to track all the financial transactions and it the primary accounting record for a business. The finance general ledgers holds the accounting information that is needed to prepare company’s financial statements, including the Balance sheet and the Income statement and includes accounts for assets, liabilities, owner’s equity, expense and revenue.

  • Navigate to the Finance Management app >Finance General Ledger Tab.
  • Enter the Name of the general ledger.
  • Select the Organisation and click the “Save” button to create a general ledger record.

Chart of Accounts

Chart of Account is a unique record of each type of asset, liability, equity, income/revenue, and expense. A very important reason to have COA in the system is to let the users quickly get a glance at a company’s financial health and segregate assets, revenue, liabilities, and expenses. It provides the complete listing of each account in the accounting system and ERP Mark7 has the flexibility to tailor the company’s COA that best suit its business process. It is available for recording transactions in the finance general ledgers.

  • Navigate to the Finance Management app >Chart of Accounts Tab.
  • Click the “New” and select the Record Type of the chart of account, click the “Next” button.
  • Enter the Name of the chart of account and select the active checkbox.
  • Select General Ledger and Organisation from the lookup.
  • Click the “Save” button to create the Chart of Account record.

The following basic chart of accounts should be created in the system.

Chart of Account Name Record Type
Inventory Assets
Checking Assets
Cash Assets
Accounts Receivable Assets
Retained Earnings Equity
Owner's Equity Equity
Cost of Goods Sold Expense
Rent Expense
Sales Income/Revenue
Sales Return Income/Revenue
Sales Discount Income/Revenue
Sales Tax Liabilities
Accounts Payable Liabilities
Sales Tax Payable Liabilities
Goods Received Not Invoiced Liabilities

To start a New Business Process, Create a "Stockholders Equity" or "Owners’ Equity" COA with opening balance as per the requirement.

Note: When creating a new Account (Organisation) or existing Account (Organisation) make sure the field Account Type is set to "Organisation". If the field is not found on the page, add it to the layout. And on the Account (Organisation) detail page Default checkbox should be checked.

Chart of Account Mapping

Chart of accounts mapping allows processing of balance and supports the ability to correlate a source chart of account to target chart of accounts. The posting functionality in ERP Mark7 enables the finance general ledgers to create a relevant finance general ledger entry with the relevant chart of account information and transaction in it. To create the chart of account mapping follow the following steps

  • Navigate to the Finance Management app >COA Mapping Tab.
  • Click the “New” and enter the name of the COA Mapping name.
  • Select the Chart of Account from the lookup.
  • Select Tax or Discount checkboxes if the COA Mapping created is for tax and discount purpose.
  • Click the “Save” button to create the COA Mapping record.

Accounting Period

Create the accounting period for the fiscal year, i.e., create the accounting period for all the months of the fiscal period for which the financial statements are prepared. It basically imitates the basic twelve-month calendar.

  • Navigate to the Finance Management app >Accounting Period Tab.
  • Click the Accounting period button in All Accounting Period list view.
  • Select the Organisation for which the accounting period records are created.
  • Enter the Start Date and End Date of the fiscal period.
  • Click the “Create” button to create the accounting period records.
Posting of invoices ensures that the transaction has been recorded in the Finance general ledger of the company. If the organisation operates on a cash basis or on an accrual basis, the invoices and payment can be posted at any given time. Whenever invoices are posted, accounts receivable and sales-related ledger entries are created in the system. Similarly, when payments are posted, payment-related debit and credit ledger entries are created in the system automatically. One must ensure that all invoices are posted with a date for the current year to ensure the accounts receivable are created for the correct period of the year.Posting Invoices:

  • Navigate to the Order Management app >Sales Order tab.
  • Select the sales order whose invoice must be posted.invoice1
  • On the related tab, click on the invoice number to open the invoice record.
  • Click the “Edit” button and select the “Posted” checkbox.invoice2
  • Click the “Save” button to apply the changes. Upon saving the record, a finance general ledger entry is created for accounts receivable and sales accounts.

Posting Payments:

  • Navigate to the Order Management app > Sales Order tab.
  • Select the sales order whose payments must be posted.
  • On the related tab, click on the payment number to open the payment record.payment1
  • Click the “Edit” button and select the “Posted” checkbox.invoice2
  • Click the “Save” button to apply the changes. Upon saving the record, credit and debit entries are automatically created in the system for the posted payment.

Posting Supplier Invoices:

  • Navigate to the Order Management app > Purchase Order tab.
  • Select the purchase order whose supplier invoice must be posted.
  • On the related tab, click on the purchase/supplier invoice to open the invoice record.invoice3
  • Click the “Edit” button and select the “Posted” checkbox.invoice2
  • Click the “Save” button to apply the changes. Upon saving the record, a finance general ledger entry is created for accounts payable and asset accounts.

Posting Supplier Payments:

  • Navigate to the Order Management app > Purchase Order tab.
  • Select the purchase order whose payments must be posted.
  • On the related tab, click on the supplier payment number to open the supplier payment record.payment2
  • Click the “Edit” button and select the “Posted” checkbox.invoice2
  • Click the “Save” button to apply the changes. Upon saving the record, credit and debit entries are automatically created in the system for the posted payment.

The Finance module in Aqxolt ERP Mark 7 provides real-time insight into the overall financial status of the organisation. It provides, automates and streamlines the entire financial management process, as well as simplifies user adoption and processes by its seamless integration. Aqxolt ERP Mark 7 provides a complete suite of components involved in financial processes like General Accounting, Accounts Receivable, Accounts Payable, Commission Accounting and Reconciliation with bank feeds. It has been intelligently designed to handle multiple business units. It is completely integrated with other ERP modules like Order Management, Manufacturing Management, Supply Chain Management and Employee Management. It empowers you to track all entries into comprehensive general entries. It also enhances decision making with insightful reports and dashboards.

General Accounting

This is a combination of all the processes related to financial activities in an organisation, such as providing the financial report form balance sheet, profit and loss statements and trial balance. To begin with the configuration every organisation requires a finance general ledger and a chart of accounts for the financial year.

Create an Accounting Period

  • Navigate to the Finance Management app > Accounting Period tab.
  • Click the “New” button to create a new Accounting Period.
  • Enter the Accounting Period Name and select the status.
  • Enter the Start Date and the End Date of the accounting period.
  • Click the “Save” button to create the accounting period record.

Create Chart of Accounts

  • Navigate to the Finance Management app > Chart of Accounts tab.
  • A chart of accounts can be created for different types of accounts, such as Sales, Liability, Assets, Equity or Income/Revenue from the available record types.
  • Click on the “Add New Chart of Accounts” button to create a new chart of accounts record for the selected record type.

coa1

  • Enter the name of the chart of account; select the financial year, account type and other details.
  • Enter the  Organisation and Business Unit details.
  • The opening balance of the account will be 0 if the account is starting in the current financial year; otherwise, the opening balance will be the closing balance of the same account in the previous financial year.
  • Enter the accounting start and end dates.
  • Click the “Save” button to create the chart of account.

Note: When creating a new Account (Organisation) or existing Account (Organisation) make sure the field Account Type is set to "Organisation". If the field is not found on the page, add it to the layout.

Field to note:

Fields Details
Is Contra: If the contra checkbox is checked, the chart of the account will be a contra account.
Opening Balance: The balance brought forward at the beginning of a new accounting period, on the credit or the debit side of the ledger.
Closing Balance: The amount remaining in an account within a chart of accounts, positive or negative, at the end of an accounting period or at year end.
Total Credit: The total credit amount of the financial year.
Total Debit: The total debt amount of the financial year.
Financial Year: Select the financial year of the organisation; usually the financial year is the period between 1 April and 31 March.
Calculated Ending Balance: The calculated balance of the account for the given financial year. This is used to identify the starting balance of the next financial year account.
Bank Account: Selects the bank account of the organisation used to do all the accounting transactions
Account Code: A six-digit number that indicates the type of revenue, expenditure or transfer being recorded.
Account Information
Account Type: Indicates the account's purpose. For example, the account type could be Current Liabilities or Long-Term Liabilities.
Accounting Period Start Date: Start date of the accounting period; it can be the same as the start date of the financial year.
Accounting Period End Date: End date of the accounting period, it can be the same as the end date of the financial year.

Create Finance General Ledger for the financial year

  • Navigate to the Finance Management app > Finance General Ledger tab
  • Click the “New” button to add “Finance General Ledger”.

financeGL1

  • Select the financial year and enter the start and end dates of the general ledger entry.
  • Enter the name of the finance general ledger and enter the accounting period start and end dates.
  • Select the “Active” checkbox to make the finance general ledger active

Trial BalanceThe trial balance helps ensure that the total amount of debits is equal to the total amount of credits. The trial balance shows, for the given organisation and general ledger, the account balance as of a selected date, the total sum of debits and the total sum of credits as of the selected date. At the end of the trial balance report, the total sum of debits must equal the total sum of credits.

TRIALBal

Use the Filters section to view the trial balance for the selected organisation and the selected dated specification. Select the organisation for which the trial balance is required; the trial balance post transactions of the finance general ledgers inherited by the selected organisation. Select the “From” date when the total balance will be considered. Select the “To” date when the total balance will be calculated.

The system offers an option to download the trial balance for the selected criteria in PDF format on your local system; click the “Download PDF” button.

The balance sheet is one of the core financial statements used by the accountants. Financial statement that summarises a company’s assets, liabilities and shareholder’s equity at a given point in time. It gives owners an idea as to what the company owns and owes.

To access Balance sheet, navigate to the Financial Management module and click the Balance sheet tab.

The report generated is based on the current fiscal year. This will display amounts till the present posted transaction.

You can use the filters and calendar tool to drill down the balance sheet and know the company’s financial position at any point in time or as opposed to a given period. The balance sheet is divided in to two columns, one is for assets and the other is for liabilities and stockholders’ equity. Fundamentally, the balance sheet must balance the total amount of assets with the total amount of liabilities and stockholders’ equity.

balance-sheet1

The balance sheet is auto-calculated using the latest data from the company’s accounts, which means the balance sheet is created in real time. With Aqxolt ERP’s balance sheet, you don’t have to be a professional to do manual calculations. Whenever a transaction record is created, all the calculations and finance general entries are created automatically, eliminating errors in the balance sheet.

balance-sheet2

View the data that matters to you by using the filters provided to you. You can import the balance sheet for the selected organisation and duration in PDF format by clicking “Download PDF”. To make good decisions by comparing financial data, click “Compare Financial Data”. Compare the data of your interest by using filter criteria and viewing the chart data annually, quarterly and monthly. View and download the tabular data by clicking “Download PDF” for the financial year.

Let’s drill down the balance sheet closely. Depending on the nature of the business, the asset side of the balance sheet may contain many items, some of the examples includes Cash, Inventory, Accounts, receivable, Checking etc.,

The basic equation of the balance sheet states that the liability and the owner’s equity of a business are equal to the total sum of its assets.

Assets = Liabilities + Owner Equity

The other side of the balance sheet displays liabilities and stockholders’equity. Liabilities are obligations and debt payable to the other entity. Some of the examples of liabilities includes Sales tax, Accounts payable, Sales tax payable, Goods received not invoiced etc.,

Equity is the value of company’s capital. The basic equation of assets can be used to calculate the owners’ equity

Owners’ Equity = Liabilities – Assets

If the equation returns negative value then it is dangerous to the growth of your business and difficult to secure the finance of the company. Some of the examples of equity includes Retained earnings, Owners’ equity, Remuneration etc.,

Let’s illustrate an example to understand balance sheet. One of the customers in Universal stores purchases Phone and its selling price is $1200 and the cost price is $900. The system generates a sales order for the customer with the invoice amount $1200. The profit made by Universal store is calculated using the following equation.

Profit = Selling Price – Cost Price

Therefore, the profit made by Universal Store is $300.

The sales order summary is illustrated in the table below

Sales order SO-xxxx Customer: Serah
Qty Unit Price Total Price
1 1200 1200
Tax (20%) 240
Sub Total 1440
Discount (10%) 144
Total Amount 1296

 

The payments on the balance sheet are recorded only when the invoice is posted.

When we make a sale, and Post the Invoice
Chart of Account Credit Debit
Sales 1200
Accounts Receivable 1296
Sales Tax Payable 240
Sales Discount 144
1440 1440
Balance After Sale
Sales 1200
Accounts Receivable(Mckinsey) 1296
Sales Tax Payable 240
Sales Discount 144

Customer Serah makes the payment against the Invoice

Serah Pays to Invoice Amount
Invoice Amount 1296
Cash Payment 1296
Sales Order Status Paid
Sales Order Stage Shipped
When customer makes payment (Cash) to Invoice
Chart of Account Credit Debit
Accounts Receivable (Serah) 1296
Cash 1296 
Balance After Customer Payment Against Invoice
Sales 1200
Accounts Receivable (Serah) 0
Sales Tax Payable 240
Sales Discount 144
Cash 1296

Let’s illustrate an example to understand balance sheet when sales return happens. Serah the customer of Universal Stores would like to return one of the items from the sales order purchased by her. The system generates a Return Merchandise Authorisation for the customer and the net sales is calculated by the following formula.

Net Sales Formulae = Sales - (Sales Return + Sales Discount)

When a sale Return
Chart of Account Credit Debit
Sales Return 1200
Sales Discount 144
Cash 1296
Sales Tax Payable 240
1440 1440
Balance After Sales Return
Sales 1200
Accounts Receivable (Serah) 0
Sales Tax Payable 0
Sales Discount 0
Cash 0
Sales Return 1200

Similarly, let’s illustrate an example understand balance sheet when Universal stores purchases an item. Aqxolt ERP helps in accounting of vendor invoices that the vendor bills towards the order. When the user raises the Purchase order to purchase item A and item B, the system creates a voucher against the purchase order. Every time a voucher is posted a general ledger entry is created in the system reflecting the credit and debit balance of the chart of accounts created for purchases.

Inventory
Product Name Serial No Cost Price Selling Price Profit(SP-CP) Available Stock Stock Inward
Item A 2345-5436-2356 78000 90000 12000 2 2
Item B 2345-5436-2378 88000 100000 12000 2 2
After Voucher is Posted the Following Ledger Entries Will be Created
COA Credit Debit
Purchase 332000
Accounts Payable 332000
Inventory Accounting
COA Balance
Inventory 332000
Accounts payable 332000
Accounts Receivable 0
Sales 0
Purchase 0
Sales Return 0
Sales Tax 0
After Stock In Ward (Item A (2345-5436-2356)) is Posted The Following Ledger Entries Will be Created
COA Credit Debit
Inventory 156000
Purchase 156000
After Stock In Ward (Item B (2345-5436-2378)) is Posted The Following Ledger Entries Will be Created
COA Credit Debit
Inventory 176000
Purchase 176000

When an Universal store returns an item purchased the system creates a transaction entry for the return purchase order and the following chart of accounts are affected.

The Following Ledger Entries Will be Created If Not paid
COA Credit Debit
Accounts payable 0 88000
Inventory 88000 0
The Following Ledger Entries Will be Created If Paid with Cash
COA Credit Debit
Cash 88000
PurchaseReturn 88000

The profitability of a company for a specified period of time is shown on an Income statement. The business can choose the time period the statement covers. It is an organisation’s ability to record net profit or loss over a specific accounting period. The income statement provides an overview of the organisation’s sales and net income. Aqxolt ERP covers both the operating and non-operating portions of the income statement. The operating part of the income statement discloses records about expenses and revenue that are directly associated with regular business operations, whereas the non-operating part of the income statement discloses records of expenses and revenue that are not directly associated with regular business operations.

The income statement is important because investors can use it to analyse the profitability of the organisation. It plays a significant role in making decisions about whether to invest in the organisation.

View/Download an Income Statement

  • Navigate to the Finance Management app > Income Statement tab.
  • Once in the Income Statement tab, you can track/view the organisation’s revenue and expenses for the current fiscal year.

  • The user can use the date filter to view the income statement for a specific period of time, then click the “Refresh” button to fetch the revenue and expense details for the specific period of time.

  • Aqxolt ERP allows users to download the income statement in a PDF format simply by clicking the “Download PDF” button.

Aqxolt ERP allows the user to use the income statement for comparison. It is used to compare fiscal year data and fiscal quarter data. It typically allows users to compare the present year with two years of historical data.

  • On the Income Statement tab, click the “Compare Income Statement” sub tab.

  • To compare the data, from the filter select the fiscal year or fiscal quarter options and the date.
  • The system will display the tabular data for the selected filter criteria.
  • To download the tabular comparison data, click the “Download PDF” button.

Aqxolt ERP provides the user with accurate chart data based on the selected filter criteria. Click on the links on the right-hand side next to the chart to view the chart data Annually, Quarterly and Monthly.

Create prepayments

  • Navigate to the app menu and click the Accounts tab.
  • On the tab related to the customer account record, find the related Prepayments list.
  • Once in the Prepayments section, you can track the prepayments already filled in and create a new prepayment.
  • Click the “New” button to create a prepayment record. Select the “Credit” record type and click the “Next” button.
  • Enter the Prepayment Name, Applied Date and Credit Amount.
  • Click on the “Save” button to create a credit prepayment record.

Create payments

  • On the tab related to the Prepayment record, find the list related to Payments.
  • Once in the Payments section, you can track the payments already filled in and create a new payment.
  • Click the “New” button to create a payment record. Select the Prepayment record type and click on the “Next” button.
  • Enter the Payment Name and Amount, as well as other payment details for the prepayment.
  • Select the Payment Gateway, the Status and the Type of prepayment.
  • Click the “Save” button to create the payment record.

Payment using prepayment credit

Using Aqxolt ERP, you can make prepayments in the following ways:

  • From the ePoS page
  • From the Invoice detail page

Prepayment credit payments from the ePoS page

  • Create the sales order as described in Creating a sales order through the Sales Orders tab.
  • Navigate to the “Payments tab” in ePoS and click on the “Apply Credits” button.

  • The system will automatically fetch the Invoice Amount, Total Due and Available Credit. Enter the “Redeem Credit” and click the “Pay Now” button
  • You will see that a Credit type payment record has been created.

Prepayments from the Invoice detail page

  • Navigate to the app menu and click on the Invoices tab.
  • Once in the Invoice section, you can track the invoices already filled in and create a new invoice.
  • Select the invoice for payments. On the detail page, navigate to the “Redemptions” button.

  • Click the “Apply Credits” section on the left-hand side.
  • The Apply Credits redemption page shows the invoice and the total due amount details along with the available credit amount, as shown below.
  • Enter the Redeem Credit and click the “Pay Now” button.

Aqxolt ERP enables tax calculation and eliminates manual processes that are subject to human error.

Taxes in Aqxolt ERP can be applied in the following ways;

  • Assign the taxes on the Sales Orders
  • Assign the taxes on Products
  • Assign the taxes on Shipment

Create a Tax Record

  • Create a Tax record by navigating to the Order Management app > Tax tab > New.
  • Enter the Tax Code and select the Effective Date and Expiry Date.
  • Select the Type of the tax, whether it is a Sales, Service or Shipping tax.
  • Select the Country and Province; If both country and province are selected then the Tax will be applied for that province only.
  • If Province is not selected then the Tax is applied for the Country.
  • If Province and Country both are not selected then the Tax will be considered General and will be applicable to all Orders.
  • Enter the Tax Rate in percentage.
  • Select the Account Profile (Customer Profile) to which the taxes are applied.
  • "Apply tax on" field lets you to apply taxes on selling price of the product or the cost price.
  • Check the Active checkbox to make the record Active.
  • To apply the tax on a specific product, select the product from the lookup; If not keep it blank. This Tax record will be considered to Apply taxes on Sales Order.
  • Click the “Save” button to create the Tax record.

Assign the Taxes on the Sales Order

Every Sales Order is generated for a Customer and the Customer is associated with a Customer Profile.

In the related list of Customer Profile, Tax record will be available if created as mentioned in the above steps.

Assign the Taxes on Products

When a tax record of type Sales or Service Tax is created with the product in it, the system applies the tax on the sales order line item that contains the same product in it.

Assign the Taxes on Shipment

When a tax record of type 'Shipping' is created, the system applies the tax on the Sales Order Shipping Amount field.

The Shipping Tax will be calculated based on the Tax Sourcing Rule on the Customer Profile which can be Source or Destination.

Fields to Note:

Field Description
Tax Code Describes the Tax record Name.
Country Tax codes are unique for every country. This describes the country for which a Tax record is created.
Province Every province differs in the tax rate. This field describes the province for which the Tax record is created.
Type Describes the type of Tax, whether it is a Sales, Service or Shipment Tax.
Effective Date Describes the date from when the Tax record is effective for use.
Expiry Date Describes the date from when the Tax record can no longer be used.
Tax Rate Describes the percentage of tax applied.
Product Describes the product associated with the Tax record. This field is mainly used when product-specific taxes are created.
Apply Tax On Describes whether the tax is applied to 'Selling' or 'Cost' price of the product
Account Profile Different Taxes can be applied for different Account Profiles. Account Profile (Customer Profile) should always be selected while creating a Tax record

Generally, every organisation operates its finances with at least one bank account. An organisation can have one or more bank accounts operating on multiple currencies. An organisation makes daily, weekly or monthly deposits depending on the nature of the business. The deposits could be in the form of cheques, cash or credit/debit card receipts. Aqxolt ERP’s Bank Reconciliation ensures that payments of any form are processed and deposited in the bank.

Reconciliation of Bank Records:

 

  • Navigate to the Finance Management app > Bank Reconciliation
  • Enter the Reconciliation Name for identification.
  • Select the organisation and the bank account associated with the organisation.
  • Enter the start and end dates for reconciling the journal entries of the specified period.
  • Click the “Save” button to create a bank reconciliation for the organisation.

  • Download the bank statement template.
  • Click the “Import Bank Statement” button and select the bank statement to reconcile. (Note that the bank statement should be in .csv format.) The bank statement entries will appear in the section below.

 

 

  • Click the “Reconcile” tab to begin the bank reconciliation for the specified period.
  • Click the bank statement entry on the left-hand side and find its match on the right-hand-side transactions section.

  • Click one or more transactions for each bank statement entry and click the “Reconcile” button.
  • To find and match the transactions, click on the “Find & Match” tab in the transactions section on the right-hand side.

  • Search the transactions by entering at least two characters of the transaction name or reference number. Also, you can search by entering the amount. Click the “Go” button to find the match.
  • To create the transaction, click the “Create” tab and select the payment type. Enter the category and amount, then click the “Reconcile” button.

  • To undo the reconcile, click the “Undo Reconcile” tab. Then click the undo button under the “Actions” section.

The biggest concern in terms of project failure involves establishing an unrealistic time and cost to drive a project. An unrealistic time and cost lead to poor decision making. A good project management system requires the organisation to collaborate with all the departments because not all the information is available at the beginning of the project in project lead manufacturing companies. Aqxolt ERP provides the solution to handle project management issues.

Create Budget Account:

  1. Navigate to the Finance Management app > Budget Account tab.
  2. Once in the Budget Account tab, you can track/view the employee information already filled in and create a new Budget Account record.budget1
  3. To create a new employee, click the “New” button.
  4. Select the organisation and business unit details of the budget account.
  5. For accounting purposes, select the relevant chart of the account.
  6. Before the budget is allocated to a project, the manager must approve it. Select the Approver and enter the submitted and approved date of the budget.
  7. Enter the name of the budget and the financial start and end date.
  8. If the budget is of the type carry forward, check the budget carry forward checkbox and select the carry over the budget account.
  9. Enter the spend amount and the amount of the budget account and select the status.
  10. Click the “Save” button to create a budget account for the organisation.

Aqxolt ERP helps project managers develop estimates for cost and project timelines based on the company revenue, assets and workforce involved. A quick way to estimate project cost is by calculating the machine usage cost, workforce cost, material cost and overhead costs associated with each process and schedule involved within the project. This will help project managers manage projects and control budgets proactively.budget2

Fields to note:

Field Description
Budget Name Describes the name of the budget account allocated to the project for its identification
Chart of Account Describes the account available for transactions in its general ledger
Approver Provides the name of the person responsible for approving the budget
Approved Date Describes the date on which the budget was approved
Submitted Date Describes the date on which the budget account was submitted for approval
Financial Start Date Describes the start date of the financial year
Financial End Date Describes the end date of the financial year
Carry Over Budget Account Describes the remaining amount that can be carried for the commitment to the new financial year
Status Describes the status of the budget account whether it is submitted for approval, committed or approved
Budget Carry Forward Indicates whether the budget account is of the type carry forward
Spend Amounts Describes the amount spent from the allocated budget
Amount Describes the amount allocated to the budget