Since budgeting has become a major business activity, the feature also has a budgetary provision. In addition, it enables preparation of various accounting statements such as Profit and Loss Statement, Balance Sheet and so on for a given year.
The budgeting can be done manually or dynamically based on the actual company performance of the previous years. In order to monitor actual performance against budget correctly and accurately, both accounts should use the same terminology.
“This feature helps you to achieve the requisite accounting standards and follows the double-entry system of accounting.”