How do I use Firm Budgeting?

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CARET Legal’s Firm Budgeting allows you to create many budgets, specifying a budget figure for any applicable Profit & Loss accounts. Budget figures can then be selected on the Profit & Loss Report comparing them to the actuals and displaying the differences.

To view and create a Firm Budget:

  1. Navigate to the Accounting section, then click on the Reports tab and select the Accounting Reports filter or scroll down and select Firm Budgeting.


  2. Set parameters by selecting a Budget Year and Budget Interval from the drop-down lists. Only budgets that meet those requirements are returned in the list.


  3. Select the + icon on the far right of the tab bar to create a new budget.


  4. Complete the fields:

    • Enter a Name.
    • Select a Fiscal Year from the drop-down list.
    • Select an Interval. Budgets can be created by Month, Quarter, or Year. Additionally, multiple budgets can be created for the same interval.
    • Enter or select a Basis for the budget.

  5. Click Save & New to save the budget and create a new one, or Save & Close to return to  the main screen. 

The Profit and Loss report utilizes the information collected when creating a new budget to overlay the budgeted figures with the current view.

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