Only this way one can verify that an organisation, or a project is on track.
You should make /adapt this overview monthly, quarterly, or after a large project or expense is accomplished.
If the amount and number of transactions is limited, a quarterly review might be sufficient.
- (approved) Yearly budget (proactively)
- Bank transactions (actuals)
- Debit credit (actual income & expense: aggregation of bank transactions)
- Expense provision (planned expenses, delayed invoicing, possibly income)
- Budget status (incremental, YTD, till EOY)
- Bank status (planned income & expenses till EOY)
- For each expense (or income) a budget item is assigned.
- Then you can create a pivot table to aggregate your expenses (or income)
- Then you can compare the actuals (YTD) with the budget
- For historical comparison, you can keep monthly, or quarterly results