Finance: Income & Expenditure

What it does

An institution with many departments needs to know, on any day, what came in under each head, what each department spent and what is left. This platform sets up the budget heads, lets finance allocate revenue against them, has each department log what it spends, and rolls it up into one report the head of the institution can read without a spreadsheet.

Who uses it

The head of the institution or the senior finance officer sets the budget heads and the departments and reads the consolidated picture. The finance department logs revenue, allocates funds and tracks daily expenses. Department users record their own revenue and expenditure and review their records.

How it runs

The budget heads and departments are created first, finance logs the revenue and allocates funds to them, each department records its own revenue and spending as it happens, finance reviews the expenditures and the daily expenses, and the consolidated financial data is reviewed at the top.

In government, and in a private business

For a development authority, a board or a university, the utilisation against each budget head is a figure that exists today, not one assembled for the annual accounts. A department that overspends is visible in the month it happens.

In an owner-run business this is not an accounting product and does not replace the book of record; the accountant keeps that. It sits beside it as the place where each department’s spend against a budget is captured and approved before it reaches the ledger.

How it runs, step by step

1. SetupSuper Admin creates budget heads and departments.
2. AllocateFinance logs revenue and allocates funds.
3. Log activityDepartment users record revenue and expenditure.
4. Review expensesFinance tracks expenditures and daily expenses.
5. ReportingSuper Admin reviews consolidated financial data.