Budget Sheet

The budget sheet is also known as the budget account.

The budget sheet is one of the various statements maintained by Government Offices in Nepal.

Budgetary control is concerned with the making of expenditures within the budget limit.

The budget account ensures appropriate utilization of funds and reduces the chance of misuse.

 

A budget sheet is a statement that contains annual appropriation, budget release and budget expenditures.

A budget sheet provides information of budget release, the amount spent under each head of expenditure and the balance at the bank.

It provides not only information about the budget but also supports the financial administration.

The government budget sheet is mentioned in AGF No. 208 (auditor general from number).

 

Importance of Budget Sheet

The main importance of a budget sheet is as follows:

It provides information about the budget released.

It helps to ascertain the annual budget for different budget heads.

It provides instructions to make expenses on different heads and sub-head.

It is a useful tool to control the budget of the government offices.

 

Use of Budget Sheet

A budget sheet is a very important statement for operating-level government offices.

A budget sheet is used for controlling budget expenditures.

It provides information about annual appropriation, budget release and budget expenditure under different budget heads.

It helps to maintain effective control over the budget.

  

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Parts of Budget Sheet

The main parts of the budget sheet are as follows:

·          Annual budget section

·          Budget release section

·          Budget expenditure section

 

Annual budget section

The annual budget amount is approved for different heads of expenditure.

The supplementary budget releases and appropriation of amount under different budget heads.

It is shown in this section with the necessary rules.

This section provides information on the allocation of the budget under each head of expenditure for a fiscal year.

 

Budget release section

The budget releases are shown in this section.

When budget releases are received, it is recorded in the related budget head.

 

Budget expenditure section

All budgeted expenditures are recorded in this section.

Expenditure done through petty cash funds is also recorded in this section.

On the basis of goswara vouchers, budgeted expenditures are recorded under corresponding budget heads.

At the end of each month, the total of each expenditure headings is calculated.

Aggregate total upto the previous months are added with the total of the current month as a cumulative total.

 

Preparation of budget sheet

The transactions are posted in the budget sheet on the basis of goswara voucher.

For the annual appropriation of the budget, goswara voucher is not prepared.

But for budget released amount and budget expenditures the goswara vouchers are prepared.

 

All the budget releases received and expenditures are recorded in the budget sheet.

Expenditure done through petty cash funds is also recorded.

Advance transactions are also recorded in the budget sheet.

When the advance is cleared the postings are made both within and outside the bracket.

The actual expenditure is posted, outside the bracket and advance cleared is posted inside the bracket.

 

 

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Closing of Budget Sheet

Under normal conditions, the budget sheet is closed at the end of every month.

It should be submitted to the central level office along with the expenditure report to get the budget release for the next month.

Finally, it is closed at the end of every fiscal year along with other books of accounts.

There are two types of budget sheet closing.

They are monthly closing and annual closing.

 

Monthly Closing

At the beginning of the fiscal year, the operating level office receives initial imprest fund in advance from central level office.

The operating level office should submit a budget sheet to the central level office along with an expenditure report at the end of every month.

It is essential to get a monthly budget release from the central level office.

Therefore, the responsibility of the operating level office is to close the budget sheet on monthly basis.

  

Budget expenditures upto the previous month	xxxxx
Or   Budget release upto the current month	xxxxx
Add:   Budget expenditures of the current month	xxxxx
Budget expenditures upto the current month	xxxxx
Total budget released	xxxxx

 

 

Annual Closing

At the end of every fiscal year, all accounts of the budget sheet should be closed.

It is known as the annual closing of the budget sheet.

This closing is done by adjusting the total budget amount release and total budget expenditures amount during a fiscal year.

If there is any surplus, it is deducted from the budget release of the fiscal year.

The budgetary control does not allow overspending of the budget under any head.

The surplus amount is depending on the budget release.

It is transferred to budget freeze or deposited into the consolidated fund.

 

Total budget release during the fiscal year	xxxxx
Less:   Total budget expenditures during the fiscal year	(xxxx)
Surplus budget (budget freeze or consolidated fund)	(xxxx)
Net budget	xxxxx

 

 

Format of Budget Sheet AGF 208

Central/Province/Local Level

AGF No. 208

Stamp of

Government of Nepal

Stamp of

Nepal Govt

Office Code No. xxx

State Govt

Budget Sheet

For the month of …

Budget Sub-head No.

Name of office: Local Level Office

P1 Bgt

Budget sub-head

21111

21112

22311

29311

29511

Salary

Office

Rent

Furniture

Vehicle

Total

Materials

Expenses

Appropriation of approved annual budget for FY

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Add or subtract the amount of budget transfer

xxxx

Add or subtract the amount of fund

xxxx

The accumulated budget (a)

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

P2 Rec

Date

VN

Ref.

Particulars

Budget released upto LM

xxxx

xxxx

xxxx

xxxx

xxxx

xxxx

Budget released for CM

xxxx

xxxx

xxxx

xxxx

xxxx

xxxx

Budget released upto CM (b)

xxxx

xxxx

xxxx

xxxx

xxxx

xxxx

P3 Exp

Total expenditures of CM (c)

xxxx

xxxx

xxxx

xxxx

xxxx

xxxx

Total expenditures upto CM (d = b + c)

xxxx

xxxx

xxxx

xxxx

xxxx

xxxx

Balance of budget (a – d)

xxxx

xxxx

xxxx

xxxx

xxxx

xxxx

 

 

Budget sheet, government accounting

 

 

 

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