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What is the difference between the variance options

Flash provides optional variance columns in certain report templates.

Budget Variances

There are two sets of budget variances:

  • Over Budget (as used in QuickBooks)
    • Over Budget Value - Always calculated as the actual minus the budget amount. Therefore shows the amount by which the actual exceeds the budget.
    • Percent Of Budget - The actual divided by the budget. Therefore shows the percentage of budget achieved or utilized so far.
  • Variance
    • Variance Value - calculated as actual minus budget for Revenue, Assets and Equity accounts. Calculated as budget minus actual for Expense and Liability accounts. Therefore shows whether the difference is a positive or negative variance.
    • Variance Percentage - calculated as the variance value divided by the budget. Therefore shows the positive or negative percentage variance.

Actual Variances

There are two sets of actual variances:

  • $ Change (as used in QuickBooks)
    • $ Change Value - Always calculated as the current period minus the prior period amount.
    • % Change - calculated as the $ change value divided by the prior period amount.
  • Variance
    • Variance Value - calculated as current period minus the prior period amount for Revenue, Assets and Equity accounts. Calculated as prior period minus current period for Expense and Liability accounts. Therefore shows whether the difference is a positive or negative variance.
    • Variance Percentage - calculated as the variance value divided by the prior period amount. Therefore shows the positive or negative percentage variance.