Page 277 - Office Practice and Accounting 10

10 Budget Sheet

Budget sheet is a kind of ledger maintained under New Accounting System. It is
prepared by operating level offices and submitted to respective central level office at
the end of every month. Its main objective is to have control over misappropriation
and misuse of budget through complete record of annual apportionment, budget
release and expenditure under head and sub head. This is how budget sheet helps to
know the position of annual budget, budget release, budget expenditure and balance
of budget. It is general ledger which shows how much has been spent and how much
remains under each budget head at the end of the month.

Budget sheet is prepared with the help of journal voucher of each transaction. All the
financial transactions in operating level office are first recorded in journal voucher
and later posted into a budget sheet. It is maintained under the format designed by
Auditor General Form (AGF) No. 8.

Importance and objectives of budget sheet

Budget sheet has the following importance and objectives :
1. It helps to save time and cost in office.
2. It helps to have the control over the budget.
3. It helps to know the amount of annual appropriation of budget.
4. It helps to know the amount of budget release.
5. It helps to keep expenditure within the budgetary limit
6. It helps to prepare financial statement and reports.
7. It facilitates to formulate national budget providing information to central level.

Parts of budget sheet

The budget sheet (AGF No. 8) has three parts. They are as follows:
(i) Annual Appropriation Part,
(ii) Budget Release Part, and
(iii) Budget Expenditure Part.
1. Annual Appropriation Part: This part shows the amount of annual budget
approved for an office. This is the first part of budget sheet. Budgetary limit of
each budget head is shown in this section. This implies that amount that can be

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