As defined in the Oxford Dictionary of Accounting, budget control is "the process by which financial control is exercised within an organization using budgets for income and expenditure for each function of the organization in advance of an accounting period. These budgets are compared with actual performance to establish any variances. Individual function managers are made responsible for the controllable activities within their budgets, and are expected to take remedial action if the adverse variances are regarded as excessive.
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The budget control function in Microsoft Dynamics 365 for Finance and Operations provides the required configurations of budget control elements. The budget control should be turned on and activated, ...
