Build a Dynamic Budget vs Actuals Dashboard on Excel (Variance Analysis)
Create a budget vs actuals dashboard on Excel for variance analysis.
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In this video you'll learn how to build a dynamic budget vs actuals Excel dashboard from scratch. This type of model is also known as a variance analysis, where you can determine how much of a difference there is between your budget and your actual amounts. While we focus on a personal finance budget, this is also applicable to a company's internal budget.
To make this dynamic, we use data validation to select the month. Then, we use INDEX MATCH to find the budget for a specific month and line item, and SUMIFS to find the actuals for a specific month and line item.
In case you want to add more items to your actuals, you can do so using the actuals tab. Using the SUMIFS function, any new inputs should automatically be updated on the dashboard.
Lastly, to make the dashboard visually pleasing, we create conditional formatting for the variances using IF conditions, and column & pie charts for the visually comparing the difference.
To follow along, you can download the excel file for this video which contains the budget information, the actuals information, and the dashboard.
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Chapters:
0:00 - Building a dynamic model
7:54 - Variance Analysis
10:25 - Conditional Formatting
13:26 - Charts & Visuals
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