General journal for budget line overruns.

Date: [Date]
Description: Budget Line Overrun
Account Debit Credit
[Account Name] [Amount]
[Account Name] [Amount]
[Account Name] [Amount]
Total [Total Amount]

General Journal Entry for Budget Line Overruns

Date | Description | Debit | Credit
---|---|---|---
Overrun Account | (Amount of Overrun) | XXX |
Budget Account | | | XXX

Explanation:

- Overrun Account: This account is used to record the overrun amount. It is typically an expense account.
- Budget Account: This account represents the original budget amount for the line item that was exceeded. It is typically a budget expense account.

Example:

Suppose the maintenance budget for the month is $5,000, but actual maintenance expenses incurred totaled $5,500, resulting in a $500 overrun. The general journal entry would be as follows:

Date | Description | Debit | Credit
---|---|---|---
Maintenance Overrun Expense | 500 |
Maintenance Budget | | 500

Note:

- If the overrun is due to a revenue shortfall, then the Overrun Account would be a revenue loss account and the Budget Account would be a budget revenue account.
- Budget line overruns should be monitored and managed closely to prevent significant financial impact and ensure compliance with financial regulations.
- Regular budget reviews and adjustments may be necessary to address and prevent future overruns.