You can monitor your budget using the Budget Status Graph.

This feature provides a quick overview of your financial status compared to your budget, and will adjust automatically each time you record a change in your budget or enter a new transaction.

The Budget Status Graph is located at the top of Moneydance program window.

You can display this feature by selecting View > Show Budget Status.

You can select the budget name on the left to amend the details.

This will allow you to select which budget to use, and also choose the time period.

Clicking anywhere on the Budget Status Graph will bring up a chart displaying budgeted categories. 

The striped orange line is a "warning" indicating a change within the budget . If it appears on the expense side, the striped orange line shows one is over their budget for the period selected.
 If it appears on the income side, the striped orange section shows one has not received the income expected for the budgeted period. 

You'll see the budgeted amount, the actual amount (the amount assigned to your transactions for the category), and the difference between these amounts.