Conditional Formatting to apply color to a cell with value after comparison

I would like to automatically apply color to a cell based on its value, as compared to another cell. I have a budget target in a comparison cell, and have a the budget actuals in the cell that needs to be colored in either red or green depending on it being above or under/on budget. Is that possible? I tried entering formulas into condition field - didn't work. Thank you!
Answers
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You should be able to use Conditional Formatting. Blue icon ...in the tool bar
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Not clear how to enter the conditions in the dialog box. The last step with color is clear though.
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Hi @Olga D,
For the conditional formatting you would need a helper column as unfortunately SmartSheet doesn't allow formulas to be put in.
This could either be a simply sum or a checkbox. You can then use conditionally formatting to check this (for whether the value is negative or ticked for over budget) and then display the relevant colour on the row or cell(s).
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