Once your Financial Hierarchy is established, you can begin the formal setup of your Budgets. This process defines the timeframe, the accounting structure involved, and the specific "Budget Centers" where funds will be monitored.
Creating a New Budget
To begin the configuration, follow these steps:
- Navigate to the Administration module.
- Select Modules and then click Budgets.
- Click the Create button to open the budget configuration page.
Configuration Field Definitions
When creating a budget, you must define the following parameters to ensure the system tracks spending against the correct periods and accounts.
| Field Name | Description | Example |
| Name | A descriptive name for the budget for internal tracking. | Sales Team Budget - Q1 |
| Budget Period | The frequency at which the budget resets (Weekly, Monthly, Quarterly, or Annually). | Monthly |
| Number of Periods | The duration of the budget. Defaults to a year's worth (e.g., 12 for Monthly, 52 for Weekly) but can be overridden. | 12 |
| Starting Period |
The start date.
|
01/07/2024 |
| Account | Select the specific Account Code Format to be used with this budget. | Main GL Account Code |
| Allocate Budget | The specific part of the Account Code that acts as the "Budget Center" where values are loaded. | Department or Team |
Allocating Budget Amounts
After the Budget record is established and the configuration is saved. The next step is to upload budget amounts against each allocated Budget Center.