The Budget Breakdown - Part 1

During this time of year with closing out fiscal years and starting the new year, we often need to create the fiscal budget. This allows us to start budgeting for the year ahead and begin to compare numbers against the prior fiscal year. Today, we will look at creating the budget and getting it set up to enter in the budget account information and totals.

To create the budget you first need to select or create a Scenario ID. This lets you track the record’s information and is a required field when creating the budget.

Once created, you can start the process of creating the budget record. To create the budget record, go General Ledger, Records, Budgets, and then Budget Manager. Here you can create the new budget and the type of budget needed for the fiscal year. There are two types of budgets we can create: Fiscal Year and Period Range.  A Fiscal Year budget will cover your entire fiscal year and the Period Range budget allows you to select the number of periods or cross fiscal years, if necessary.

Creating the new budget now allows you to start entering accounts and the budgeted amounts they will have for the coming fiscal year.

Next time, in Part II of our Budget Breakdown series, will be discussing how to enter budget information and ways to distribute the amounts for your accounts.