Budget Tools: Your Tools To Saving Time

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With the new fiscal year quickly approaching, you’ll be diving into our Budget Management module. This is an optional module, which allows for project, account and grant budgets to all be located in one record. One of my favorite time-saving benefits of Budget Management is Budget Tools.

From within an existing budget scenario, click Budget from the toolbar and select Budget Tools. A screen will open with a wide array of options for us to choose from:



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Let’s briefly talk about some of the specifics regarding Budget Tools. If you simply want to increase or decrease a budget, you have the option to do so either by amount or percentage.

Copying and forecasting budgets gives Financial Edge users options to copy actual or budgeted amounts from one year to another.  When we forecast, we are able to copy current year actual figures and project actuals for the rest of the year. We’ll have more information coming soon about that process!

Merging budget scenarios is another useful tool that allows users to combine separate budget scenarios into one. For larger organizations, this would be a great way to combine individual department budgets into another consolidated scenario for overall organizational viewing.

If you need to start from scratch, you may need to clear your budget or even delete the scenario. Clearing a budget allows you to wipe budget amounts from an existing budget scenario. User should only delete a Scenario ID when it has not been used before and will not be used again.

Our last Budget Tool option is to finalize scenarios. Finalizing locks the budgeted amounts for the scenario and fiscal year, and changes can only be entered as budget adjustments. In doing this, we can report on original as well as adjusted budget amounts.

No matter the tool you choose, the top of the Budget Tool window will guide you through each of the steps. Be sure to check back for more detailed budget posts. Cheers to a happy and successful new fiscal year!


News ARCHIVED | Financial Edge® Tips and Tricks 06/17/2015 7:00am EDT

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