Budgets
You can define the rules of the budget using Budget types.
Create a budget using a specific starting Period range. You can later add more periods.
Select the Budget structure.
Create a Budget forecast.
In this section:
Consolidated budgets
Creating a consolidated budget can be done by ticking the Consolidated option when creating a new budget.
On consolidated budgets, a new Consolidation tab is available to select what budgets are going to be consolidated.
Consolidated structure
- A consolidated budgets have no attribute or account structure of their own. They will inherit all the accounts and attribute rules of the sub budgets.
Consolidation period
When adding new budgets to a consolidation, any new periods that are not part of the consolidation yet will be automatically created.
The consolidation period range can be restricted by deleting unwanted periods.
Note
Periods are consolidated together based on their ref. This can be used to consolidate budgets that are part of different financial year groups.
For example a
202001
period of an April starting financial year can be consolidated with a202004
period of an January starting financial year by sharing the same value in the Ref column.
Consolidation forecasts
A consolidation forecast must be also created to consolidate budget data
The forecast editor will also present a Consolidation tab to select what forecasts of the previously selected budgets are to be used.
Once forecasts have been selected, the Budget forecast will present the consolidated view.
The consolidated forecast values cannot be edited.
Refreshing consolidated data
- A consolidated forecast is manually refreshed by pressing the Refresh button.
Budget authorisation
A budget has 3 types of budget forecasts:
Budgets
- In this section
- Create a new Budget
- Structure
- Periods
Base forecast
The first authorised forecast becomes the base forecast.
This can no longer be changed.
Last approved forecast
This is the latest approved forecast.
An approved forecast can still be amended and resubmitted for authorisation, unless it is the base forecast, which is locked.
Current forecast
Any forecast can be set as the current forecast on a budget.
In the case of multiple authorised forecasts, the current forecast can be a good starting point when looking at a budget.
Create a new Budget
Press New.
Select the Budget types.
Fill out the remaining fields
Remaining fields explained
- Legal Entity: Select the legal entity that the budget is being created for.
- Currency: Select the currency
- Consolidation tick box: Tick this to create a consolidated budget.
Fill out the tabs.
Click on Accounts then tick the accounts to be included in the budget.
Press Attributes then select the attributes to be used in the budget. This is done by selecting one then pressing the single chevron to move it over to the selected side.
Updated February 2024