In this tutorial we will learn how to create a budget for a G/L Account. Budgeting is done when a specific amount is assigned to a specific G/L account in order to have a better control when the amount is being credited or debited.
Step 1:
To create a budget click go on the following menu:
Main Menu --> Department --> Financial Management --> General Ledger --> G/L Budgets
Step 2:
Click on the button New and fill the following information
| Name | Enter the name of the budget |
| Description | Give a description for the button |
| Global Dimension 1 Code | Global Dimension 1 will display automatically |
| Global Dimension 2 Code | Global Dimension 2 will display automatically |
| Budget Dimension 1 Code | If you want to put another dimension |
| Budget Dimension 2 Code | If you want to put another dimension |
| Budget Dimension 3 Code | If you want to put another dimension |
| Budget Dimension 4 Code | If you want to put another dimension |
| Blocked | If the budget is not longer in use |
Step 3:
Click on the button Edit Budget and add the following information
General
| |
| Budget Name | The Budget name will appear automatically |
| Show as Lines | Let it be G/L Account |
| Show as Column | Let it be period |
| View By | The frequency you want to see, here we have chosen month |
| Rounding Factor | If you have any rounding factor |
| Show column Name | Instead of month and year, you can display the name of the month completely |
Budget Matrix
| |
| Budget Amount | This will represent the total amount of all the amount from months |
| Month (JAN 2020, FEB 2020) | You will need to enter the amount budget for the specific G/L |
Filters
| |
| Date Filter | If you want to filter by a specific date |
| G/L Account Filter | If you want to filter per G/L Account |
| G/L Account Category Filter | If you want to filter by Account Category |
| Income/Balance G/L Account Filter | If you want to filter by Income statement or Balance sheet |
| Global Dimension 1 Code | Choose a global dimension if you need |
| Global Dimension 2 Code | Choose a global dimension if you need |
| Budget Dimension 1 Code | Upon creating the budget if you have enter budget dimension it will appear here automatically |
| Budget Dimension 2 Code | Upon creating the budget if you have enter budget dimension it will appear here automatically |
| Budget Dimension 3 Code | Upon creating the budget if you have enter budget dimension it will appear here automatically |
| Budget Dimension 4 Code | Upon creating the budget if you have enter budget dimension it will appear here automatically |
Click on OK to close.
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