Accounting > Financial > Manage Budget

 

Use this page to view, edit, add or delete budgets for an association. 

 

Budgets are set up for each accounting year and are separated into Profit and Loss accounts (revenue and expense accounts) and Balance Sheet accounts (assets,liabilities, and equity accounts). A firm can have multiple budgets for a single year but only one budget can be 'approved' by department for the year. This approved budget is used in the various financial reports.

 

Add a Budget


Step 1- Navigate to Accounting > Financial > Manage Budget


Step 2 - Choose the Association from the drop down menu.


Step 3 - To create a New Budget from scratch select Add Item from the Page Actions drop down menu.



Step 4 - Click the Pencil icon to view budget details in the Overview window. 


Overview Tab


  • Association - The association for which the budget has been created.


  • Department - The department in which the budget is included.  


Note - Only one budget can be created per association unless multiple departments have been created. To include multiple budgets, multiple departments must also be created.


  • Title - Title of the budget


  • Type - The type of budget 


  • Year - The year the budget will function within.


  • Approved - This box delineates if the budget has been approved 


  • Locked- Check this box to lock the budget from editing. 



Detail Tab


This tab displays the related accounts for each period. 


  • Annualized amounts spread across all months - Enter the annualized amount in the Total column and with the cursor in the total column click the Copy link. This will spread the total across the twelve periods and apply any rounding difference to the last period. 


  • Annualized amounts for a single month - Enter the annualized amount in the specific month.


  • Monthly amounts - Enter the monthly amount in the January column and with the cursor still in the column click the Copy Link. This will copy the amount to all columns to the right and calculate the total column. To change an amount in a subsequent period, make the change to that period and click the Copy Link to copy the new value to all periods to the right.


  • Notes - Click the Note link under the GL account number to capture a note for the budget line item. The notes optionally display on the budget report.


NOTE- Budget amounts are saved for periods only. The Total column is a calculated value and is not actually stored in the database. This means, if only the value is entered in the total column and NOT copied to the monthly periods, values will not be saved.



Copy a Budget 


A budget can also be copied from a prior year. Once copied, changes can be made to the current year. 


Step 1- Navigate to Accounting > Financial > Manage Budget


Step 2. Click the Copy icon for the budget you want to copy. 


Step 3. Click Confirm in the confirmation box. 



Export a Budget 


Step 1- Navigate to Accounting > Financial > Manage Budget


Step 2 - Choose the Association from the drop down menu.


Step 3 - Click the radio button corresponding to the budget you want to export.



Step 4 - Select Export Budget from the Page Actions drop down menu. 



Step 5 - Choose Fund Types and columns to be displayed. 




Step 6 - Click Export to complete the process and generate your spreadsheet.



Importing a Budget from Excel


A budget can be easily imported from an Excel spreadsheet, CLICK HERE for more information.