Defining budgets

Create and update budgets on the Budgets form. The budget combines a specific budget structure and term. Set a current amount and a person responsible.

To define budgets:

  1. Select Operations > Budgets > Budgets.
  2. Click New Record.
  3. Specify this information:
    Budget Structure
    Specify a budget structure. The system automatically populates budget structure description, Organization, Calendar Type, Date Created, and Status.
    Budget Term
    Specify the budget term.
    Note: The budget Calendar Type should be the same as the budget structure Calendar Type.
    Date Created
    Change the creation date if necessary. Date Created can be in the past or future.
    Status
    Choose one of the following options:
    Option Description
    In Process Select for budgets not yet approved.
    Temporary value Select for budgets not yet approved.
    Final value Select for budgets not yet approved.
    Approved/frozen Select to approve or freeze the budget. You must create the Budget Details before you can select this status.

    See Defining budget details.

    If you select Approved/frozen, the system automatically populates Original Amount, Approved By, and Date Approved.

    If the status changes from Approved/frozen to any other status, the above fields are not affected and updated the next time the Budget is approved.

    Temporary value, Final value, and Approved/frozen are available in update mode only.

    Current Amount
    Specify the current budget amount.
    Person Responsible
    Specify the name of the person responsible for the budget.
    Total Sub-Budget Amount
    If budget details exist, this value is the total amount set up for its level one sub-budgets.
  4. Click Save Record.