Budget Management Overview

The Budget Management module provides the tools to enter budget values, approve a budget, and make adjustments or revisions to budget values.

This module is linked to the modules where encumbrances are created, so it allows you to track actual & encumbrance balances and available funds against the current budget when budget checking is turned on. Click the links for directions to turn on budget checking in Human Resources, Purchasing, and Payroll.

See Anatomy of the Budget Management Window for a description of what you're seeing when you look at this window.

Budget process

  1. Create a budget manually or by import — results in a Proposed budget

  2. Adopt a budget manually or by import — results in an Adopted budget

Three ways to create a budget

  1. Create a budget for a single account code — manual entry; recommended when creating a budget for a small fund with few account codes and for adding account codes to an existing budget.

  2. Import budget amounts for one or more funds — recommended when creating a budget for a large fund with many account codes

  3. Rollover a current year budget to a new year

  4. Create a budget poolallows you to share a single budget amount among two or more accounts

Before you begin

  1. Create a new cycle with a chart of accounts.

  2. Budget checking: It may be useful to turn off budget checking for the period prior to budget approval when employee contracts are being created for the upcoming fiscal year. Set Check Available Budget to No in HR configuration and payroll configuration.

Budget statuses

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Other Budget Management features & functions

 

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