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.

• The system allows one budget per fund per accounting cycle.

• The budget can be revised and adjusted as necessary. Note: You can adjust or revise multiple budgets using the import tool.

• Budgets can't be deleted, but they can be overwritten and blanked out using the import tool.

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 pool — allows 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

• New: A fund budget is new when work hasn't yet started; there aren't any proposed amounts for any account codes, and the Fund Budget Status label is empty.

• Proposed: A budget has been created, but hasn't been adopted, and it may still be modified.

• Adopted: The budget is in balance, and budget amounts have been entered as budget transactions in the general ledger.

• Adjusted: Budget amounts have been moved between accounts in the fund without changing the overall budget, and the changes have been posted to the general ledger.

• Revised: The total budget amount has been changed; balancing transactions have been created; and the changes have been posted to the general ledger.

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Other Budget Management features & functions

• Change budget amounts

• • Edit budget amounts in proposed budgets.

  • Adjust accounts in adopted, adjusted, or revised budgets either manually or by import. Use adjustments to redistribute account amounts when the total budget amount is unchanged. The resulting budget has the Adjusted status.

  • Revise accounts in adopted, adjusted, or revised budgets either manually or by import. Use revisions when changing the total fund budget amount. The resulting budget has the Revised status.

• Unadopt/reverse adopt a budget

• About budget pools

• Delete a budget item

• Delete proposed budgets using the import tool

• Rollover a budget

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Return to Budget Overview