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BUDGET OVERVIEW

Define Budget Open Budget Period Define Budget Organisation

Define Range

Define Budgetary ControlAssign RangeEnter Budget Amount

Enter Journal Entries Check Fund available

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DEFINITIONS

BudgetBudgeting is the process of predicting and controlling the expenses within the organization and consists of a periodic negotiation cycle to set budgets (usually annual) and the day-to-day monitoring of current budgets.

Defining BudgetDefine a budget to represent specific estimated cost and revenue amounts for a range of accounting periods.You can create as many budget versions as you need for a set of books

Define Budget OrganisationDefine budget organisation to include range of accounts that you wanted to be budgeted. If you are using budgetary control, you set the budgetary control requirements for an account within its budget organization

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Definition

• EncumbranceEncumbrance refers to reserving funds for the documents (PR and PO), which is mainly used to control the expenditure and its overspending

• Fund Check Level or Budgetary Controls1) NONE: Used for no fund checking or Fund Reservations

2) ADVISORY: EBS still reserves for transactions even when no funds are available 3) ABSOLUTE: Used to prohibit the user from reserving funds for a transaction unless funds are available

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Additional FacilitiesTransfer

Use this window to transfer budget amounts between accounts. You can transfer amounts between accounts in different budget organizations, or within the same budget organization

Upload BudgetUse this window to upload budgets you created using a spreadsheet

Mass BudgetMassBudgeting gives you the flexibility to allocate budget amounts to ranges of accounts throughout your organization using simple formulas

FormulaUse this window to define budget formulas that calculate budget amounts automatically

Auto CopyUse this facility to copy details of one budget to another budget and details of one budget organisation to another organisation

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Process Flow

• Befine Budget (Budget > Define > Budget)

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Budget Organisation

• Budget > Define > Budget Organisation

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Define Range

•

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Budgetary Controls

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Range AssignmentRange

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Enter Budget Journals

• Budget Journals &• Create and Post

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Enter Actual Journal

Check Fundand Post

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Check Fund Availability

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Error Message (If "absolute")

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Warning Message if "Advisory"

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Check Fund for the Account

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Common Budget Reports

1) trial Balance - Budget:- Review your general ledger budget account balances and activity for a specific currency

2) Budgetary control Result Report:- The Budgetary Control Results report provides detailed information about the funds check failure or success, reporting on transactions funds checked in Purchasing, Payables, Federal Financials, Projects, Grants, and General Ledger

3) Budgetary Listing Reports:- These reports are intented to understand various budget set up made in the system

4) FSG for Budget:- This is not a standard report this has to be constructed by the user according to his requirements eg: Budgeted P&L account, Budgeted Balance Sheet etc. This will be use ful for variance analysis and further decision making

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INDIA

1-1-1 Tecci Park

285, Rajiv Gandhi Salai

Sholinganallur

Chennai - 600 119

Tel +91 44 6638 0000

USA

18210 Contour Rd #202

Montgomery Village MD 20877

Tel +1 240 252 5913

UAE

PO Box No: 42693

Hamriyah Free Zone – Sharjah

United Arab Emirates

Tel +971 6526 9057

OMAN

Knowledge Oasis Muscat

Sultanate of Oman

Tel +968 9780 7119

QATAR

Al Sadd Area, Doha

Qatar

Tel +974 4432 6634