Create a Budget

Budget Process Owners can create a budget using multiple strategies, such as importing a budget file or creating a budget line by line. This allows you to define planned expenses and allocate costs efficiently. The budget must include an Expense Type, Cost Center Code, and Account Code as mandatory fields.

Creating a New Budget for the Planning Period

Before allocating the budget to specific line items, you must first create the budget for a specific year from the Budget Management screen. Once the budget is defined, you can add line items either manually or by uploading a file.

To create a new budget,

1. Navigate to Planning > Budgets and Forecast.

2. Click + NEW BUDGET button.

3. On the popup, add the budget name and select the budget year.

4. Choose Type as Budget.

5. (Optional) Enable CPI or LPI and add the percentage for each under the Manage Variables.

Note: Turning on CPI or LPI and specifying a percentage for each will give cost center owners the ability to adjust line items by applying these global settings to the line.

6. Click SAVE.

The Budget Details page opens. you can start creating your budget by importing a pre-existing budget file or by adding budget items manually.

Importing a Budget File

Uploading a budget file is an efficient way to add multiple budget line items at once. A budget file could be an extract of a company-wide budget, last year actuals or maybe a pre-existing budget. You can use the Budget Planning template file to load the budget data. The template file is located in Admin > Data Dictionary.

Pre-requisites:

You should have,

• Expense Type, Cost Center Code, and Account Code.

Procedure:

To import a budget file,

1. On the Budget Details screen, click + IMPORT FILE.

2. Browse or drag and drop the files on the popup screen.

3. Preview the uploaded data and click NEXT.

4. Map the required fields and click FINISH.

Once the imported file is loaded, you can edit or delete items as required or add new budget items.

Adding a New Budget Items Manually

If you choose to create budget manually, you need to add the individual line items.

Pre-requisites:

Before adding the new budget items, you should have,

• Expense Type, Cost Center Code, and Account Code.

Procedure:

To add,

1. On the Budget Details screen, click + NEW ITEM.

2. Enter the required details:

   1. Expense Type

   2. Cost Center

   3. Account

   4. Vendor (optional)

   5. Assumption (optional)

   6. Month-wise Expenditure (optional)

3. Click SAVE.

Clicking the SAVE button will take you back to the full Budget Details page. You can see each budget item with total spend for the year. To view the monthly breakdown, toggle the Show Detailed View button.

After creating the initial budget items, you can continue manually adding items as required.

Load from Cost Transparency (CT)

Load a budget from CT

• Application first pulls January to December values from the forecast available in CT.

• If no forecast is available, it pulls values from the Budget available in CT for the selected year.

Load a forecast from CT

• Application pulls January to December values from the existing Forecast in CT.

• If no forecast is available, it pulls values from the Budget in CT for the selected year.

• Locked months are automatically updated with actual spend from CT.