Budget Management


A budget is a financial plan used to estimate revenues and expenditures for a specific period of time. It assists in the allocation of resources. This is a technique that helps business personnel in the decision-making process. A budget estimates the amount of revenues and expenses a company may incur over a future period. Budgeting represents a business' financial position, cash flows and goals.


1) Add Budget:

Budget--> Budget Add



From the add new budget window there are some various fields needed to complete for creating a new budget


Name: Name of the budget

Supervisor: If you want to assign any employee for supervising the budget

Source Type: For what source the budget is being created (whether project, campaign etc.)

Branch: Choosing the branch of your company

Start Date & End date of budget management

Budget Scenario: If you already created any budget scenario you can select that specific budget scenario that will relate to this budget and click on apply for automatic generation of accounts head in the account information

(Note that it is not mandatory, even manually you can assign the accounts head in the budget account information and choosing the accounts head which will put impact on this budget management)



2) Budget List:


After finishing all the requirement fields then click on save button to complete creating a new budget. This budget will be shown in the budget list page. The list page will show all the budgets that are being created along with detail information of a specific budget that includes  Basic information tab, Account information Tab, Budget Tree tabs in the detail information of a budget. The screenshot is shown below for better understasnding





From the list page you can also change the status of a budget by clicking on that specific budget and changing the status whether active, deactive, approved or closed depending on the function of your business in the application.


The tabs on the right side of the window shows the general details of a budget for tracking and analysis. The Account information shows all the accounts head that are tagged with this budget with budget amount, actual amount and its variance.



Q. How will you understand a budget impact or effect in the application?


For example you are doing a particular voucher of a specific project which was tagged as a source while creating a budget as shown above. So when you are creating vouchers of payment and you are assigning those accounts head in the account information which are related to those projects, so automatically it will put impact on the budget and you can check out that in the budget list by selecting that specific budget which you created and it will show the comparison of actual amount that you are spending with the budget amount along with its variance as shown above in the second screenshot of budget list