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Budget Revision & Version Control

This chapter delves into the features and functionalities that enable you to exercise extensive control over your organization's budget and closely monitor expenses within the Budget.

1. Budget Approval Workflow​

This section covers how to set up a budget approval workflow, ensuring that budget requests go through a structured approval process. The workflow ensures that budget requests go through a structured approval process before being allocated. You will discover how to define approvers, establish approval levels, and configure notifications to streamline the budget approval process.

2. Tracking Expenses Against Budgets​

Tracking actual expenses against the allocated budget is essential for maintaining control and staying within financial limits. This section provides guidance on recording and monitoring expenses within the Budget module. You will learn how to enter and categorize expenses, allocate them to the appropriate budgets, and view real-time updates on budget utilization.

![Tracking-expenses-against-budget]

While creating any expense voucher selecting project and budget and making an expense on tagging budget item it will show in the expense amount column. By this user can easily track the item wise expense amount.

![item-wise-expense-amount]

3. Alerts and Notifications​

To proactively manage budgets, the Budget module offers alerts and notifications to inform users about budget deviations, pending approvals, or significant budgetary events. This section explains how to configure alerts and notifications to keep relevant stakeholders informed and enable timely action.

4. Amendments, Revisions, and Adjustments​

Budgets are not static and may require revisions or adjustments throughout the fiscal period.

4.1 Budget Amendment​

  • After Approving Budget you can see budget amendment option in the top right corner

![Budget Amendment]

By the amendment feature users can amend the budget amount or add new items in the budget. To add a new item in the budget amendment select the item from the dropdown in the add new item section. To amend the budget amount just put the new budget amount in the budget amount field.

![Budget Amendment]

![Budget Amendment]

After creating an amendment all the amendments are apparent here then authorized users will approve or reject the amendment. Without approving or rejecting amendment further amendment is not possible.

By understanding and utilizing the budget control and monitoring features covered in this chapter, you will be able to enforce budget compliance, track expenses in real-time, and make informed decisions based on budgetary data.