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Multi-Year Budget

Multi-Year Budgeting in PrismERP allows organizations to create, track, and control budgets that extend beyond a single fiscal year. This feature is essential for managing long-term projects, capital expenditures, strategic initiatives, or multi-phase programs that require financial planning and monitoring over several years.

What is Multi-Year Budget?​

Multi-Year Budgeting refers to the process of allocating and managing financial resources across multiple consecutive years. It enables organizations to forecast expenses and revenues for extended periods, ensuring sustained funding and financial oversight for long-term commitments.

Key Features​

  • Multi-Year Budget Planning Set budget allocations across several fiscal years in a single interface.

  • Period-wise Breakdown Define annual, quarterly, or monthly budget portions within the multi-year plan.

  • Rolling Budget Adjustments Modify budgets as projects evolve or based on new financial forecasts.

  • Integration with Project and Cost Center Budgets Link multi-year budgets with specific projects, departments, or cost centers.

  • Forecast vs Actual Tracking Compare planned budgets against actual expenses over multiple years.

  • Comprehensive Reporting Generate multi-year financial reports to support strategic planning and audit compliance.

  • Currency and Inflation Adjustments Account for currency fluctuations and inflation in long-term budget projections.

Typical Workflow​

  1. Navigate to Multi-Year Budge
  2. Select the project, department, or cost center for budgeting
  3. Enter budget amounts for each year within the multi-year horizon
  4. Define period-wise breakdowns if needed (quarterly/monthly)
  5. Monitor actual spending against the multi-year budget regularly
  6. Adjust the budget based on project progress or financial updates

Integration Points​

  • Project Management – Align budgets with long-term project schedules and milestones
  • General Ledger – Post multi-year budget transactions for accurate accounting
  • Financial Reporting – Include multi-year budget data in consolidated financial statements
  • Procurement & Accounts Payable – Manage procurement plans tied to multi-year budgets

Use Cases​

  • Capital investment projects with phased funding
  • Infrastructure development spanning multiple fiscal years
  • Research and development programs requiring sustained budget control
  • Government and donor-funded projects with multi-year grants

Summary​

PrismERP’s Multi-Year Budget feature empowers organizations to strategically plan and manage finances for long-term initiatives, ensuring sustained resource allocation, financial discipline, and transparency across multiple years.