Maaz Rasheed Malik
WHAT IS BUDGET
An estimate of costs, revenues, and resources over a specified period,
reflecting a reading of future financial conditions and goals.
Steps of Implementation.
1. Creation of organization.
2. Budget of budget.
We will click on Budgets > Define > Organization.
Enter Organization,Description,Display Sequence
Creating Budget version
A project can have more than one budget. Budget types distinguish the
different budgets that you enter for a project. For example, one budget
type may identify the approved cost budget and another type may be the
forecast cost budget. You must classify every project budget you enter by
a budget type.
We can open next year by clicking on OPEN NEXT YEAR.
o Note: Wait for the REQUEST to complete.
1. Budgets amount Directly to system.
2. Enter them through budget journals.
In amount method we will simply go to budget amount screen and enter
100$ or if want to enter 150$ we will just over write it.
It work differently you have to enter increment or the difference between the
previous value and the new value e.g. the previous balance is 100$ and you
want this balance to change from 100 $ to 150 $ in order to do that you will
enter a debit of 50 $ and that will change the balance from 100 $ to 150 $.
Similarly if you want to reduce balance from 100$ to 50$ you will enter a
credit amount of 50$.
This screen is used to enter budget amounts Budgets > Enter >