Budgets

Budgets allows you to plan the budget of a separate structural unit in the FinancialForce Planning application. A structural unit contains a set of unique characteristics that distinguish it from other units.

For example, the budget includes a project for a company or a group of goods from one of the sellers. Each budget contains a set of income and or expense lines. Usually, an expense line matches an account, but also it can have its analytics.

Depending on the needs and requirements, you can decide how you want to break down the structure.

Warning:

It is recommended that a structure unit has no more than a hundred lines inside. If you have too many budgets in the Structure or Hierarchy, you can have errors when you approve or handle a single budget.

The budget consists of a budget head, a list of budget lines, and related headcount by resource lines information generated for each headcount budget. The budget head and lines have random analytics you must configure before planning. The variable pay target percentage, salary increment, and the salary increment percentage to the annual base salary of the headcount by resource lines are also configurable.

In the future, the administrator can use the budget head and budget lines for reporting. In addition to lookups, a line contains a large number of text and numeric fields for reference.

Note:

Each budget must be different from another budget in some way. It can be a separate project, program, company, or any other analytics.

You must create such a scheme when rarely changeable analytics are stored in the budget and often changed in the budget line.

For your planning, you can customize the budget structure. The obligatory analytics or dimensions in the budgets are as follows:

• Account
• Company
• Period

The rest of the analysts are customizable and entirely depend on the requirements.

Budgets are grouped into a tree structure with a consolidated budget and underlying budgets. You can nest budgets up to the maximum five-level nesting. The bulk amounts are stored in the lowest level budgets.

Consolidated budgets act as a storehouse for lower-level budgets and are convenient for calculating totals. Consolidated budgets may not have any additional dimensions. They do not take part in the reporting system.

Using budgets, you can plan a budget for both twelve months and four quarters. It depends on the type of periods that were created during the initial setup.

Note:

FinancialForce Planning works best in the medium text in Chrome settings.

Budget Head

After you have decided on the structure of the budget and decided which analyst is the budget head and which one is the budget line, you can go to the dimensions to customize the appearance of the budget.

Note:

The settings are only available to an administrator.

Budget Line

The Budget Line has more analysts than the budget head. There can be five lookups for the reporting system. The rest of the analytics are references for ease of planning. In addition to five lookups, there are ten reference lookups, 15 text, and 15 numeric fields at most. In a real-life situation, no one needs to use all of these fields.

To configure the specified analytics, navigate to the Planning Setup tab and make identical settings in the Dimensions - Budget Amount and Budget Template.

Note:

Ensure that you make the same settings in the Budget Template dimension. The field settings for the budget amount and the budget amount must always be identical for the correct operation of budgets.