Create a budget to represent a collection of estimated amounts for a range of accounting periods. You can use AutoCopy to create a new budget from an existing budget.
You can create budget hierarchies by assigning lower-level budgets to a master budget. This enables you to track budgeted amounts against your control budget.
Data Access Sets
You can only create or copy budgets if your data access set provides read and write access to the ledger and all of its balancing segment values or management segment values. You will not be able to create budgets if you only have read access to the ledger or read and write access to just a portion of its balancing segment values or management segment values. See Data Access Sets.
Prerequisite
Define your ledger.
Navigate to the Define Budget window.
Enter a Name and Description for your budget.
Additional Information: Budget Names must be unique in the system.
Select the ledger for this budget. If you use reporting currencies (journal or subledger level), you can select a reporting currency
Enter the Status of your budget.
Open: The budget is available for update and budget entry.
Current: The budget is open, and it is the default budget when you use most budgeting and inquiry forms. You can have only one Current budget at a time for each ledger.
Frozen: The budget is unavailable for update or budget entry.
General Ledger displays the Created Date and Frozen Date, if applicable, for the budget.
Choose whether to Require Budget Journals for your budget. If you enabled the Require Budget Journals flag for your ledger, this option will already be selected and cannot be changed.
When you require budget journals, you can only use budget entry methods that create journals, namely budget journals, budget transfers, MassBudgets, consolidation of budget balances, and the Applications Desktop Integrator's Journal Wizard.
Attention: Use budget journals to maintain an audit trail for your budget balances. Other budget entry methods update budget balances directly.
Note: If you use budgetary control, you must use budget journals to enter amounts in your funding budget (i.e., the budget you use to enforce budgetary control).
Enter the First and Last period for your budget.
Assign a Master Budget if you want to track your budget amounts against a control budget. You can choose any budget that has the same ledger and period range to be the Master Budget.
To open the first fiscal year of your budget, choose Open Next Year. General Ledger launches a concurrent request to open the next year.