Defining budgets

Create and update budgets on the Budgets form. The budget combines a specific budget structure and term. Set a current amount and a person responsible.

To define budgets:

Open the Budgets form.
Click New Record.
Budget Structure—Enter a budget structure. The system automatically populates budget structure description, Organization, Calendar Type, Date Created, and Status.
Budget Term—Enter the budget term.

Note: The budget Calendar Type should be the same as the budget structure Calendar Type.
Date Created—Change the creation date if necessary. Date Created can be in the past or future.
Status—Choose one of the following options:
- In Process—Select for budgets not yet approved.
- Temporary value—Select for budgets not yet approved.
- Final value—Select for budgets not yet approved.
- Approved/frozen—Select to approve or freeze the budget. You must create the Budget Details before you can select this status. See Defining budget details.
  If you select Approved/frozen, the system automatically populates Original Amount, Approved By, and Date Approved.
  
  If the status changes from Approved/frozen to any other status, the above fields are not affected and updated the next time the Budget is approved.
  
  Temporary value, Final value, and Approved/frozen are available in update mode only.
Current Amount—Enter the current budget amount.
Person Responsible—Enter the name of the person responsible for the budget.
Total Sub-Budget Amount—If budget details exist, this value is the total amount set up for its level one sub-budgets.
Click Save Record.