Creating a Simple Budget

The EBMS budget module can calculate a budget using formulas and variables but it is easy to make the budget more complex than necessary. We recommend that you start with a simple budget and then add complexity as needed. This section explains the steps of creating a simple budget.

Complete the following steps to get started.

1. Select Financials > Budget from the main EBMS menu.

2. Select the appropriate FIscal Year.  Click on the Add year button to create a new budget year.  (see circled button in graphics shown above)    Budget projections can be created for future periods before the fiscal year is open.

3. The budget list will be blank if the budget module has not been used before. You can skip the next few steps if budget records already appear
   

4. Click on the Wizards button and select Add By G/L Code option as shown below:
   
   This step is not necessary if the dialog opens automatically

5. Enter the following information into the Add G/L Codes wizard dialog as shown above:

1. Maintain a folder setting of General Ledger so all general ledger accounts are included.

2. Enable the Include Subfolders option.

3. Enter the first revenue account into the From general ledger account entry to exclude all the asset and liability accounts.

4. Enter the last account that is included in the budget process into the To entry.

5. Keep the Filter setting as ?????-??? so the budget for all the accounts are created. Review the Change a Range of Budget Accounts section for more details on the Filter option.

6. Set the Total Calculation option to Manual which will allow the user to enter the budget amount for each account manually. Review the Calculating a Budget Using a Formula section for more details on calculating a budget using a formula.

7. Set the Distribution to Equal so that the annual calculation is evenly distributed between the individual months. Review the Variable Monthly Distribution for details on creating budgets with variable values each month.

8. Set the calculation option to Yearly Basis since the budget is entered annually and then distributed monthly. Review the Variable Monthly Distribution section for details on the Monthly Basis option.
   Click the OK button and the system will create a record for every account within the From and To range and within the Filter option.

6. Enter the projected income for each income account within the Yearly Total column as shown below.   All budget values are entered as whole dollars.

7. Enable the Lock this year budget to the right of the Fiscal Year setting to keep the budget amounts from being recalculated or to keep users from altering the budget amounts.

Right click on the account and select Lookup to view the account detail include actual values from past years.

Review the following Calculating a Budget Using a Formula section for details on calculation the budget amount from other accounts.