Activities have multiple budget types available.
They can be Life Only Budgets – just to make sure that you have not gone over the total budgeted amount for the project. This works well when:
- The project spans multiple years to be completed such as a new building
- You are managing your project budget in a different system and just want to know if you have exceeded the total budget for a project.
They can be Annual and Period budgets – these automatically interact. If you make a change at the period level, it will be reflected in the annual view and if a change is made to the Annual budget, it will be reflected in the Period Budgets.
There are multiple ways to create budgets:
- You can spread a total budget amount over multiple years or just a single Fiscal Year. You can create spread codes that allow you to determine how to spread the amounts – periodically, Quarterly, every other month, etc.
- You can use a Compute Statement to create the budget
- You can create a budget based on Last year’s Budget or Actuals
- You can create a budget for both or either amounts or units.
You can budget at multiple levels
- Activity Group – least detailed – all activities in this group will be included in the budgeted amounts
- Activity Only – this is for a specific activity and would be for all account categories
- Activity and Summary Account Category – If you use summary account categories in your structure, you can create a higher level budget for things like CapEx and Opex instead of creating a detailed budget for each type of cost.
- Activity and Account Category – this is the most detail level budget for each activity for each type of expense or revenue item.
Budget Edits – will not allow transactions to post to an activity if it will exceed the budgeted amount plus any tolerance specified. A good way of getting around causing the budget edits to prevent transactions is to add a large tolerance, like 99% – basically doubling the budget before edits will prevent new transactions.