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Budgets, budget policies and budget sets
Published On Jun 13, 2024 - 12:12 PM

Budgets, budget policies and budget sets

Discover the steps for adding a budget and a budget set, and all the details related to budget policies.

Adding budget

To add a budget, click the
Add Budget
button. A new window opens that has all the required fields for you to enter the budget information. The following information is required:
  • Name:
    Enter the unique budget name.
  • Status:
    The status of the budget, whether Active or Inactive.
  • External Reference ID (Optional):
    Enter the external reference ID for the budget, you can input for 0 to 2048 characters.
  • Start Period:
    The month and year when the bidget starts.
  • End Period:
    The month and year when the budget ends
  • Budget Amount:
    The amount you want to allocate to the budget.
  • Soft Quota Status (Optional):
    Turn on or off as desired. Explained as follows.
  • Hard Quota Status (Optional):
    Turn on or off as desired. Explained as follows.

Adding a budget and a budget set

The definitions for
Add Budget
and
Add Budget Set
options, are described as follows:
  • Add Budget:
    A budget is a representation for a financial tracking bucket for a budgetary unit against which commits, spends are tracked.
  • Add Budget Set:
    A Budget Set is a distribution of budget based on the budget term.

Soft quota status

When soft quota status toggle switch is turned on, two options become available with radio buttons for you to check:
  • Percentage:
    You must insert the percentage of the soft quota you want to allocate. Percentage should be between 0 to 100 with 2 decimals allowed.
  • Actual:
    You must unsert the actual amount of the soft quota you want to allocate. Actual should be between 0 to 0 with 2 decimals allowed.
Then, you must select one or more Team(s) from the drop-down menu under
Notify When Soft Quota reached
.

Hard quota status

When hard quota status toggle switch is turned on, two options become available with radio buttons for you to check:
  • Percentage:
    You must insert the percentage of the soft quota you want to allocate. Percentage should be between 0 to 100 with 2 decimals allowed.
  • Actual:
    You must unsert the actual amount of the soft quota you want to allocate. Actual should be between 0 to 0 with 2 decimals allowed.
Then, you must select one or more Team(s) from the drop-down menu under
Notify When Soft Quota reached
. When you have entered all the information related to the new budget, click
Create
to create it or
Cancel
if you want to delete all changes and start over.

Adding budget set

To add a Budget Set, click the
Add Budget Set
button to the right of the screen.
A new window opens where you can
Define Budgets
.The Add Budget Set configuration page displays the following information about budget sets:
  • Term:
    The budget term.
  • Start Month:
    Select the start month for the budget from the drop-down menu.
  • Start Year:
    Select the start year for the budget from the drop-down menu.
  • Total Amount (USD):
    This is just to get you started.It would be distributed evenly across budgets.
  • Soft Quota Status (Optional):
    Turn on or off as desired.
  • Hard Quota Status (Optional):
    Turn on or off as desired.
  • Status:
    The status of the budget, whether Active or Inactive.
The window provides a list of all your budgets, these are all Providers Budgets. You can always edit and add additional details to individual budgets from the Budgetary Unit details.The following three columns are displayed:
  • Budget Name:
    Editable field with the name of the budget.
  • Budget Amount (USD):
    Editable field with the budget amount.
  • Budget Period:
    The budget period expressed in MM/YYYY format.
When you have made your changes to these columns, click
Save
to save your changes or
Cancel
to delete all the changes and start over.

Budget policies

By adding budget policies, you can keep control of purchases made by applying budget rules, for example, rolling over the present budget to the next budget or defining (Budget Admin) the start date of the fiscal month. You can actually enter a day of the month when budget will roll over to the next budget.
The budget policies tab allows you to filter your budget policies by status, whether active or draft, view the status of your budget policies, and add policies as required.
The budget policies tab shows a table of the budget policies details of the budget management services. This tab also gives you a general overview of the stage in which the budget policies are at. The budget policies tab includes the following items:
  • Ranking:
    The ranking based on which the budget policies are applied.
  • Name:
    The name of the budget policy.
  • Start Date:
    The date when the budget policy was created.
  • End Date:
    The date when the budget policy ends.
  • Day of the Month:
    The day of the month from which the purchases made apply to the next budget.
  • Budgetary Units applied to:
    Budgetary units the policy was applied to.
  • Status:
    The status of the policy.
You can filter the policies by status whether they are
Active
or in
Draft
by selecting the filter that displays clicking the drop-down menu at the beginning of the table. The columns in this filter can also be customized so it only shows the ones you want to be shown, by clicking the configuration icon on the right side of the screen.
To get access to a
View Details
button, click the
Overflow menu vertical
to the right side of each line, that leads you to the Details Page, which displays detailed information of the selected budget policy.
In the Details page, the application shows the details of the policy, the rules and the budgetary units applied that the policy.
The budget policies table has three options to the right of it, which are the following:
  • Seach icon:
    This icon allows you to search for policies.
  • Settings icon:
    This icon allows you to edit your table columns by clicking the checkboxes to select or unselect the columns you want to display.
  • Add Policy button:
    This button displays a new window that has the options explained in the following section.

Adding a policy

To add a Budget Policy, click the Add Policy+ button to the right of the screen. In the new window that displays, provide the following:
  • Policy Details or Apply to Budgetary Unit(s) Optional radio buttons:
    Choose the option you want to select.
  • Name:
    The name of the new budget policy.
  • Status toggle icon:
     You select the status of the budget policy, whether Active or Draft.
  • Start date:
    The start date for when the policy starts in MM/dd/yyyy format.
  • Start time:
    The start time for when the policy starts in Local or UTC format.
  • End date (optional):
    The end date for when the policy ends in MM/dd/yyyy format.
  • End time:
    The policy end time.
  • Policy does not expire checkbox:
     You can select if you want to set the policy to not expire.
  • Budget Rule:
     Enter the Rule Name and Description you want to add.
  • Day of the Month:
     Enter a day of the month when budget will roll over to the next budge
When you have made your selections, click
Next: Apply to Budgetary Unit(s)
. If you want to clear your selections, click
Cancel
.
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