Budgets provide better insight into a company’s financial status.
A budget is an overview of planned expenses and revenues. An important tool for companies, a budget is used in business intelligence to measure the actual financial operation of the business against the forecast.
With the Budget feature in Business Central, you can:
Create multiple budgets for identical time periods.
Create simple or complex budgets by selecting a combination of the G/L account, period, two global dimensions, and four budget dimensions.
Copy budgets from previous periods and revise actual figures or budget figures by using an adjustment factor.
Export budgets to and import budgets from Excel.
When you want to start entering a budget, the first step is to create a budget name. Let’s create a G/L budget.
CREATE A G/L BUDGET
To create a new G/L budget follow the steps below.
Select the search icon, type in G/L Budgets, and then select the related link.
Select New, enter the name, description, and any dimensions that apply as indicated below then select Edit budget.
The Budget Matrix section is shown based on the parameters in the General section of the page.
Fill in the General section as appropriate and for the relevant GL accounts in the Budget Matrix section, enter the budgeted amounts.
Input relevant filters under the Filters section, such as the Dimension.
Fill in the amount fields as planned for the period selected and close the budget entries page when done.
COPY BUDGETS
Entering your budget manually can take up a lot of your time. To avoid manually entering a new budget, you can use the Copy Budget feature to copy from an existing general ledger budget entry or general ledger entry.
To copy budgets follow these steps;
Select the search icon, type in G/L Budgets, and then select the related link.
Select the Budget name.
Select Process.
Select Copy Budget.
Fill in the Copy From section as appropriate to identify the source of the copied budget entries.
Fill in the Copy To section as appropriate to identify where the copied budget entries are to be sent.
Fill in the Apply section to access various calculation alternatives to help copy budgets.
EXPORT BUDGET TO EXCEL
To export a budget from Business Central to Excel follow the steps below.
Select the search icon, type in G/L Budgets, and then select the related link.
Choose the budget you wish to export to Excel from the GL Budget list page.
On the selected budget’s page, go to Process and then select Export to Excel.
Select "OK" when you have filled in all the necessary export choices.
IMPORT BUDGET FROM EXCEL TO BC
To import a budget from excel to Business Central follow the steps below.
Select the search icon, type in G/L Budgets, and then select the related link.
Choose the budget you wish to import Excel to from the GL Budget list page.
On the selected budget’s page, go to Process and then select Import to Excel.
Select "OK" when you have filled in all the necessary import choices.
EDIT DIMENSION INFORMATION FOR BUDGET ENTRY
Go to the search section and enter G/L Budgets
Select Edit Budget
Click on the budget entry figure and select the three dots beside it.
Click on the three horizontal dots on the budget entry line then Select More
Select Related
Select Entry
Select Dimensions
Select the appropriate dimension information for the entry.
Select Close and the change will be applied.
EDIT BUDGET IN EXCEL
The budget layout can be exported in excel, edited as needed, and imported back into Business Central.
All changes done in Excel will be reflected in the Budget in Business Central.