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As the budget owner, you start the budgeting process by creating the budget workbook. This step is also referred to as the budget setup or budget configuration. The physical budgeting occurs after the workbook is created, using the workflow.
You base your budget on one of your Phocas databases, of which there are two key types:
Financial database - Contains financial data that comes from your financial statements, the Profit and Loss (income statement), Balance Sheet and Cashflow.
Operational database -Contains operational data such as sales, purchases, and inventory. This data has more detail, such as the sales breakdown (by customer, product, sales rep, channel), primary and secondary class products, pricing, expenses by provider, headcount numbers, payroll expenses, and so on.
You create both types of budgets in the same basic way, however, there are a few different steps, so they are outlined in separate sections below. In both setup screens, the settings are organized into tabs, in which many options are automatically selected for you, to save you time.
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You can create a budget from two locations:
On the Budgets and Forecasts homepage, in the top-right corner, click Create new budget.
Within a budget, in the top-left corner, click the Menu > Create budget.
If you don’t see either of these options, it means you don’t have permission to manage Budgets and Forecasts.
What happens next depends on your database access. If you have access to both types of databases, the Create budget screen displays, in which you need to select which type of budget you want to create. If you only have access to one type of database, you skip the Create budget screen and go directly to the workbook setup screen for that type of database.
Financial budget
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The hierarchy settings determine how many levels of data are in the budget and how those levels are ordered. In other words, the hierarchy determines how the various dimensions in the database are grouped in the budget. The highest level (dimension) is always the Profit and Loss Category, which includes items such as Revenue and Expenses. The lowest level, where the workflow sits, is always the General Ledger account. You can leave the default hierarchy as it is, or add levels and apply filters, as required. You have the option to filter the levels in the budget or apply a filter to the whole hierarchy. So rather than have one large budget, you could create multiple, smaller budgets instead, then publish each one to the same stream.
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Operational budget
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The hierarchy settings determine how many levels of data are in the budget and how those levels are ordered. In other words, the hierarchy determines how the various dimensions in the database are grouped in the budget. You have the option to filter the levels in the budget or apply a filter to the whole hierarchy. So rather than have one large budget, you could create multiple, smaller budgets instead, then publish each one to the same stream.
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Next steps
After you complete the setup:
Explore your new budget workbook. Expand the tip below to see how the budget setup corresponds to the output. If required, make changes to your budget workbook setup before you edit any of the budget values.
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After you create a budget workbook, it opens on the Main worksheet tab. The layout and contents of the budget are determined by your setup. In the case of a financial budget, the budget is displayed in the Profit and Loss template that you selected, as illustrated in the image below, where the colors match the setup settings with the corresponding workbook elements. |
Proceed to assign the budget rows to various people in your organization using the workflow.
On this page
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