Step | Notes | |
|---|---|---|
1 | Click the blue plus button | |
2 | Select the Balance Sheet template. | This setting determines the layout of the Balance Sheet budget. The options available depend on the types of Balance Sheet statements your organization has created in the Financial Statements module. If your organization only uses one Balance Sheet template, it will be applied by default. |
3 | Set the Balance Sheet budget hierarchy levels, as required:
| This setting determines how the dimensions are grouped in your Balance Sheet budget. By default, the first level is the top level group (category) for the Balance Sheet statement and you cannot change this. You can add other dimensions as lower levels. The dimensions that are available in the list depend on how you set up the Profit and Loss budget. |
4 | (Optional) Select the Cash Flow template. | This setting creates a Cash Flow budget on a separate tab in the workbook. The values in the Cash Flow budget are automatically derived from the values in the Profit and Loss and Balance Sheet budgets. The budget hierarchy levels are inherited from the Balance Sheet budget but if available, you can add custom levels which will help you to group your Cash Flow statement. |
5 | Select the opening balance stream. | This is the stream from which your Balance Sheet values come from. In most cases, this is the Balance Sheet stream. |
6 | (Optional) Change the period end date. | By default, the period end is selected for you, as it is linked to the main Profit and Loss budget setup. For example, if your budget period is November 2022 to October 2023, the Balance Sheet period end date is the month prior to that period, October 2022. This date must be on or before your Balance Sheet budget period start date, as it informs the initial opening balance for your Balance Sheet budget and enables changes (movements) to be tracked. When the Balance Sheet budget starts in a future month, the opening balance helps you to form the bridge between the last closed period and the beginning of the budget period. |
7 | (Optional) Change the measure. | By default, the measure is selected for you, as it is linked to the stream you selected in step 5. The measure is typically the same as the measure used in the main Profit and Loss budget. |
8 | Review the Retained Earnings account code and change it, if required. | By default, the Retained Earnings General Ledger account code is selected for you, as it is linked to the Balance Sheet template you selected in step 2. This setting determines the account code in the Balance Sheet budget to which the profit from the Profit and Loss budget is allocated. |
9 | Click Next. | |
10 | Map the cash accounts to the entities in the selected dimension. | Depending on your account structure, you can use the same General Ledger bank account code for several entities or use different codes as required. Typically, you use a separate bank account for each entity. If you have no levels, such as in the case of a consolidate Balance Sheet budget, you will only have one one bank account to map. |
11 | Click Create Balance Sheet. | |
12 | Proceed to explore your new budget worksheet(s). | A new tab is added to your budget workbook for the Balance Sheet budget. If you opted to add a Cash Flow budget, an additional tab is added for that budget. |
next to the Main tab, enter a name for the Balance Sheet tab, select Balance Sheet, then click Add.