The budget feature helps the user to keep track of the budget assigned by the administrator. The admin can assign budget at the project level or at the expense type level. This tutorial highlights how to use the budget feature when budget is assigned at the expense type level, however, the process of using the budget feature is identical even when the budget is assigned at the project level.
You can assign budgets to each expense type for each user or for each expense type at the system level (i.e. all users charging to that expense type share a common budget). You can also assign monthly budgets at each user level. In order to define a budget rule at the expense type level, click on the "Masters" --> Select the "Expense Type" as shown below.
Click on the "Create New" button as shown below.
The fields in bold are required.
If the expense type required with the budget then check on the Enable Budget Tracking checkbox as shown below.
Note: You can create the expense type with the budget if the budgeting feature is enabled for your organization.
On a click of Enable Budget tracking checkbox, it will show you the fields for budgeting as shown below.
Description of the Enable Budget Tracking Fields:
Budget Amount: This field specifies the budget associated with this particular expense type. The budget can be specified in foreign currency as well.
Local Currency: Currency selection is given as it defaulted to the system currency but the user can change as per requirement.
Conversion Rate: Defaulted to 1. This field is used when you want to track the budget in foreign currency.
Converted Budget Amount: Budget Amount field converted into Amount in the local currency specified in the local currency field. Unless you are specifying Budget Amount in a foreign currency.
Budget Applicable: Enter System or User value to indicate if the budget is applicable for this expense type across the entire system for all users combined or if the budget is applicable for this expense type for each individual user. The budget feature also allows you to assign a monthly budget per user, if you select the “Per User Per Month"
Budget Period Start Date: The Budget will be applicable from the Start Date.
Budget Period End Date: The Budget will be applicable until the End Date.
Fill-up the required fields and click on the " Create" button to create the Expense Type with the Budgeting feature.
The budgeting feature helps the organization to monitor the budgets on expenses periodically and it also helps the users in controlling their spends by not overshooting the allocated budget.
To know how to use the budget feature refer to Using the Budget Feature