Add Budgets
After setting up your chart of accounts, you can enter budgets.
Budgets are an itemized allotment of funds to each revenue and expense account. You can set up budgets monthly or annually for each account.
Budgets are not actual monies held in the account; instead, a budget represents the amount of money you expect to receive and how you to plan to spend it.
You can enter or change budgets at any time during the fiscal year. Changes to budgets are retroactive to the beginning of the fiscal year.
If you selected Confirm Changes in the Add/Edit Budgets window, a confirmation message displays before budget changes are saved to the annual budget.
- Under Manage Records, click the Budgets tab.
- In the drop-down list, select Add/Edit Budgets and click Go
.
- In the drop-down list, select the Fiscal Year.
- Click Lookup
to select an Account Code in the Account Lookup window. You can also use the scroll arrows to select the next or previous account in the chart of accounts.
- Click Edit.
- Under Enter Budget, click by Month or by Year.
- Enter your budget amounts, then click Distribute.
- In the Distribute Annual Budget Information window, select the appropriate distribution option and click OK. If you do not click Distribute, ACS disburses your annual budget evenly over the twelve months.
- When finished, click OK.