Difference between revisions of "Defining Budget Title"

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== Budget Definition ==
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== '''Budget Definition''' ==
 
A ''budget'' is a formal statement of estimated income and expenses based on future plans and objectives. In other words, a ''budget'' is a document that management makes to estimate the revenues and expenses for an upcoming period based on their goals for the business.
 
A ''budget'' is a formal statement of estimated income and expenses based on future plans and objectives. In other words, a ''budget'' is a document that management makes to estimate the revenues and expenses for an upcoming period based on their goals for the business.
  
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== '''Path''' ==
 
== '''Path''' ==
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Budget » Operational Budget
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Budget » Budget
  
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== '''Purpose''' ==
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== '''Functionality''' ==
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1.     Able to add budget title with respect to financial year.
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* Able to add budget title with respect to financial year.
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* Able to create groups under each budget title.
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2.     Able to create groups under each budget title.
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* Able to associate departments and cost centers to created groups.
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3.     Able to associate departments and cost centers to created groups.
 
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4.     Groups can be made finance policy wise or individual department wise, as per the requirement.
 
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5.     If attach employee salary is CHECKED, the salary budget amount is calculated on the basis of the current salary books and appears in the budget.
 
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6.     Any cost center which is not a separate department like “MDP” etc. can be declared as a cost center.
 
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7.     Research projects can also be added as cost center.
 
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8.     Any income received in the form of funding to research project will also be associated.
 
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== '''Reflection''' ==
 
  
 
== '''Step by Step''' ==
 
== '''Step by Step''' ==
 
# Budget Title Creation
 
# Budget Title Creation
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[[File:Budget Title.png|950x950px|frameless|center]]
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2. Add New Title
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[[File:Image1121.png|center|frameless|593x593px]]

Latest revision as of 08:51, 8 April 2020

Budget Definition

A budget is a formal statement of estimated income and expenses based on future plans and objectives. In other words, a budget is a document that management makes to estimate the revenues and expenses for an upcoming period based on their goals for the business.

Prerequisite

  • Institute finance policy should be created.
  • Financial year should be created.
  • Ledgers and groups should be created.

Roles

Finance Admin

Path

Budget » Budget

Functionality

  • Able to add budget title with respect to financial year.
  • Able to create groups under each budget title.
  • Able to associate departments and cost centers to created groups.

Step by Step

  1. Budget Title Creation
Budget Title.png

2. Add New Title

Image1121.png
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