Budgeting is the technique of developing a plan to utilize your finances, the end product of which is a budget. The outcome of making a budget is that you are aware in advance of the various spending accounts and ensuring that you have sufficient money to do the needful things.

There are four common types of budgets that companies use: (1) incremental, (2) activity-based, (3) value proposition, and (4) zero-based. These four budgeting methods each have their own advantages and disadvantages.

Prerequisites

1. The users' role must have access to the Financial Budget feature by enabling Add app operation for the feature in Admin - Security - User - Role through Finance - Set Up - Budget.

Step-by-step guide

The process is divided in the following steps:

1. Go to Ginesys Web > Finance > Set Up > Budget > Financial Budget.
   
   
2. Financial Budget module will open.
   
   
3. Click on Add button.
   
   
4. Finance Budget window will open.
   
   
   
   
5. You will get two section - General Information and Ledger Details.
   
   
6. General Information:
   
   
   
   
   1. Select the OU Name and Accounting Year from the look up window. 
      
      
7. Ledger Details:
   
   
   
   
   1. Select General Ledger, Type, Sub Ledger wise Budget, Cost Center wise Budget and Annual Amount.
      
      
   2. You can also define budget in details from Define Budget option.
      
      
      
      
      1. General Ledger and Type will be populated automatically.
         
         
      2. Select Cost Center and do Month wise Allocation.
         
         
      3. Once done, Click on  Confirm.
         
         
8. Click on the Close button.
   
   
9. The budget will be saved on closing the window.