Budget

A budget is a company's setting of revenue and expense targets within a specific time frame. We talked about the 3 dimensions of W3's Finance and Accounting product family. Accounting, Current, and Budget dimensions. Detailed information about the budget section is available in the FAB basic explanation section. Please review the relevant section.

In W3, many business functions such as invoice, bank, expense, production etc. assign records to the budget. The budget module, on the other hand, makes plans, records forecasts, and targets. Thus, control and supervision between the planned and the actual is ensured.


A business can make multiple budgets in a financial year. You can design different budgets such as Sales Budget, Department Budget, General Budget, "Special budgets by Expense and Revenue centers". It is possible to plan on a yearly basis, and even a 15-day budget can be made. It is possible to add scenario approaches such as optimistic, pessimistic, and normal budget plans. Before designing the budget, cost, and income centers, budget items should be prepared.

The budget is planned with the basic and descriptive main registration screen and the Planning Receipts below it. The planned budget is monitored by means of budget income and expense records from different modules and real-time budget comparison tables. Workcube offers ready reports where you can monitor expenses and incomes even if you have not made a budget plan.


Before Use

  • Expense and Revenue Center Definitions
  • Budget Categories
  • Budget Items
  • Scenario Definitions
  • Expense and Revenue Distribution Templates

Module Functions

  • Budget Accrual Planning Receipts
  • Budgets
  • Budget Comparison Tables
  • Expenses
  • Revenues

Associated Functions in Other Modules

The budget is associated with all other modules within the FAB.


Tip

You can plan budgets for projects. Project-based budgets can be tracked if the project is selected while making the expenses and revenues.


Important
Budget items are also linked to accounting account codes. When defining budget items, make sure that the accounting account codes are correct and appropriate. Get support from your financial advisor or experts for editing and technical alignment between budget items and accounting account codes.


Suggestion

Before the start of each fiscal year, set concrete goals in line with future strategies. Translate these targets into budget language, namely income-expense centers and budget items. Make plans with your employees under budget and create a business culture that will monitor the real-time events with these plans.


Feedback

Did you find this content helpful?
Related Contents