Wiki Detay | wiki workcube

Budget is a discipline. Tracking goals and keeping costs under control is vital for businesses. Workcube creates real-time budget records for business functions that perform budget transactions. These records allow you to track all planned or unplanned expenses and income. If you have planned your income and expenses according to income-cost centers, you can compare the results and plans at any time.

To use budget tools effectively, you should know 4 concepts;

Income and Expense Center: It is a logical grouping approach that can have a special meaning for the business where income and expenses occur. Organizational units such as branches, departments, business units, and teams can be income-cost centers. Income-cost centers can be designed according to product and service categories.
Budget Category: These are logical groups used to separate income and expenses. You can create parent categories such as Human Resources, Production, R&D.
Budget Item: These are logical groups used to separate income and expenses under budget categories. Budget items such as Stationery Expenses, Fuel Expenses, Manufacturing Revenues can be created.
Budget Context and Dimensions: You can size the budget to track activity-based costs.

The option to perform budget processing in transaction categories is selected.
Budget center and items of products and services must be defined. In some cases, automatic budget distribution records can be created by connecting product-services to the expense and income template.

When these settings and definitions are made, the system makes budget records for each transaction.

Sample Fiction:
Manufacturing, sales, service and finance-administrative affairs departments of a company that manufactures centrifuges and welding machines.

If stainless steel is used in centrifuge manufacturing;
Cost-Revenue Center: Manufacturing
Budget Category: Manufacturing Expenses
Budget Item: Manufacturing Sheet Metal Expenses

When the rent of the vehicle used by an employee in the finance department is paid;
Cost-Revenue Center: Finance and Administrative Affairs
Budget Category: Transportation Expenses
Budget Item: Vehicle Rentals

When the welding machine is sold;
Cost-Revenue Center: Sales
Budget Category: Sales Revenues
Budget Item:Welding Machine Sales Revenues

Food When the company issues a meal invoice;
If 30 people work in Manufacturing, 10 in Sales, and 10 in Finance and Administrative Affairs, the expense is shared according to the number of employees.
Cost-Revenue Center: 60% Manufacturing, 20% Sales and 20% Finance and Administrative Affairs
Budget Category: General Expenses
Budget Item: Kitchen Expenses.

When a bank transfer is made to a supplier, the expense paid for the transfer;
Cost-Revenue Center: Finance and Administrative Affairs
Budget Category: Financial Expenses
Budget Item: Money Transfer EFT Expenditures.

As can be understood from the examples, all work that carries out budget transactions. functionsBudget results are generated automatically when saved or updated.

Tip: If you want to compare or report these results with targets, you should make plans using budget planning slips.

Budget Planning What is a Receipt?

These are planning screens created to compare spending limits and income targets in a certain time period with what happened at the end of that time period. Planning is done by entering the cost-income centers, planner, target and budget items in the planning slips.

More information can be read in the article titled "Budget Planning Slips".

What is the Budget Distribution Template? The distribution key and distribution key that divides the income and expenses into cost-income centers in the Cost and Income slips and invoices.

More information can be read in the article titled "Budget Distribution Templates".

Attention:Products and services added to purchase and sales invoices create budget records. Therefore, it is necessary to set budget items for all products and services sold or purchased. You must make accounting and budget definitions on the product registration screens.

Budget, Realization, Free Use and Unplanned Expenditures

Business units prepare the budget of all investment and expenditure amounts they will make during the year. Thus, before spending, it is checked whether there is provision in the budget. If there is sufficient budget, spending is allowed. If there is not enough budget, the expenditure is blocked. Unplanned expenditures due to budget overruns are subject to approval.

Goods and services are requested by business units. At the request stage, the planned budget amount for the budget category or budget item is checked at the requested cost center of each good and service. The free usage amount is calculated by deducting the amount previously spent in this context. If the requested amount is below the free usage amount, the budget is reserved. Completing the request process means completing a series of operations such as receiving offers, choosing the right products and suppliers, placing orders and making agreements. Therefore, budget control operates from the approval of the internal request to the placement of the order.

Budget Compliance Control Table
Planned	Recorded with budget planning slips and approved amount.
Reserved	Reserved amount when purchasing and internal requisitions are approved.
Used from Reserve	Approved If requests turn into orders, they are deducted from the reserve.
Actual	Budget usage occurs after invoice and expense voucher registration.
Free	With budget plan difference between actual expenditure amount.
Requested	Request amount in preparation or approval stage.

Budget Control and Monitoring Report can be accessed from the budget detail and Reports list. The Project Dashboard is accessed under the Dashboard list.

Tips

Record was not found

Feedback

Did you find this content helpful?

5 1

Please Write Your Feedback!

Name*

Last Name*

Email *

About Workcube Objects

Budgets

Workcube creates real-time budget records for business functions that perform budget processing. These records allow you to track all planned or unplanned expenses and income. If you have planned your income and expenses according to income-cost centers, you can compare the results and plans at a...

Type: WBO Version: Catalsyt v5 Licence: Standard Author: Workcube Core