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..Creating a Budget in GL

Posted on July 27th, 2007 by Sanjit Anand |Print This Post Print This Post |Email This Post Email This Post

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  • In GL you can create a budget by designating amounts to a combination of an a/c and a period.
  • The status of a budget can be
    • Open - the budget is available for update and entry
    • Current - the budget is open and is the default budget when you use most budgeting and inquiry forms. You can have only 1 current budget for each set of books.
    • Frozen - the budget is unavailable for update or budget entry. However, you can unfreeze any budget or budget element that is currently frozen.
  • Use master-detail budgets to implement budget hierarchies. GL uses summary accounts to maintain master detail budget relationships between hierarchy levels.
  • Define budget organizations to specify budget accounts. Budget organizations can be defined along dept., division or cost center lines to decentralize budgeting within an organization. You can create as many budget organizations as you need provided a/c ranges do not overlap for the same currency within the same Set of Books.

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