IFS Budget Management aims to provide the ability to plan and evaluate an organization's actual result in IFS General Ledger.
A budget version is a collection of values or quantities which is used to evaluate a period or an accumulated result for a company. It can be a budget or a forecast, and it can be initiated from previous budget versions, General Ledger or Internal Ledger balances, or a budget process. Budget allocation keys can be used to handle seasonality within a budget year and budget recalculation rules can be used to change budget values within a budget version.
A budget process focuses on the actual process to create a budget or a forecast. This is done by connecting a number of budget templates to the budget process. The budget templates are entry forms for values, quantities and budget drivers. These budget templates are then consolidated into a total value to complete the budget process.
The budget process can then be loaded into a budget version. The IFS Business Analytics reporting tool is closely connected to the budget process. It can be used to enter transactions from a spreadsheet user interface. This is achieved by writing back values from a Business Reporter report connected to a budget template of the budget process.
By using IFS Business Analytic's integration to MS Excel, formulas can be used to serve as business rules. These rules can be applied to a budget template or the budget process.
For more information on Budget Version, refer the following:
Budget
Management
(Process Model)
Budget Management (Description)
For more information on Budget Process, refer the following:
Budget Entry Process (Description)