Budgeting

IFS/General Ledger contains functions for entering budget versions, allocations keys, recalculation rules, and budget values. The budget values can be used for comparison with outcomes in queries and reports and via report templates in IFS/Report Generator.

IFS Business Reporter can be used to create and analyze information based on the budget period amounts available in IFS Applications. For more information refer About Information Sources in IFS Business Reporter.

Do the following before entering a new budget:

• Verify that the accounting periods concerned are open for use. This is done in Accounting Periods. 
• Check the code parts that the company is using. This is done in Define Code String.
• Check that the accounts used for the budget values exist. This is done in Accounts. An account can be defined for  budget values only, i.e., not for transactions to the general ledger.
• Check that the code part values, for example the cost center, exist. This is done in Code Part Values.
• Check the code part requirements in Account, the Budget Code Part Demands tab. The user can enter information on the code parts only if the code part requirements are either Can or Mandatory.

Budget Version and Budget Values

The following steps are used to create a new budget version and to enter budget values. There are different ways of entering budget values. The values can be copied from an existing budget version; they can be initiated from balances in the general ledger; they can be entered manually per year and then allocated; the values can be entered manually per period.

1. Create a budget version in Budget Versions.
2. If the budget version resembles an existing version, this existing version can be copied either entirely or partially in order to create an initial budget. The copied budget values can either replace existing budget values or be added to existing budget values. Check that there is a budget version in Budget Versions. Mark the line and select the Copy Budget Version operation.
3. The user can import a file, including budget values, created in a PC-tool, e.g., Excel. Check that there is a budget version in Budget Versions. Mark the line and select the Import from File operation.
4. The user can initiate the start values from year or period balances in the general ledger or a combination of balances and budget values. Check that there is a budget version in Budget Versions. Mark the line and select the Initiate Start Values operation.
5. There are two different ways of entering the budget values manually. You can enter them via Budget Year Amount, then allocate the entered annual values to the period budget. You can also enter the values directly in Budget Period Amount. These two methods can be combined.
6. When entering budget values manually, you can use the Fixed Code String operation to facilitate the entry. The operation can be used both in Budget Year Amount and in Budget Period Amount.
7. Allocate the year budget values. Enter information on the allocation key in Budget Allocation Keys, if appropriate. Then use List of Values in the Allocation Key field in Budget Year Amount to enter the identity for the allocation key. If no allocation key is entered the annual values are allocated evenly to the periods defined for the accounting year or to specific periods that are defined in the Period From/Period To fields. Select either Allocate All Year Values or the Allocate Unallocated Year Values operation in Budget Year Amount.
8. A recalculation of existing budget values can take place by using recalculation rules. The rules are specified per code string with a percentage for increase/reduction. This is done in Budget Recalculation Rules. After the rule is entered, use the Apply Recalculation Rules operation and specify the budget version the recalculation is performed for.
9. An invalid budget version can be deleted in Budget Versions.
10. The budget values can be exported to a file. The file can then be used in a PC-tool, e.g., Excel. Open Budget Versions, then find the budget version you want to export. Mark the line and select the Export to File operation.