Budgets allow users to choose and define the accounts they need for their budgets, as well as generate spending and revenue statements for a specific time period. It’s simple to create a new budget in NetSuite or to import an existing budget.
To build or import budgets, the user must have the “Set Up Budgets” role permission.
Creating Budget
Step 1: Budget creation page
To create a budget, simply go to Transactions > Financial > Set Up Budgets. It will bring you to the main budget creation page.
- Select the year that you are creating the budget for, and the budget category. Defining a budget category gives you the opportunity to create different budgets for the same class, department, or location.
- Identify if this budget is for a particular customer, project, or item
- Determine header information, if necessary (Class, Department, Location).
- Select the account type for your budget:
- Income and Expense
- Income
- Expense
- Balance Sheet
- All
Step 2: Filling out the Budget
put a check mark next to a certain account for that month and enter the amount manually each month, or you can copy the amount from the first month to the rest of the months. To do so, enter amount in January, choose the account to which you wish to apply it, and then click the “Fill” option. This will help you fill up the gaps in your budget. You can also divide your budget into equal parts. Clicking the “Apply” box next to an account, inputting an amount for the first month, and then selecting “Distribute” accomplishes this. After you’ve finished filling out this section of your budget, click “Save.”
After you’ve done creating or importing your budget, navigate to Reports > Banking/Budgeting > Budget Income Statement to check the Budget Income Statement. You can then either review and accept the budget that was input, or export the data and modify it to fit the business needs.
