Budget categories are used with the Multiple Budgets feature to create budgets for a variety of scenarios. Be aware that budget categories are available only if you have the Multiple Budgets feature enabled in your account.
When the Multiple Budgets feature is enabled, you can use budget category values on budget records to categorize types of budgets. In NetSuite OneWorld, budget category values are used to indicate whether budgeting is done at the local subsidiary level in local currency or globally using the root subsidiary’s currency. Each budget category is associated with a budget category type of local or global.
Steps To Create a Budget Category
- Go to Setup > Accounting > Accounting Lists > New.
- On the Add to Accounting Lists page, click the link to Budget Category.
- Enter a descriptive name. This name appears in lists.
- Check the Global box to indicate that budgets assigned to this budget category have a type of global, and are defined in the base currency of the root parent-subsidiary. If this box is not checked, this budget has a budget category type of local, indicating that budgets assigned to this category are defined in the base currency of the individual subsidiary.
