Budgets in NetSuite will be specific to a fiscal year and permits the entry of an amount per account for each accounting period in the year.
Budgets can provide information for reporting such as NetSuite’s Budget vs. Actual report.
We can save estimates of income and expense as budgets for financial planning purposes.
The user can also create Budgets for specific customers, items, departments, classes, locations or any combination of these criteria. To filter the accounts that are listed for budgets the user can choose an Account Type. The account types include the following:
- All: All accounts included in Income Statement, Statistical Accounts, and Balance Sheet reports
- Existing: Only accounts that have existing budgets created for them
- Expense: Any accounts in the expense section of the Income Statement report
- Balance Sheet: Any accounts in the Balance Sheet reports, assets, liabilities, and equities
- Income: Any accounts in the income sections of Income Statement reports
- Income and Expense: Any accounts included in both the income and expense section of the Income Statement
Budgets can be manually entered, copied from a previous budget or users can use the CSV import assistant to import budgets from external systems. When using the CSV Import Assistant tool, the user has the option to upload multiple budgets at a time for different years and criteria.