Setting up Budgets in NetSuite

It provides an estimation of expenses for a specific period of time and can help provide visibility for financial planning. Users’ ability to select and define accounts that are needed for their budgets and provide expense and income statements over a set period of time. It’s easy to set up a new budget in NetSuite or import a budget that you have externally. You can also enter budgets in statistical accounts and also create budgets for departments, classes, locations, items, and customers or projects.

1. Entering a Budget:

• Go to > Transactions > Financial > Set up Budgets
• If you use netsuite one world account  select subsidiary.
• Choose the Budget Year and Budget Category.
• Complete the other fields with the necessary information.

Adding New Budget Category:

1. If the Budget Category is not available in the selection, you can add a new one.
2. Step 1: Navigate to the Budget page.
3. Step 2: In the Budget Category field, select New to add a new category.

• In the Account Type field, you can filter the types of accounts for which you are creating this budget.
• Income and Expense – accounts included in both income and expense sections of Income Statement reports.
• Income – accounts included in income sections of Income Statement reports.
• Expense – accounts included in expense sections of Income Statement reports.
• Balance Sheet – accounts included in Balance Sheet reports, assets, liabilities, and equities.
• All – accounts included in Income Statement, Balance Sheet reports, and statistical accounts.

• Here, you can identify the dollar amount per month of your budget. You can apply a check mark by a specific account for that month and can enter the amount individually per month, or by copying the amount from the first month to all remaining months.
• To do this, enter an amount in January, select the account that you want to apply it to, and select the “Fill” button. This will fill your budget in for you. You can also evenly distribute amounts in your budget.
• This is done by selecting the “Apply” box next to an account, entering an amount in the first month, and selecting “Distribute.” Once you have completed filling in this part of your budget, hit “Save.”