Budget
Budgets provide estimates of income and expense for a specified period of time, ad are used for financial planning purposes. In NetSuite, each budget covers a year and permits the entry of an amount, per account, for each accounting period in the year.
We can conduct following activities in regards to budget:
• Created budgets for subsidiaries
• Create budgets for departments, classes, locations, items and customers or projects
• Enter budgets for statistical accounts
• Setup budgets within NetSuite or use the CSV import assistant
• Base a budget on previous budget or a previous year’s financials
• Create multiple budgets for the same time and combination of criteria
Set Budget Details
Navigate to Financial > Lists > Set Up Budgets
We can select the brands in the class field and budget can be set according to the brand.
Importing Budgets
We can import budget data as CSV files to create NetSuite budget records. The interface and process for budget imports vary from those for other record type imports.
Before you begin the import process, ensure the values in the CSV file are properly formatted:
• The account name must exactly match the account name in the chart of accounts
• If there is a subaccount, the account field must include the parent account name and subaccount name, separated by colon (:). The format should be, Parent : Child Account. The format for subsidiaries should be the same as the format for subaccounts.
• If multiple budgets are enabled, category is mandatory
• The year format must exactly match the year format of the accounting period in Setup > Accounting > Manage Accounting Periods
• Numbers/amounts must not contain the separator (,) or the Currency character ($)
Budget Template File
NetSuite provides a sample budget template file that you download and populate with your data before the import.
We can download the template file from the following navigation Transactions > Financial > Set Up Budgets > Import The budget template file includes every field as columns, so that every row of data can store values for fields.
Import into NetSuite
Navigate to Financial > Lists > Set Up Budgets > Import Use Import Assistant to : • Select the file which should be in the CSV format
Review the automappings of CSV file fields to NetSuite fields
Run the import
Check the status of an import job importing and can download the CSV Response from Job status page.
General Import Errors
This section describes errors that you might see on any type of import. See the following:
1. The following file(s) could not be uploaded because of one or more errors. Please correct and reupload.
Solution : Change the character encoding to Western (Windows 1252) in the import page
2. Mandatory field missing for field “XXXX”
Solution : Fill all the mandatory fields like Subsidiary, Year and Budget Category
3. Invalid subsidiary reference key
Solution : Fill the subsidiary in the following format <Parent Subsidiary : Child Subsidiary>
Example Parent Company : Bloom & Grow Holdings Limited : Bloom & Grow Singapore Pte Limited
4. You have entered an Invalid Field Value enter Period xx Amount for the following field: period amount
Solution : Make sure that Period x Amounts columns all have numeric characters only and correct those which we have erroneously entered with alphabets.
5. Invalid account reference key Expense for subsidiary XX.
Solution : Use the internal id of the corresponding account instead of the account name