Introduction

The purpose of this process is to ensure the proper creation and posting of Client budget information. This budget data is used for comparisons to actual financial data on the financial statements. The Budget process is a relatively easy task to perform. First you enter the budget data into the budget spreadsheet with G/L account# data along rows and financial periods (month/year) along columns. Once completed and approved you then transfer the budget data to the monthly G/L statements file.

You can enter budget data for any 12 month period into the budget spreadsheet. You can update the G/L transaction file with any 12 months worth of budget data. For example: enter budget data for Jan 95 through Dec 95; enter more budget data for Jan 96 through Dec 96; you now have two years of future budget data (assuming the date is on or before Dec 94).

A word of caution: you cannot update prior periods budget data to the financial transaction file unless you have system administrator security. You also cannot update budget data to the finacial transaction file unless you are starting from the beginning of the next fiscal year.

You can also use any budgeting tool (Lotus 123, Excel, Access, etc) and download the data into the 'glbudget' file for updating to financial statements.

1. Prepare your budget data. You may want to start with the current years years data. If so skip to the next step.
2. Input above data into budget spreadsheet. You can load the prior year's actual data into spreadsheet to give you a template to start with.
3. Update the G/L transaction file with the budget data. Use menu# 5.3.2.
4. Keep in mind the budget you prepare has a beginning and ending month/year value. This value corresponds to the actual G/L transaction file updated.
5. You will not be able to update the G/L transaction file except for the beginning of the next fiscal year.
6. You need to enter Reserves data directly into the budget spreadsheet by using the 'Reserves Maintenance' program.
7. If monthly billings change, or Special Assessments are approved, notify 'receivables' personnel so they can enter pending billings increases.
8. Update master "Journal Entry" sheets (in "BFORMS" file, ID = JENT.{Client#}) when new budget becomes effective.
9. File approved budget in Client's "Budget" file. Also file in "Resale" file if appropriate.
10. Make journal entries to correct reserves on Balance Sheet.
11. If Special Assessment is approved, make journal entry to post to Balance Sheet (Dr A/R-SpAsmt, Cr Reserves).