New Budget Cycle - How To Create a New Budget

There are three primary ways to create a new budget for the new year based on the prior year's budget. Select one of these three budget types:

• Worksheet Framework: A framework budget is a set of blank budget worksheets, with targets, owners, and approvers carried over from the previous year. Each worksheet will be blank, with no lines or values. Lines can be added per worksheet via the Load option and then the values can be added via Initialize, or on a line-by-line basis. Note - Special purpose worksheets are not copied into a this budget.
• Worksheet framework with lines and SPWs: A budget for the new year may be based on a prior year's budget. Multiple options are explained below.
• Actuals and Budget: A budget may include actuals through a specific month, and use budgeted numbers for the remaining months. This includes all lines from both the prior year's budget and actuals.
  

 To create a budget based on 12-month trailing actuals, click here.

Before proceeding, know which budget you want to copy into the new fiscal year. Go to Planner > Summary or Planner > Worksheets to review your current budgets.

Set the Budget Year

• Go to Planner > Planner Setup > Set Budget Year.
• Select the year for the new budget and click Set as Budget Year.
  
  
  
  

Start the Budget

• Go to the Budget Management tab.
• Click Create Budget. The Year for the new budget is displayed.

You have the following selections available, though a new budget cycle is typically based on prior year's budget or prior year's actuals and budget.

• Empty Budget - Create a new completely empty budget. Enter the Name and Budget Type for the new budget.
• Based on Prior Year's Budget - Create a new budget using only budget from the prior year.
• Based on Prior Year's Actuals and Budget - Create a new budget based on prior year actuals and budget.
• Based on Current Year's Actuals and Budget - Create a new budget based on current year actuals and budget.

Create a Budget Based on the Prior Year's Budget

1. Click Based on Prior Year's Budget.
2. Select the Source Budget. 
3. Enter a Name for the new budget.
4. Select the option you'd like to use to create the budget.
   • Worksheet Framework. A framework budget is a set of empty, blank budget worksheets, with no lines and no values. Worksheet targets, owners, and approvers are carried over from the previous year. Worksheet notes are not carried over.
     
                 OR
   • Worksheet Framework + Worksheet Lines Blank + Full SPWs - Blank worksheet lines and all SPWs, including SPW notes, are carried over from the previous year. Worksheet targets, owners, and approvers are carried over from the previous year. Worksheet notes are not carried over.
     
                 OR
   • Worksheet Framework + Worksheet Lines and Values + Full SPWs - Worksheet lines will contain budget values, and all SPWs, including SPW notes, are carried over from the previous year. Worksheet targets, owners, and approvers are carried over from the previous year. SPWs are copied but are not posted in the new budget, and SPW notes will not show up in the worksheets. Worksheet notes are not carried over unless specified using Copy Worksheet Notes.
     • Click Copy Worksheet Notes to copy the worksheet notes from the old budget to the new budget. 
     • Click Post SPWs to post all SPWs for all months in the new budget after copying. 
       
       OR
   • Worksheet Framework + Worksheet Lines and Values + Full SPWs & Post SPWs after date... - Worksheet lines will contain budget values, and all SPWs, including SPW notes, are carried over from the previous year. SPWs and SPW notes are posted in the new budget after the date listed. Worksheet targets, owners, and approvers are carried over from the previous year. Worksheet notes are not carried over unless specified using Copy Worksheet Notes.
     • Click Copy Worksheet Notes to copy the worksheet notes from the old budget to the new budget. 
     • Post SPWs is automatically set to post all SPWs in the new budget after copying.  
       
5. Click Create Budget.
   
   

 Create Based on Prior Year's Actuals and Budget

A budget may include actuals through a specific month, and use budgeted numbers for the remaining months. This includes all lines from the prior year's budget. 

1. Click Based on Prior Year's Actuals and Budget.
2. Select the Source Budget.
3. Note that actuals are loaded though the Last Closed Month date.
4. Click Copy Worksheet Notes to copy the worksheet notes from the source budget.
5. Check Limit to Worksheets Existing in Source Budget to limit actuals to current worksheets, or uncheck to create worksheets for unbudgeted actuals.
6. Check to Post SPWs or not.
7. Enter a Name for the new budget.
8. Click Create Budget.
   
   
   
   
   

Complete the New Budget Setup

• Go to Dashboard > Updater and confirm the job has completed.
• Go to Planner > Planner Setup.
• Select the budget just created using the check box to the left. The budget actions menu appears.
• Click Set as Planner. You are given the option to unlock all worksheets.
  • Click Okay to unlock all worksheets and allow users to begin making edits.
  • Click Cancel to keep the status of the worksheets unchanged.
• To manage the worksheets, review the Planner Setup article.