Managing the Budget Cycle
This folder is for documents and videos related to creating forecasts and revised budgets within Martus.
Creating a Revised Mid-Year Budget
Here’s how to create a mid-year revised budget. For more information, see the video below.
- Go to Planner > Planner Setup > Budget Management.
- Click Create Budget
- Choose the option forBased on Prior Year's Actuals and Budget
- Choose whether to limit worksheets (see below on how to review what will or won't be included)
- Give the Budget a Name
- Click on Create Actuals
- Go to Dashboard > Updater.
- Confirm the job has completed.
- Go to Planner > Planner Setup
- Select the budget just created.
- Click Set as Planner.
- Select the budget just created.
- Click Unlock Worksheets.(Note: this will unlock all worksheets and allow users to begin making edits.)
- To manage the worksheets, review the Planner Setup article.
To review what worksheets will be created if unselected:
- Go to Dashboard > Financials
- Choose the Worksheet Budget Comparison report
- Any line with a red X will be created if the checkbox is unchecked
New Budget Cycle
There are three ways to create a new budget for the new year based on the prior year's budget. Select one of these methods:
- Option 1 – Framework Only: 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 Framework Only budget.
- Option 2 – Budget: A budget for the new year may be based on a prior year's budget. The worksheets are created with lines, and values based on the prior year's budget. The values can be adjusted via "Initialize", or on a line-by-line basis.
- Option 3 – Actuals + Budget: A budget may include actuals through a specific month, and utilize budgeted numbers for the remaining months. This includes all lines from both the prior year's budget and actuals.
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.Create a Budget
- Go to Planner > Planner Setup > Set Budget Year.
- Select the year for the new budget and click Set as Budget Year.
- Go to the Budget Management tab.
- Click Create Budget.
- Choose one of the following as appropriate:
- Option 1 - Framework Only
- Click Based on Prior Year's Budget
- Click Framework Only
- Option 2 - Budget
- Click Based on Prior Year's Budget
- Click Copy All Budget Values
- Option 3 - Budget + Actuals
- Click Based on Prior year's Actuals & Budget
- Choose whether to limit actuals to current worksheets, or create worksheets for unbudgeted actuals
- Option 1 - Framework Only
- Select the appropriate Source Budget to copy.
- Give the budget a Name.
- Click Create Budget.
- Go to Dashboard > Updater and confirm the job has completed.
- Go to Planner > Planner Setup.
- Select the budget just created.
- Click Set as Planner.
- Select the budget just created.
- Click Unlock Worksheets. (Note: This will unlock all worksheets and allow users to begin making edits.)
- To manage the worksheets, review the Planner Setup article.
Budgeting - Final Steps for a New Fiscal Year
Your new fiscal year is starting soon. You’ve built your budget in Martus, and it has been approved! There are just a few more steps to take to be sure your budget is ready to go. You can perform these steps in any order, but Martus recommends that all be completed before your new fiscal year begins.
Confirm that all worksheets in this budget are locked.
- Start on Planner > Planner Setup.
- Select the budget.
- Click on Lock Worksheets.
Set the budget as the Dashboard default for the new fiscal year.
- Start on Planner > Planner Setup.
- Select the budget.
- Click on Set as Dashboard.
Upload the budget to your accounting system, if available.
- For Sage Intacct:
- Go to Planner > Intacct.
- Select the correct budget year.
- Pick the Martus budget and the target Sage Intacct budget.
- Click Upload.
- For QuickBooks Desktop:
- Go to Planner > Planner Setup.
- From the Budget Management tab select the budget.
- Click Export IIF File.
- For Financial Edge Next:
- Go to Planner > Planner Setup.
- From the Budget Management tab select the budget.
- Click Export.
- For File Based Implementations:
- Go to Planner > Planner Setup.
- From the Budget Management tab select the budget.
- Click Export.
Converting a Budget to a Consolidated Currency (Sage Intacct only)
Introduction
Within multi-currency implementations of Martus, you will have two instances of Martus. One will be multi-currency (synced from your Accrual or Cash books in Intacct), and the other will be in the consolidation currency (synced from your consolidation books in Intacct). In the multi-currency instance, each location’s actuals and budget worksheet(s) are in their native currency.
You will budget in the multi-currency instance. Then, you’ll use that budget as the basis to create a consolidated budget in a single currency, export that from the multi-currency instance and import it into the consolidated instance of Martus.
When locations are synced from Intacct, the currency associated with the location is also pulled into Martus. You can specify any of these currencies as your base currency, to which the other currencies will be consolidated. The standard exchange rate is set each night by the nightly updater process, but you can define custom exchange rates for some or all of your currencies if you wish to do so.
Setting the Consolidation Currency, Seeing and Setting Exchange Rate(s)
The nightly sync sets the market exchange rate for all currencies used throughout Martus. A custom rate can be defined for any or all currencies. When the consolidated budget is prepared, the standard rate will be used if there is no custom rate for that currency. If there is no rate set at all, or no currency is defined for a specific location, the conversion factor is 1.
Use Setup / Currency to:
- see the currency for each location
- choose which of these currencies is to be used for consolidation
- see the current market exchange rates for each currency
- set a custom exchange rate per currency if desired
The Setup / Currency selection is available only to Admin users.
How to Create a Consolidated Budget
Select Planner Setup. On the Budget Management tab, select the budget to be consolidated, then click Create Consolidated on the Action menu.
Then, enter the name of the new budget and use the dropdown to select the currency to be used for the consolidation.
When you click to Create Consolidated Budget, a background job is queued. You will receive a message in your email when the budget has been created. If the process encounters any errors, they will be noted in the email. If there were any errors, the underlying issues must be corrected before you make any use of the new budget. Contact Martus Support for assistance if you do not know how to correct the error or have any questions about the email message you receive.
Note: The set of rates used to create the consolidated budget is stored in a global SPW named Exchange Rate that is associated with the new budget.
Implementation Notes and Support Requirements
This feature is only supported for integrations with Intacct.
The currency must be defined within Intacct as part of the location dimension.
Access to the multi-currency capability of Martus is controlled by a client-level flag that must be set by Martus Support.
The nightly process that obtains the market exchange rates for your currencies has these features:
- Exchange rate data is delivered by Fixer.io.
- All exchange rate data is midpoint data, determined by calculating the average median rate of Bid and Ask at a certain time.
- 170 world currencies, including Bitcoin, Gold, and Silver rates are supported.
- If necessary, Martus Support can manually run the process that obtains the current market rates.