This article will help you understand how to create and track budgets in Precoro. 

But first, make sure that you already understand the functionality of budgets.


The most frequent problems/issues you can resolve by using the Budget module: 

  • It's hard to track the Project budget when you have more than one budget in one Project.
  • I don't understand the budget availability per month/quarter/year.
  • I have the same budgets per different periods, and I should create a monthly budget with the same info. 

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TABLE OF CONTENTS



What you can do with a Budget Module in Precoro

  1. Create a budget with multiple budget lines. 
    • The budget line is a separate budget included in the main budget.
    • Each budget line can be assigned to Purchase Orders and Invoices.
    • This module can be used to track budgets per different costs. Each budget line can be at a separate cost.
  2. Create a budget with multiple periods. 
    • Each budget line can have different periods: months, quarters, or one custom period.
    • This case can be used as a yearly budget divided by cost and periods.
    • In editing mode you can remove the previously created periods.
  3. Create a budget by Departments and/or Projects.
    • It can also help you restrict access to budgets for employees from another department. 
  4. Create a budget by Chart of Accounts / Cost Centers.
    • It allows you to dive deeper into tracking costs at the accounting level.


How to activate a Budget Module

  •  Go to the Basic Setting page —> Budgets tab —> move the switcher to ON —> Update.

 How to activate a Budget Module


Please note only users with the "Budget" role have access to the Budget module.

You can check it by going to Configuration —> User Management —> Click the Edit button to open the "edit user" page —> Open Roles tab and put a tick on "Budgets."

You should have "Budget" role to have access to the Budget module.


How to create a Budget

  1. Open Budgets from the left-side menu and click on the "Create" button.


    How to create a Budget
  2. Fill in and set up all fields. Once done, hit the "Create" button to save the changes.
    • Decide what to include in your budget
    • Set up the period/duration
    • Specify a Deducted Sum

  3. Fill in the budget lines. All changes will be saved automatically, but you can also click on the "Save" button.
    • Set a name/description for each budget
    • Choose a location
    • Add Document/Item Custom Fields (if you decided to include them in the budget)
    • Make a budget limited (if needed)
    • Fill in the amounts for each period


How to edit a Budget
Note: only the admin (user with the Configuration role) and the budget holder can edit budgets.

If you need to be the only person who should edit budgets, we advise you to put your user's email as a budget holder for all the budgets instead of the current budget holders.

If current budget holders or other users should only view the budgets (see and track the progress, but not edit budget information), they need to activate the Budgets role in the User Management


You can edit the budget to change the following information at any time:

  • Budget name
  • Budget holder
  • Deducted sum
  • Edit, delete, and add budget lines
  • Remove the period

Editing the budget can be done in this way:

How to edit a Budget


Please note: if your budget includes Item Custom Fields (e.g., Cost Centers / Chart of Accounts) — you should click the View more button to view these Item Custom Fields in the budget lines.



How to create a Budget with multiple custom periods

To customize budget lines for specific periods, you should create a budget and set the period as 'Custom.' When you create a first budget line and fill in all required fields — press the 'Add period' button. 


The start and end dates will be changed according to set periods. In editing mode you can also remove the necessary custom periods. 


Please note that once the period is deleted, all details about this budget will be removed from all the Purchase Orders and Invoices associated with it.



How to view and track Budgets


You can view your list of Budgets by:

  • Parent Budget OR
  • Budget line names


Also, use filters to configure the Budgets' list appearance.



You can track a Budget in two ways: 

1) Through Reports. You can use a Budget Usage report or a custom Budget Report.
2) Through Budget Dashboard. To see how the budget is being used, click on the info button on the budgets page.

How to track budgets


- This dashboard displays all relevant information in real-time:

  • The total amount of the whole budget
  • The total amount Used 
  • How much is left Reserved in the budget for recurring documents
  • What amount is still Available
  • Start and End Dates of the budget
  • The Budget holder's email
  • How the Deducted Sum is calculated


- On the pie charts, you can find statistics regarding your spending by Location and Supplier.


- At the bottom, you can see all the information by budget lines.


Besides, you can set filters by

  • Budget
  • Location
  • Departments

If the budget is created by Item Custom Field, you can set filters only by Location. 

This is how your budget dashboard looks with filters set.