Create Budget Version—Key Exercises

IMPORTANT
It is extremely important that you set up and work within your own company to maintain your data integrity. If you work within any other company, your exercises will not function as intended and the data of other students might be affected. Predictable exercise results require that your data is isolated in your own company.

Basic Data Setup

Purpose: The purpose of this exercise is to show you how to set up the basic data that you will need to perform the other exercises in this lesson.

Basic Data and Requirements

Main Exercises

Create Budget Version

Enter Budget Version

Purpose: The purpose of this lesson is to enter a budget version in order to continue registration of budget values.

Windows:
Budget Versions

  1. Open the Budget Versions window, and create a new record.
  2. Enter the information from the table below.
Ledger Type Ledger ID Budget Year Budget Version Budget Description Budget Format Budget Status
General Ledger or Internal Ledger This is automatically filled in 2000 2000 V1 2000 Budget, Version 1 1 Active

  1. Save your changes.

  2. If you want to add notes to your budget version, select the budget row, right-click, and then click Notes. Enter the notes, and then save your changes. The Notes check box is now checked.

Enter Budget Versions over Several Years 

Purpose: To enter budget versions covering several accounting years. Supports project budgeting.

Windows:
Budget Versions

  1. Open the Budget Versions window, and create a new record. Enter the information from the table below.

Budget Year Budget Version Budget Description Budget Format
2000 1 2000 Budget version 1 for projects 1
2001 1 2001 Budget version 1 for projects 1
2002 1 2002 Budget version 1 for projects 1
  1. Save your changes.

Note: If you use the same name or ID for the budgets, they can be used over multiple fiscal years. This helps you follow up on and analyze your projects using budgets over the year-end accounting in queries and reports.

Allocation Key

Enter Allocation Key

Purpose: The purpose of this exercise is to distribute budget amounts into periods using an allocation key with seasonal fluctuations.

Windows:
Budget Allocation Keys

  1. Open the Budget Allocation Keys window, and create a new record.
  2. Enter a new allocation key called SEASON (racing season). Use the appropriate budget year, e.g., 2000.
  3. In the table portion of the window, create a new record.
  4. Enter the information from the table below.
Budget Period Allocations Percentage
1 2.00%
2 5.00%
3 8.00%
4 14.00%
5 14.00%
6 14.00%
7 10.00%
8 12.00%
9 10.00%
10 6.00%
11 3.00%
12 2.00%
  1. Save your changes.
  2. These allocations will be used later to distribute the annual amounts.