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Create a budget for the next fiscal period

Discover how to create and configure a budget for the next fiscal period in WorldShare Acquisitions.

Before closing a budget, you must set up and configure a budget for the next fiscal period. This workflow describes the steps to take when setting up a budget for the next fiscal period.

Step 1: Open a new budget and configure dates

  1. Click Budgets > New Budget. This creates a new budget whose start date is the day after the end date for the previous budget. You cannot directly modify the start date of the new budget, because it must occur immediately after the previous budget.
  2. (Optional) You can edit the End Date or Period, as well as adjust the end date of the previous budget if you want to edit the start date of the next budget.
  3. Please note that the budget is not saved until the first fund is created in the next step.

Step 2: Add funds to the budget

Important notes about adding funds

  • When adding funds to the new budget, you can choose to either copy funds from your previous budget or add funds from scratch if the new budget is significantly different from the previous budget.
  • The easiest way to add funds to a budget is to copy the funds from your previous budget. Using this method copies all funds and their parent-child relationships, so you do not have to manually create funds for your new budget. Optionally, the Budgeted Amounts can also be transferred.
  • However, there are disadvantages to simply copying the funds.
    • You need to manually change the budgeted amount for all funds that do not match exactly.
    • If you update the budgeted amounts across multiple sessions, there is not an easy way to track the fund you last updated. If you copy the funds and leave all the budgeted amounts at 0.00, you can tell the difference between the budgeted amounts you have updated and those you have not.

Option A: Add funds by copying funds from previous budget

  1. Click Copy Budget Structure.
  2. (Optional) In the Copy Budget Structure dialog:
    1. Select the Copy funds with budgeted amount check box if you want the Budgeted Amounts from your previous funds to be copied to the new budget.
    2. Select the Do not copy funds disabled for new transactions and their child funds check box if you do not want funds that are disabled for new transactions to be copied to the new budget.
    3. Select the Do not copy funds disabled for all uses and their child funds check box if you do not want funds that are disabled for all uses to be copied to the new budget.
    4. Select the Copy notes to copy notes for all funds from your previous budget to your new budget.
  3. Click Copy.
  4. Once you have copied the fund structure from the previous budget, you can still adjust the funds to fit any changes you want to make to the new budget. For example, you may have a different Budgeted Amount for some funds.

Option B: Manually add funds

  1. To add a fund, click the Add button (Add button) in the rightmost column.
  2. For each fund, you need to enter a Fund Name, Fund Code, and Budgeted Amount. The Fund Code must be unique for that Budget, but the Fund Name and Budgeted Amount may be duplicated. For example, you may have a fund called Books under both the English fund and Geography fund.
    1. Fund Name: Choose a fund name that is descriptive and easy to read.
    2. Fund Code: You have numerous options for determining a fund code. Some suggestions:
      • A shortened form of the Fund Name (e.g. EngBks for the English Books budget).
      • The identifier used by your institution's financial system (e.g. PeopleSoft, SAP). This allows the Fund Code to be used as a match point between the two systems.
      • A combination of the above (e.g. EngBks-001234).
    3. Fund Status: Select Enabled Fund status: Enabled (default), Disabled for New Transactions  Fund status: Disabled for New Transactions  , or Disabled for All Uses acq-disable-button.png.
    4. Budgeted Amount: There a multiple options for entering the Budgeted Amount. Considerations:
      1. If you are creating the budget for your next fiscal period and plan to begin using Acquisitions at the beginning of this budget period, then enter the full budgeted amount for that fiscal period. For example, if you have $1,000 designated for the next budget period, enter 1,000.00.
      2. If you are creating the budget for the current fiscal period (which has already begun), you may want to enter the remaining balance for the fund as your Budgeted Amount, instead of the full amount budgeted for that period. For example, if you had budgeted $1,000 for a fund but have already spent $500, you may want to enter 500.00 as the Budgeted Amount, since it is the amount remaining to be spent in the fiscal period.
  3. You can create a fund that is a child of another fund by clicking the ellipses button (acq-action-button.png) in the action column of the fund you want to use as the parent fund. You can create up to five levels of funds, but remember that as your fund structure grows in complexity, so does the complexity of choosing the right fund when ordering or invoicing an item.
  4. If you make a mistake, you can edit the Fund Name, Fund Code, and Budgeted Amount at any time. Click the ellipses button (acq-action-button.png) in the action column of the fund you want to edit and choose Edit from the drop-down menu. The total budgeted amount will appear at the top of the screen so that you can easily experiment with different Budgeted Amounts for each fund and view the results.
  5. You can delete funds as long as they have not been used. However, as soon as you place an order using a fund or pay an invoice using a fund, that fund will be impossible to delete. Therefore, take great care before using the funds in a budget.

Limitations to the nature of parent-child fund relationships

Funds at all levels of the hierarchy can be assigned to an item on an order or invoice. This means that parent funds that only serve as containers for child funds can also be selected as the fund for an item. If you do not want these to be selected, make sure you have set the Fund status to Disabled for New Transactions  Fund status: Disabled for New Transactions . You could also instruct selectors to only use the child funds, not the parent funds. You would also likely assign 0.00 as the Budgeted Amount for these funds.

At this time, you also cannot configure a child fund to debit money from a parent fund upon use. For example, you cannot assign 10,000.00 to the parent fund English and when its child fund is used on an order, encumber the parent fund instead. In these cases, you may consider either:

  1. Dividing the desired budget amount for the parent fund among the child funds; or...
  2. Place the budgeted amount on the parent fund but when analyzing your budget, download the CSV file for the budget and use the Total Enc. and the Total Expended columns to calculate the amount remaining in the parent budget.

 Note: You can view the total amount encumbered and expended for a parent fund and all its child funds. To do this, click on the User Preferences button (User preferences button) at the top right of the table and select to show the Total Enc. and Total Exp. columns.

For more information on creating funds, see Create funds for your budget.

Step 3: Decide if you want to use the new budget before closing the previous budget

When creating funds, remember that you will be asked (during the close budget process) to map any funds with open encumbrances to funds in the new budget.

You need to decide if you plan to use the new budget before you close the previous budget. For example, you may want to start ordering on the new budget a few weeks before the end of the previous fiscal period. Or, you may keep the previous budget open for several weeks after the end of its fiscal period and use the new budget for all new orders.

Step 4: Enable budget for use

  1. On the left panel, click Budgets.
  2. In the Select Budget list, select the budget you want to edit. The highlighted budget is the current budget in use.
  3. Click Edit.
  4. Select the Enable for use check box, at the top of the page.
  5. On the Change bookable status of Budget Period window, click OK.
  6. (Optional) Select the Enable as default check box to enable the budget period as the default budget period for ordering and invoicing.
  7. Once you have enabled a budget for use, it will appear as the second budget in the budget drop-down for the order item and invoice item.