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Enter budget in WorldShare Acquisitions

WorldShare Acquisitions: Best practices for setting up a budget step 3 of 6
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Discover the best practices for entering a budget in WorldShare Acquisitions.

Overview

Once you have decided on your budget details, you're ready to begin setting up the budget within WorldShare Acquisitions. The budget is created as soon as you have saved the first fund. You can't delete a budget once it has been created, but you can:

  • Add funds
  • Delete funds that haven't been used
  • Edit budgeted amounts
  • Transfer amounts between funds
  • Change fund names, codes, and statuses.

Create the budget

  1. On the left panel, click Budgets.
  2. Click New Budget.

Enter the start and end date

On the budget you created, enter the start date and end date of the budget period. You can do this by setting the start date and selecting the appropriate time period (typically one year).

If you are creating a budget for the next fiscal period:

  1. Enter the Start Date and select the budget period (6 months, 1 year, or 2 years). The End Date for the fiscal period will then be automatically populated.

If you are creating a budget for the current fiscal period, you have two options:

  • Set the Start Date to today's date or any date on which you want to begin using Acquisitions and manually adjust the End Date to match the current fiscal period's end date after creating the budget, or
  • Set the Start Date to the date the fiscal period actually began (in the past) and set the Period to the appropriate value.

Create funds

  1. To add a fund, click the Add button (Add button) in the rightmost column.
  2. Enter the Fund Name, Fund Code, Fund Status, and Budgeted Amount that you decided on in the planning stage.
  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. 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.
  6. (Optional) Repeat the steps above for all funds you intend to enter.