Budgets
Last update:
07/21/2026
Completed
In this topic
Budgets Overview
- Introduction to Budgets
- Setting Up Budgetary Positions
- Creating a Budget
- Budgeting by Department, Project or Cost Center
- Monitoring Budget vs Actual
Budgetary Positions
Creating & Approving Budgets
Department & Project Budgets
Monitoring & Reporting
Introduction to Budgets
Planning Spend Before It Happens
A budget lets you set planned income/expense targets for a period and then continuously track actual performance against them — turning "did we overspend on marketing this quarter?" from a manual spreadsheet exercise into a live report.
Core Concepts
| Concept | Description |
|---|---|
| Budgetary Position | A named group of GL accounts (e.g. "Marketing Expenses" = every marketing-related account) that a budget line measures against. |
| Budget | A named plan with a start/end date and one or more lines, each tied to a budgetary position (and optionally an analytic account). |
| Planned Amount | What you budgeted for that position/period. |
| Practical Amount | What has actually posted to the ledger so far for that position/period — the real number. |
| Theoretical Amount | What you'd expect to have spent/earned by today if the budget were spread evenly across the period — lets you judge pace, not just the final total. |
Budget Statuses
- Draft – being built.
- Confirmed – submitted for approval.
- Validated – approved and active for tracking.
- Done – period closed.
- Cancelled.
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