Budgeting is a financial plan that helps controlling Company expenses.

In StrideERP, you can set and manage budgets against a Cost Center or a Project. This is useful in controlling your expenses. You can also create separate Accounting Dimensions to tag transactions with different fields.

For example, if you are doing online sales, you can set a budget for search advertisements and configure StrideERP to stop or warn you from overspending beyond a set budget.

Budgets are also great for planning purposes. When you are making plans for the next Financial Year, you would typically target a revenue based on which you would set your expenses. Setting a budget will ensure that your expenses do not get out of hand at any point.

1. Pre-requisite

No Pre-requisite required

2. How to create a new budget

To access the budget list, go to:

Finance > Basics > Budget

1. Go to the Budget list and click on New.
2. Select what to budget against, Cost Center, Project, or an Accounting Dimensions
3. In the accounts table, select an income/expense account for which a budget is to be set.
4. Enter the budget amount for that account.
5. Save and Submit.

3. Features

3.1 Control Actions (Alerts)

Control actions can be triggered when:

• A Material Request is being submitted
• A Purchase Order is being submitted
• When an actual expense is being posted (through a journal entry or a purchase invoice).

You can set a control action in the Budget based on Material Requests, Purchase Orders, or on actual expenses. Further, you can set a control action for annual or monthly budgets.

There are three types of control actions.

• Stop: This will not allow users to submit the transaction.
• Warn: This will show a warning message but lets the user submit the transaction.
• Ignore: This will neither prevent the user from submitting transactions nor show an error message.

You can set separate actions for monthly and annual budgets. If you exceed the budget, a warning will be shown

Note that a similar warning will be triggered for any type of transactions set in the budget for the particular Account heads.