Welcome to this comprehensive guide on the Budget Management Feature in Empress. As a business user, you will find this feature extremely helpful for maintaining an efficient financial workflow within your organization.
Introduction to Budget Management Feature
The Budget Management Feature is designed to streamline the way you handle your company’s budget. Leveraging this feature, you can:
- Set up budgets for different cost centers or projects
- Define fiscal years for budgeting
- Control actions if the annual or monthly budget exceeds
- Apply budget restrictions on material requests and purchase orders
How to Use the Budget Management Feature
Creating a New Budget
- Navigate to the Budget Management section in your Empress dashboard.
- Click on the ‘New Budget’ button to open a new budget form.
Filling in Budget Details
In the new budget form, you will see various fields. Here’s how to fill them:
- Budget Against: Choose whether this budget is for a cost center or a project.
- Company: Select your company from the dropdown menu.
- Cost Center/Project: Based on your choice in ‘Budget Against’, you’ll select the relevant cost center or project.
- Fiscal Year: Select the fiscal year for which the budget is being created.
Control Actions
In the Control Actions section, you can define your budget restrictions:
- Applicable on Material Request: If you check this box, the budget will apply to material requests.
- Action if Annual Budget Exceeded on MR: Select an action (Stop, Warn, Ignore) if the annual budget exceeds on material requests.
- Action if Accumulated Monthly Budget Exceeded on MR: Select an action (Stop, Warn, Ignore) if the monthly budget accumulates and exceeds on material requests.
Similar fields are available for Purchase Orders and booking actual expenses.
Budget Accounts
In the Budget Accounts section, you can add different accounts to your budget. Click the Add Row button to add a new account.
Saving and Submitting the Budget
Once you’ve filled out all the necessary fields, click on the Save button to save your budget. To finalize it, click on the Submit button.
User Roles and Permissions
The Budget Management Feature is accessible for the role of Accounts Manager. They have the ability to create, amend, delete, and submit budgets.
Conclusion
The Budget Management Feature in Empress offers a powerful tool for your financial management, enabling you to control your business’s budget effectively. It’s user-friendly and designed to meet the needs of business users like you, making budgeting a breeze.
For any additional support or resources, please visit our Support Center or contact our support team directly. We’re here to help you make the most of Empress.