Financial budgets [in-depth guide]

Guide contents: Overview | Main screen | Budget screen | Create new budget 

Overview 

Workamajig allows for financial budgets to be put into the system at a number of different levels. The budget can be used for comparison purposes when running your P&L financial reports. The following dimensions can be defined on your financial budget: GL company, office, department, GL class and client. You can create as many financial budgets as you wish in the system, as the report functions will ask to select a specific budget to be used. For the client P&L report, the selected budget will look only at the client-specific budget numbers, not the agency-level/combined budget numbers.

Main Screen

Menu>Accounting>Today-Accounting>Views: Financial Budgets

This screen will display a list of all available budgets in Workamajig. You can also see if that budget is 'active', meaning it is available for use in the system.

This screen also allows you to add a new budget, export budget and import budget to the system.

Budget screen

The budget screen consists of 2 parts: the Filter options and GL account grid

Filter options

Display/Edit toggle: select Edit to edit values in each account, Display will display values only.

Income only/expense only toggle: displays the  income or expense accounts for editing or display

GL Company: allows you to select a specific GL company. Rollup company = display all GL companies

Office: allows you to select a specific office. Rollup office = display all offices

Department: allows you to select a specific department. Rollup department = display all departments

Class: allows you to select a specific GL class. Rollup classes = display all classes

Client: allows you to select a specific client. Blank = display all clients

GL account grid

The first column will display the GL accounts with GL account numbers. The second column will display the yearly budget for the account line.

All other columns will display the corresponding budget amount per designated month for the account line.

Create new budget

There are 2 ways to create a budget: 1) Menu>Accounting>Today-Accounting>Views: Financial Budgets>click the + icon at top of screen, or 2) click the Copy button, in the top right corner, from within an existing budget.

Create new

1. Enter budget name > SAVE
2. Click Reset options
3. Enter a year amount > click to disperse amount evenly across each month
4. Click on each monthly total to adjust the monthly amount
5. SAVE. The system will auto roll up the amounts.

NOTE: You can create a budget for a specific GL company, etc. by entering a selection in the specific filter option. Any numbers entered will be for the selected options only, and will roll up into the total. To view the budget for your selection, after saving or clicking Rollup options, enter the selected filter option.

Be careful, if you have multiple selections when editing, the figures will only be associated with that combination. Ex. Company A + Client BB will have separate results from Company (blank) + Client BB. When rolled up, you will see totals resulting from (Company A + Client BB) + (Company (blank) + Client BB)

Create via copy

1. From an existing budget or from the New budget create screen, click Copy in the upper right corner of the screen.
2. Enter the new budget name
3. Select Copy source
   1. From this budget: if you used an existing budget, it will make an exact copy of that budget.
   2. From actuals: This method allows you to create a budget based on a prior/current year's actual transactions.
      1. Year: select the year you want to copy
      2. Income & expense only: check if you only want to copy income & expense transactions.
      3. Summarize by: Based on your selections, the copied info will create a budget based on those selections, grouping them accordingly.

NOTE: If no box is selected, then all figures will be combined into a single budget number located at the top level.

Make Inactive

If you want to retain a Financial Budget, but not have it be active to use in reports, then you can make it Inactive.

To do this, open the Financial Budget. Click on More > Edit Name. From here you can uncheck Active.