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Budget

Estimated reading: 3 minutes 117 views

The biggest concern in terms of project failure involves establishing an unrealistic time and cost to drive a project. An unrealistic time and cost lead to poor decision-making. A good project management system requires the organization to collaborate with all the departments because not all the information is available at the beginning of the project in project lead manufacturing companies. Aqxolt ERP provides the solution to handle project management issues.

Create Budget Account:

  1. Navigate to the Finance Management app > Budget Account tab.
  2. Once in the Budget Account tab, you can track/view the employee information already filled in and create a new Budget Account record.budget1
  3. To create a new employee, click the “New” button.
  4. Select the organisation and business unit details of the budget account.
  5. For accounting purposes, select the relevant chart of the account.
  6. Before the budget is allocated to a project, the manager must approve it. Select the Approver and enter the submitted and approved date of the budget.
  7. Enter the name of the budget and the financial start and end date.
  8. If the budget is of the type carry forward, check the budget carry forward checkbox and select the carry over the budget account.
  9. Enter the spend amount and the amount of the budget account and select the status.
  10. Click the “Save” button to create a budget account for the organisation.

Aqxolt ERP helps project managers develop estimates for cost and project timelines based on the company revenue, assets and workforce involved. A quick way to estimate project cost is by calculating the machine usage cost, workforce cost, material cost and overhead costs associated with each process and schedule involved within the project. This will help project managers manage projects and control budgets proactively.budget2

Fields to note:

FieldDescription
Budget NameDescribes the name of the budget account allocated to the project for its identification
Chart of AccountDescribes the account available for transactions in its general ledger
ApproverProvides the name of the person responsible for approving the budget
Approved DateDescribes the date on which the budget was approved
Submitted DateDescribes the date on which the budget account was submitted for approval
Financial Start DateDescribes the start date of the financial year
Financial End DateDescribes the end date of the financial year
Carry Over Budget AccountDescribes the remaining amount that can be carried for the commitment to the new financial year
StatusDescribes the status of the budget account whether it is submitted for approval, committed or approved
Budget Carry ForwardIndicates whether the budget account is of the type carry forward
Spend AmountsDescribes the amount spent from the allocated budget
AmountDescribes the amount allocated to the budget
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