Budgets provide estimates of income and expense for a certain period. They are the main element you need for financial planning purposes.

In this tutorial, you will learn about the steps of entering a budget in NetSuite. You will also learn about the other fields you will encounter when doing the procedure.

The following topics will be covered:

I suggest you watch the video. It’s easier to understand if you are a visual/audio learner. The content below is the same as the video. It’s for those who learn by reading.

 

Entering a Budget

In NetSuite, each budget covers a period of one year and permits the entry of an amount, per account, for each accounting period in the year.

Once you are logged in to the system, here are the steps to follow when entering a budget.

  • Step 1: Go to Transactions → Financial → Set Up Budgets.
  • Step 2: In the Budget page, choose your preferred Subsidiary.
NetSuite Budget Page
in NetSuite Budget page, select your preferred Subsidiary
  • Step 3: Choose the Budget Year and Budget Category.
Budget year and Budget category
Choose Budget Year and Budget Category
  • Step 4: Complete the other fields with the necessary information.
Information fields in Budget page
Fill up other information fields in the budget page

 

Adding New Budget Category

If the Budget Category is not available in the selection, you can add a new one.

  • Step 1: Navigate to the Budget page.
  • Step 2: In the Budget Category field, select New to add a new category.
New budget category
In Budget Category field, choose New to add new category

 

Account Types

In the Account Type field, the following are the two options. Choosing either of them will list all the accounts under that type.

  • Income and Expense
Income and Expense
Account Type: Income and Expense
  • Balance Sheet
Balance Sheet
Account Type: Balance Sheet

 

Summary

You just learned how to enter a budget in NetSuite. To recap the steps, you can click on the link below.

 

watch video in youtube

 

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