Creating a project budget
Audience: Budget administrators, finance teams and project owners
Use a project budget when money is approved for a defined project with an owner, dates and planned work. Use a department budget for recurring departmental operating spend.
BEFORE YOU START
- Create the project first and confirm that it is active.
- Confirm the approved amount, currency and budget period.
- Make sure the project dates and budget dates are compatible.
- Confirm the project owner, location and fiscal year.
- Prepare any milestone or departmental allocation required for the project.
CREATE THE BUDGET
1. Open Budget from the Spendive sidebar.
2. Select Create Budget.
3. Under Budget Type, select Project.
4. Enter a clear Budget name. Include the project and period where helpful.
5. Enter the Total Budget Amount.
6. Select the Budget Period / Date Range.
7. Confirm the Fiscal Year.
8. Select the Location.
9. Select the active project and complete the milestone or departmental allocation displayed for your organisation.
10. Review the Budget Overview panel and select Save Budget.
AFTER SAVING
The budget may require approval before it is available. Track the record from Overview or Action Required. After approval, tag purchase requests, payment requests and other eligible spend to the project so reporting remains complete.
MONITORING THE BUDGET
Compare the project budget with approved requests, committed spend and actual spend. Review untagged transactions separately because they will not appear correctly against the project.
COMMON PROBLEMS
- Project is missing: confirm that it is active, approved and accessible to the selected organisation or location.
- Project dates do not match: adjust the budget period or the project dates before saving.
- Available amount looks too high: check for approved spend that was not tagged to the project.
- Allocation exceeds the total: reduce milestone or department allocations so they remain within the Total Budget Amount.
RELATED GUIDES
- Creating a department budget
- Using projects to organise spend
- Budgets in Spendive: overview
- How to review budget utilisation
Screen guide
Project budget option and the link to create the project with its budget.
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