Part II will discuss maintaining budgets, foreign currency, and the special budget management graphical interface. Part III will discuss the wizards available to create new budgets, copy from existing budgets, copy from comparatives, and combining these methods to obtain the desired results. The budget table maintains information related to the budget year, type, number, and version. All detail information related to account code, profit center, currency, production units, and amounts is maintained in the budget detail table. The system keeps the usual account code information and it also calculates a total budget for the year by account code.
Many companies are only concerned with how much it spends each year.
Budgeting by period only creates unneeded work and makes it more difficult to write meaningful reports. You may optionally turn of budgeting by period and only input yearly budgets. Of course there is the budget amount field too. When budgeting for multinational companies, you do business in native currencies and should budget in the native currency. The system will automatically convert foreign currency to your home currency.