Budget Preparation

Budget Preparation

The Budget Preparation Module provides methods for establishing appropriations and estimated revenues for the upcoming fiscal year. Data is retrieved from Financial Management and optionally from the Position Tracking and Payroll modules for organizations wanting to budget wages and benefits based on employee-level detail. Employee-level job changes are made within the Budget Preparation module for budgeting purposes without impacting their current job pay. These changes can then be updated back to payroll at the appropriate time. 

Ability to project expenditures and revenue for the current fiscal year is available, along with several other methods for establishing the budget for the upcoming year. Once the budget has been approved, the appropriations and estimated revenues are updated back to the Financial Management module. The Budget Preparation module integrates with the Financial Management, Position Tracking and Payroll Modules. 

Features:

  • Create unlimited budget scenarios.
  • Project expenditures and revenues for current fiscal year.
  • Ability to copy appropriations and estimated revenue figures for some or all account codes from prior year's budget(or any other budget). 
  • Enter detail for capital outlay projects, or any other project, to provide additional information regarding expenditure or revenue activity. 
  • Generate appropriations for payroll and benefit account codes based on actual employees. 
  • Budget for vacancies and new positions; inactivate employees not returning. 
  • Update wage scales automatically using a formula or flat dollar amount.
  • Budget for employer-paid benefits based on anticipated changes. 
  • Generate file with data needed for creating employee contracts. Update actual employee job changes for the upcoming fiscal year. 
  • Once budget is approved, update appropriations and estimated revenues to Financial Management.