How to Create a Budget

As you work on your budgeting process, there will be times when you need to create new budgets. Maybe to set up next year's budget, to run various scenarios on different versions or to import actual data.

This can be achieved in a number of ways:

  1. by cloning an existing budget
  2. by copying data from one budget to another.
  3. by importing data from an external source.

In options 2 and 3, you must first open and name a blank budget.

to do this, go to Budgets > Add New 

Fill in the budget description with any name you wish e.g. Budget 2020, and select the year to which this budget applies (you may have multiple years within the same budget). 

Choose which users you want to see this budget, and check the Active box to activate it.

You now have a blank budget, with your full chart of accounts and all your departments/cost centers, into which you may place data.

 

Cloning a budget.

Cloning copies all numbers and formulas from one budget to the clone.

To do this, go to Budgets > Manage Budgets and on the budget that you wish to clone, select the clone icon in the far right column (this will be the second tool, hover over the icons to see which is which).

Here you will have the option to create a clone for the same year or for a different year (where you will be able to clone the data to an existing budget or to a new one which will be created in the cloning process).

Copying a budget.

The copy function is very flexible, and allows you to copy various parts of a current budget into a blank budget that you have created.

Go to Data/Formulas > Copy Data, and the dropdown menu at the top left will show you a number of options, each of which will display a different form where you can define what and how you copy. For more information, click here .

Importing Data

Budgyt allows data to be imported from .csv files, and also from Quickbooks Online and Xero. If you are importing from QB Online or Xero, the import will walk you through the process and is very simple.

Manual imports require that a chart of accounts is already present in Budgyt so that the data that you are importing knows where to go. You can learn more about manual imports here .