To create a budget
1. Enter a Name and Description for your budget.
Open: The budget is available for update and budget entry.
Current: The budget is open, and it is the default budget when you use most budgeting and inquiry forms. You can have only one Current budget at a time for each set of books.
Frozen: The budget is unavailable for update or budget entry. General Ledger displays the Created Date and Frozen Date, if
applicable, for the budget.
3. Choose whether to Require Budget Journals for your budget. If you enabled the Require Budget Journals flag for your set of books, this option will already be selected and cannot be changed.
When you require budget journals, you can only use budget entry methods that create journals, namely budget journals, budget transfers, MassBudgets, consolidation of budget balances, and the Applications Desktop Integrator’s Journal Wizard.
Attention: Use budget journals to maintain an audit trail for your budget balances. Other budget entry methods update budget balances directly.
Note: If you use budgetary control, you must use budget journals to enter amounts in your funding budget (i.e., the budget you use to enforce budgetary control).
4. Enter the First and Last period for your budget.
Once you save the budget, you cannot change the first period.
Enter the Last period for your budget. Your budget can include up to sixty periods per year, and can span an unlimited number of fiscal years.
5. Assign a Master Budget if you want to track your budget amounts against a control budget. You can choose any budget in your set of books that has the same period range.
6. To open the first fiscal year of your budget, choose Open Next Year. General Ledger launches a concurrent request to open the next year.
7. If you want to copy budget amounts from an existing budget, the first and last periods must be the same as the first and last periods of the budget you are copying from, although the year can be different.
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