what is Planning budgeting & Funding Budget and Setup Steps For Planning & Funding Budget ?
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Answer Posted / venkat
Budget are used better planning and controlling purpose we can define budget up to 60 periods there are two types of budgets
1. Planning Budget
2. Funding Budget
Planning Budget (Revenue)
It is used only for planning purpose system will not be controlling under this budget for planning budget we cannot create budget journals.
Funding Budget (Expense)
Under this budget we can plan and controlling the expenses in funding budget we can create budget journals also
1. Create Reserve for encumbrance account in COA.
2. Assign Reserve for encumbrance account at ledger level.
3. Define Budget & budget calendar
4. Define budget orgnization
5. Enter budget Journals amounts & post it
6. Enter New journal with budget account & post the JV
7. Then check budget balances
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