Setting up a budget hierarchy in ProcureDesk allows organizations to structure their budgets hierarchically, facilitating better tracking and management of spending across different levels of the organization.
Prerequisites
Before proceeding with setting up a budget hierarchy in ProcureDesk, ensure you have:
Access and create permissions to the Budgets module.
Step-by-Step Guide
Step 1: Accessing the Budgets module
Navigate to the Budgets section from the left-hand menu in ProcureDesk.
Step 2: Creating a Budget Year
Click on "Create Budget Year" to initiate the setup of the first Budget Year.
Enter details such as:
Budget Name: Name of the budget for identification.
Interval: Time period covered by the budget (e.g., annual, quarterly).
Start Date and End Date: Define the duration of the budget period.
Optionally, activate the "Fiscal Year" toggle if you are setting up budgets for the current fiscal year.
Step 3: Creating budget levels
Access "View Levels" to make changes.
Modify level names by editing their values and saving changes.
Define hierarchy levels by adding them and specifying label names. Add new levels using the "Add Level" button. Specify the sequence, name, and save to update the hierarchy.
Step 4: Navigating Within ProcureDesk
After making changes, return to the main landing page by clicking "View Values".
FAQs and Troubleshooting
How can I ensure accuracy when assigning budget amounts to different levels?
Double-check the details entered for each budget level to accurately reflect allocation across functions, programs, or departments.
What if I need to adjust hierarchy levels after the initial setup?
Use the "Edit" functionality within the "View Budget Structure" to rename or add levels as required.