Step 29: Set Up Budgets (optional)

Use budgets to enter estimated account balances for a specified range of periods. You can use these estimated amounts to compare actual balances with projected results, or to control actual and anticipated expenditures.

Define a budget to represent specific estimated cost and revenue amounts for a range of accounting periods. You can create as many budget versions as you need for a ledger.

You can create one or multiple budgets for a ledger at any time. You can create budget hierarchies by assigning a master budget to lower-level budgets. This enables you to track budgeted amounts against a control budget.

Note: You must complete this step if you want to enable budgetary control.