General Ledger Q&A: Setting Budgets for the New Year

January 2021    Tags: ,

I’ve never created a budget in GL before and have been asked to do so for 2021. Where and how can I set up a budget?

Income and expense account budget figures can be accessed and edited via Account Information.

To create a budget for an expense or income account

  1. From the File menu, point to Open and then select Account Information.
  2. From the Budgets tab, select the desired expense or income Account #.
  3. Click the Set Budgets button.
    1. In the Set Budget Amounts window, enter the Year.
    2. Click in any month field.
      1. In the Create New Budget window, select Set all budget amounts to zero.
      2. Click OK.
    3. Enter the desired figures for each month or click the Allocate button, select an Allocation Method, enter an Amount and click OK.
    4. Click Save.

Use the same steps to proceed through the other accounts for which you want to establish budgets.

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