In NetSuite, budgets are tied to a fiscal year and allow for the insertion of a sum per account for each of the year’s accounting periods.
Budgets can supply data for reports like the Budget vs. Actual report from NetSuite.
Budgets can be created using estimations of income and expenses for the purpose of financial planning.
Additionally, the user can construct budgets for particular clients, products, divisions, classes, or locations, as well as any combination of these factors. The user can select an Account Type to filter the presented accounts for budgets.
The account types include the following:
- All: All accounts included in Income Statement, Statistical Accounts, and Balance Sheet reports
- Existing: Only accounts that have existing budgets created for them
- Expense: Any accounts in the expense section of the Income Statement report
- Balance Sheet: Any accounts in the Balance Sheet reports, assets, liabilities, and equities
- Income: Any accounts in the income sections of Income Statement reports
- Income and Expense: Any accounts included in both the income and expense section of the Income Statement
Budgets can be created manually by the user or by using the CSV Import feature.
Creating Budget Manually
navigate to Transactions > Financial > Set Up Budgets > New
and to view existing Budgets in NetSuite navigate to Transactions > Financial > Set Up Budgets > List.