Budget Models Workspace

Use this workspace to create and review budget models.

A budget model is a collection of a budget and the previous versions of the budget for a specific fiscal year.

When you create a budget model, you must provide a name and information about the fiscal year and price year. You can also attach a description and a budget type to the model.

You can also use this workspace to create additional versions of a budget model. The Versions sub-tab displays previous versions of the current budget model, including the version number and version type.

You can create a number of budget models for each budget year, but you can assign only one budget model for each year to a given budget type.

Use the Popup Fields workspace in the Set-Up module to create budget types.

You can block a budget model so that no additional budget entries can be created in it.

You can delete existing budget models, unless the model is used in an allocation key or a budget group. You can, however, use the Allocation Keys and Budget Groups workspaces to remove the use of a budget model in an allocation key or a budget group.

Version Numbers

Use the versioning feature to ensure that budget entries are associated with a specific version of the current budget model.

When you create a budget model, Maconomy automatically assigns version number 1. If you create another version of the budget model, new budget entries are marked with version number 2. You can only create budget entries in the latest version of a budget model.

Budget entries that you create in version 1 continue to exist in the updated budget model, implying that the budget figures of a budget model are the sum of budget entries from all versions of the budget model.

You can apply predefined version types and notes to every budget model. You create version types in the Popup Fields workspace in the Set-Up module.

You can review previous versions of the current budget model or compare different budget versions within the same budget model. For example, you can separate preliminary versions from the final version.

Dimension Combination for Period Variances

You can also specify a dimension combination used to create automatic offsets of period variances when you approve an assigned budget journal in which the periods do not balance, but for which the closing balance is zero.

You can only approve a budget journal when the amounts of all periods balance, unless you are using a budget model that has a dimension combination used to post period variances.

All periods balance when all control fields in the Budget Journal tab are equal to zero.