Budget Journal Workspace
Use this workspace to create budget journals.
A budget journal is a collection of changes for an existing budget model. By entering lines into a budget journal, you can create budget entries and perform reallocations. When you approve a budget journal, Maconomy creates budget entries from the approved lines in the budget journal.
Use the Budget Journal tab to enter a company name and information about the budget model to which the budget journal applies. The sum of the amounts of the current budget journal lines is displayed.
Use the Budget Journal Lines sub-tab to enter opening and closing amounts (or quantities) and selection criteria within the 12 G/L dimensions and the 8 module dimensions. This enables you to create G/L budgets as well as budgets for customers, vendors, and so on. Maconomy distributes the difference between the opening and closing balances among the 12 periods of the year. You can distribute the amount (or quantity) manually or automatically by using an allocation key. Enter all amounts in the sub-tab in the base currency of the company that is responsible for the budget journal.
If you create budget entries for a company other than the one specified in the Budget Journal tab, Maconomy creates intercompany balances when the journal is approved. Maconomy maintains all dimensions (except for the account number and local dimension values) of the budget entry when the entry is part of another company's budget.
When Maconomy creates an intercompany balance, it converts the amounts into the base currencies of the different companies. Maconomy always performs the conversion of currencies based on the exchange rate on January 1 of the fiscal year of the budgeting company.
If a budget model is part of a budget group, when you approve a budget journal for the budget group, Maconomy creates corresponding budget journals for the other budget models in the budget group. You can specify whether these journals should be approved manually or automatically.
You can only approve a budget journal when the amounts of all periods balance, unless you are using a budget model that is set up to manage period variances, meaning that it has a dimension combination that is used to post period variances.
All periods balance when all of the control fields in the Budget Journal tab are equal to zero.
If you are using a budget model that is set up for period variances, Maconomy automatically creates offsetting budget lines for period variances when you approve a budget journal in which the periods do not balance, but for which the closing balance is zero.
If Maconomy creates a budget line that offsets period variances, and if the number in the Company No. field on the line is different from the company number in the Company No. field in the Budget Journal tab, Maconomy creates intercompany postings between these two companies when you post the journal.
When you approve a budget journal, it is no longer displayed in this workspace. You can use the Show Budget Entries and Budget Inspection workspaces to view the journal lines, which become budget entries, and assigned period variance entries, if any.