Budget: closing out a budget

The financial year is almost over and you are currently planning the next year budget. Before closing a previous year budget, there are few things to consider, such as: what to do with unreceived orders and unspent funds, and if you need to mark a budget as inactive.

New budget

Before moving things around, you will have to create a new budget. To speed up this process, we do suggest to duplicate the previous year budget to conserve the same fund structure as before.

The fund structure is very important if you want to automatically transfer unreceived order and/or unspent fund balances to a new budget.

To duplicate a budget:

1 Go to Acquisition
2 Click on “Budget” on the left hand side
3 On the budget line, click on “Action” and select “Duplicate”

4 Fill in the form

Note: you may add a value in the field “Change amount by” to add or remove % of budget.

If you do not have unreceived orders, skip the “Closing a budget” step and go to “Marking a budget inactive.”

Unreceived orders

There are 2 different ways to deal with unreceived orders:

keep the previous year budget as “Active”
transfer unreceived order to a new budget fund

Option 1
An active budget allows you to order from a previous year budget, even after the budget end date. If you are still waiting for order, you can keep the previous budget as “Active.” So when orders are getting in, you can charge the order amount to a previous year budget.

This will not affect you current budget.

—–> »You may have more than one “Active” budget at the time.

When all remaining orders are received, you should mark the previous year budget as “Inactive.”( see “Marking a budget as Inactive” section mentioned below)

Option 2

If you do not want to have more than one “Active” budget, you can decide to transfer unreceived orders and/or unspent funds to a new budget. To enable these transfer, you will need to “Close a budget.”

Closing a budget

Closing a budget is only necessary if you need to transfer unreceived order to a new budget.

Before closing a budget, you must have set a new budget.

The new budget structure is important, it must include the previous budget funds (funds with “unreceived orders”).

To close a budget:

1 Go to Acquisition
2 Click on “Budget” on the left hand side
3 On the budget line, click on “Action” and select “Close”

4 Fill in the form

You will be asked where to move “unreceived orders,” simply select your “New budget fund.”

Check the box if you would like to move “remaining unspent funds” too.

5 Click on “Move unreceived orders” to confirm

6 Verify each transfer status

On the confirmation page, you will be shown if all “unreceived orders” were transferred correctly.

Closing a budget does not mark the budget as “Inactive.”

Marking a budget as “Inactive”

This is the final step to conclude a financial year. You must mark a budget as “Inactive” to prevent other transactions on this budget.

1 Go to Acquisition
2 Click on “Budget” on the left hand side
3 Click on the budget name
4 Click on “Edit”
5 Uncheck the box “Mark the budget as Active”

6 Click on “Save”

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