A Budget Cycle is an iteration in the process of forming an organization's budget. Working in cycles adds structure to the process and allows us to utilize past analytics, discussions, and decisions without starting from scratch.

The Budget Cycle tab is the central location for managing all files, templates, reports, and workflows related to the current budget stage.

Additionally, the Budget Cycles screen allows you to create, track, and compare different budget cycles with ease. Since all cycles are stored in the database, they are readily available for comparisons and analysis.

Create a Budget Cycle

There are two ways to create a budget cycle:

Create a New Cycle: Click the "New" button, then select the budget period and name it.

• Purpose: Choose this option for a completely new start with fresh files, templates, and reports.
• How to Do It: Click the "New" button, select the budget period, and name your cycle.
• Details: The new cycle will automatically copy from your favorite cycle unless you uncheck "Clone [cycle name] budget cycle."

Clone an Existing Cycle: Select "Clone" from the 3-dots menu of an existing cycle.

• Purpose: Select this option if you need the new cycle to mirror the structure and starting points of an existing one.
• How to Do It: From the 3-dots menu of the existing cycle, select "Clone."
• Details: This action duplicates all budget files, templates, and reports, including their content, and assigns them to the new budget cycle. Note: workflows are not included in the clone.
• Use Case: Best for scenarios where most of the process remains similar, such as comparing best-case vs. worst-case scenarios.

Set a Budget Cycle as default

Setting a default budget cycle is crucial for efficient budget management within our system. Here are the steps to set a budget cycle as the default:

• The 'Set as default' option is enabled when creating or cloning a Budget Cycle. You can disable this option if you don't want the new cycle to be the default.
•  Click the star icon to the left of the Budget Cycle’s name to set it as the default cycle. The default budget cycle will be marked with a yellow star.
• Using the 3-Dots Menu: You can also set the cycle as default by selecting "Set cycle as default" from the 3-dots menu of the Budget Cycle.

Remember, the system will use the default budget cycle in any future query, report, widget, etc., unless a reference to another budget cycle is included using the fields: budget cycle, plan cycle, scenario details, version name or version number.

The default budget cycle marked with a yellow star cannot be deleted.

By following these steps, users can ensure that the appropriate budget cycle is set as the default for each year, facilitating seamless budget management and reporting within the system.

Add new Budget file

To create a new budget file for your budget cycle, follow these steps:

1. Locate the 'Add New Budget File' icon in each row.
2. Click the icon to start the process.
3. Choose to either upload an existing file from your desktop or create a new file using the Budget builder.
4. After creating a new file, it will be automatically added to your workspace under the Budget folder. If you are not using the budget builder, remember to map the file to ensure its information is added to the database.

Lock a Budget Cycle

Locking the cycle prevents any new versions from being submitted. This option is ideal when you are satisfied with all submissions and ready to proceed to the next stage of the budget process. It also ensures that the numbers remain unchanged, which is crucial for presenting the results to management.

1. Locate the 'Lock this Budget Cycle' icon in each row. 
2. Click the icon to lock the cycle. 
3. To unlock the cycle, click the 'Unlock this Budget Cycle' icon if you need to make changes.

Advanced Options

In the 3-dots menu for each cycle, you can:

• Add a new Budget File to the cycle;
• Clone the cycle.
• Delete the cycle.
• Set cycle as default. 

Updated September 15, 2024 13:08