NetSuite budgeting is a powerful tool for businesses to track and monitor their financial performance. It enables companies to manage their finances more efficiently, improve financial planning and decision-making, and gain visibility into their overall financial situation.
NetSuite budgeting is built on the General Ledger, a system of record keeping used to track and report financial information. The General Ledger contains accounts, transactions, and other related financial data. To create and manage budgets in NetSuite, users must first set up a Chart of Accounts, which will contain all the accounts used to track and report financial data.
The following steps outline the process for configuring a budget in NetSuite:
1. Log in to your NetSuite account.
2. From the Home page, select Setup > Company > Planning & Budgeting > Budgets
3. Click the Create button in the top right corner
4. Create a new budget in NetSuite.
5. Set up the budget’s Chart of Accounts.
6. Enter budget amounts for each account.
7. Set budget parameters, such as budget periods and budgeting methods.
8. Set budget restrictions, such as budget owners, budget visibility, and budget access.
9. Publish the budget.
10. Monitor budget performance.
11. Generate budget reports.
By following these steps, businesses can create and manage budgets in NetSuite with relative ease. With budgeting capabilities, businesses can gain better insight into their financial performance and make more informed decisions.