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Suggested answer

Budgets for balance sheet accounts

Posted on by 765

Two questions regarding budgets:

- If I am budgeting balance sheet accounts, does GP automatically carry forward the ending balances into the following year as beginning balances?  Or do I have to reimport budgets for the new year as if starting from scratch?

- For the same Budget ID, can I set up budget amounts in two fiscal years?  Or is it one year per budget id?

thank you.

  • Warren R. Pease Profile Picture
    Warren R. Pease 730 on at
    RE: Budgets for balance sheet accounts

    Just to supplement what Joshua has said, and he is absolutely right in his approach.

    Budgets are for a fiscal year.   You probably would not want Budget Amounts to roll as opening balances into the next year.   Would you not want the opening Budget Balance to equal the actual opening balance for the year?    It would not mean much to have a opening balance reflecting the ending budget balance for last year.

    Joshua is basically saying use the Excel Based Budgeting tool and plug your actual beginning balances into Column C.  

    Warren.

  • Suggested answer
    Josh P Profile Picture
    Josh P 2,895 on at
    RE: Budgets for balance sheet accounts

    Here is a work-around for you then. On the worksheet generated, there is a beginning balance col (C). Take the Totals column from each prior year, and link them to the beginning balance col in the subsequent year. For this to work on the balance sheet accounts, you will need to do this from the first year.

  • NR-21061352-0 Profile Picture
    NR-21061352-0 765 on at
    RE: Budgets for balance sheet accounts

    The issue I have is regarding the ending balance from the previous year rolling forward to the beginning balance of the next year.  I do not see that this is possible to do in GP.

  • Josh P Profile Picture
    Josh P 2,895 on at
    RE: Budgets for balance sheet accounts

    Financial > Budgets > New > Using Budget Wizard for Excel

    Give the budget a name, and select the fiscal year to use. After which, you select what calculation method you want to use if you want to base this on a previous budget by percent.

    After clicking next, you will be asked what years to include. Check off all that apply, click next and complete the wizard to have GP create your workbook. GP's budget generation process is not the greatest, but it is sufficient enough to modify  up to a starting point. then you can do as you wish to the Excel template, then reload it back into GP.

  • NR-21061352-0 Profile Picture
    NR-21061352-0 765 on at
    RE: Budgets for balance sheet accounts

    I do not see where this is done in GP.  :-(

  • Josh P Profile Picture
    Josh P 2,895 on at
    RE: Budgets for balance sheet accounts

    You re-created the budget? When you create a new budget, you will be asked to include historical years in the budget.

  • NR-21061352-0 Profile Picture
    NR-21061352-0 765 on at
    RE: Budgets for balance sheet accounts

    I performed a year end close and did not see that the ending balance for the budgets (for balance sheet accounts) rolled forward.  Am I missing something?

  • Josh P Profile Picture
    Josh P 2,895 on at
    RE: Budgets for balance sheet accounts

    GP will pull in period 0 beginning balance sheet account balances, assuming the year has been closed, and everything rolled up. I believe you can import different fiscal years on different tabs. Just tell GP which tab  has the right year's info when importing.

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