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Project budgeting with G/L budgeting

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Posted on by Gilbert Khayat 3,252

Hi,

I know that project budgets are independent of G/L budget however as a best practice how would you be able to keep track if both are tracked under one legal entity? 

example:

  1. G/L budget for the project main accounts are budgeted for $100,000.
  2. One project budget is budgeted for $10,000.

 How would the system allocate $10,000 from the G/L budget?

How can you report on the G/L budget to see that $10,000 is already allocated to a specific project?

Or what's the best practice if using both project budget and G/L budgets?

Categories:
Project Management and Services
  • Ludwig Reinhard Profile Picture
    Ludwig Reinhard Microsoft Employee on at
    RE: Project budgeting with G/L budgeting

    Good morning Macarena,

    Can you please post your question in the D365Finance forum?

    community.dynamics.com/.../dynamics-365-for-finance-and-operations-forum

    Many thanks,

    Ludwig

  • Macarena Presa Rinaldi Profile Picture
    Macarena Presa Rinaldi 200 on at
    RE: Project budgeting with G/L budgeting

    Hi, 

    I'm learning about the funcionality to transfer project budget amount to ledger budget in D365FO, and I have some questions:

    1) Can i transfer my project budget amounts into an existing legder budget?

    2) I see that the funcionality is in the project FORECAST and not in the project budget...we need to create the forecast also? Or the forecast are created automatically with the project budget approved?

    Thanks!

  • Suggested answer
    Ludwig Reinhard Profile Picture
    Ludwig Reinhard Microsoft Employee on at
    RE: Project budgeting with G/L budgeting

    Hi Georgek,

    I would go for option 1.

    Option 2 will be complex if budget revisions are required.

    Best regards,

    Ludwig

  • Gilbert Khayat Profile Picture
    Gilbert Khayat 3,252 on at
    RE: Project budgeting with G/L budgeting

    as a workaround

    option 1: start at the project budget level and transfer to G/L budget.

    option 2: track both G/L budgets and project budget independently and the way to track both budgets is by generating reporting.

    What do you think?

  • Verified answer
    Ludwig Reinhard Profile Picture
    Ludwig Reinhard Microsoft Employee on at
    RE: Project budgeting with G/L budgeting

    Hi Georgek,

    You can budget at the project level and then transfer those budgets to the budgeting module.

    What you try to do is the opposite, that is, budget at the ledger level and allocate to your project (module).

    This is currently not supported and would require some major redesign of the budgeting module in my opinion.

    In short: Your indentend approach is very interesting and I fully support it :-) however, AX does not; at least not at the moment.

    Best regards,

    Ludwig

  • Gilbert Khayat Profile Picture
    Gilbert Khayat 3,252 on at
    RE: Project budgeting with G/L budgeting

    Hi Ludwing, Does that mean it will add to the existing G/L budget? if that's the case is there a way to allocate from the G/L budget to the project? Basically what I need to accomplish is to budget on the G/L level and then allocate to projects, fixed assets ...etc.

  • Suggested answer
    Ludwig Reinhard Profile Picture
    Ludwig Reinhard Microsoft Employee on at
    RE: Project budgeting with G/L budgeting

    Hello Georgek,

    It is very easy. Just open a test project and make sure that there is something budgeted.

    Then try to identify the 'copy forecast to ledger' button, which allows you copying the project budgets to your ledger Budget, that is the budgeting module.

    Once you have finished this process, go to your budgeting module and check the budget register entries.

    Best regards,

    Ludwig

  • Gilbert Khayat Profile Picture
    Gilbert Khayat 3,252 on at
    RE: Project budgeting with G/L budgeting

    Hi Ludwing, thank you for prompt reply. No I am not familiar with the transfer project budget amount to ledger budget. would it be possible to walk me through the steps or share  any reference?

  • Suggested answer
    Ludwig Reinhard Profile Picture
    Ludwig Reinhard Microsoft Employee on at
    RE: Project budgeting with G/L budgeting

    Hi Georgek,

    Are you familiar with the project budget functionality that allows you to transfer project budget amounts to the ledger budget?

    Best regards,

    Ludwig

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