Budgets in NetSuite
You can save estimates of income and expense as budgets for financial planning purposes. In NetSuite, each budget covers a year and permits the entry of an amount per account for each accounting period in the year. Budgets provide information for reports. They do not control actual income and expense.
You can select the types of accounts and many other options for your budgets. You can create budgets for specific customers or projects, items, departments, classes, locations, or any combination of these criteria. If you use NetSuite OneWorld, you also can create budgets for subsidiaries.
You can set up budgets within NetSuite or use the CSV Import Assistant to import budgets from external systems. For instructions, see Setting Up a Budget and Importing a Budget.
To save time when you base a budget on a previous budget or financial results, you can copy the budget. For instructions, see Copying a Budget.
If you want to create multiple budgets for the same time period and combination of criteria, use the Multiple Budget feature. For information and instructions, see Multiple Budgets and Budget Categories.
When the Multiple Currencies feature is enabled, budgets are defined in your base currency. In NetSuite OneWorld, you can choose to use the subsidiary's base currency or the base currency of the root parent subsidiary for each subsidiary budget. For details, see Subsidiary Budgets in OneWorld.
You can also enter budgets for statistical accounts. For example, you can add a budget for the headcount statistical account. In that budget, you can specify the number of new employee requisitions for the Sales Department in the upcoming financial year. You can then compare the budgeted amount against the number of new employees by customizing the Budget vs. Actual report. For more information, see Using Statistical Accounts and Budget vs. Actual Report.
Budget data is not displayed in reports if the Report by Period preference is set to Never. If your report's budget columns display all zeros, go to Home > Set Preferences. On the Analytics subtab, set the Report by Period preference to All Reports or to Financials Only.
You can create separate budgets for secondary accounting books and set independent Budget Exchange Rates for those accounting books. For information, see Budgets for Secondary Accounting Books.