Setting Up a Subsidiary Budget
If you use NetSuite OneWorld, you can set up budgets for individual subsidiaries.
To create a subsidiary budget:
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Go to Transactions > Financial > Set Up Budgets.
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In the Subsidiary field, select the name of the subsidiary.
Note:Set the Enable Budget with Elimination Subsidiaries preference to be able to select an elimination subsidiary from this list.
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In the Year field, select the fiscal year for which you want to create a budget.
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In the Budget Category field, select:
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Any budget category defined for your company.
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New - to define a new budget category.
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Legacy - This is the budget category assigned to any budgets created before the Multiple Budgets feature was enabled. It has a budget category type of Global.
When you select a defined budget category, NetSuite populates the Budget Category Type field with a read-only value, based on the status of the Global box for the selected budget category. Also, NetSuite populates the Currency field:
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If the budget category type is global, then the currency used is the root parent's base currency.
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If the budget category type is local, then the currency used is the subsidiary's base currency. If you are creating budgets in local currencies, then you could create multiple Budget Categories, for example, using alternate exchange rate assumptions.
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You can create specific budgets within a subsidiary for:
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Customers or Projects
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Items
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Classes
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Departments
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Locations
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Custom Segments
To create a specific budget, select from the list for the appropriate field. Leave the fields blank to budget for the entire list in the field. For more information, see Setting Up a Budget.
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In the Account Type field, you can select the types of accounts for which you are creating this budget. The options are as follows:
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Income and Expense - accounts included in both income and expense sections of Income Statement reports.
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Income - accounts included in income sections of Income Statement reports.
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Expense - accounts included in expense sections of Income Statement reports.
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Balance Sheet - accounts included in Balance Sheet reports, assets, liabilities, and equities.
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Existing – shows only accounts that have existing budget amounts
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All - accounts included in both Income Statement, statistical accounts, and Balance Sheet reports.
Based on the Account Type that you select, NetSuite displays a list of the account lines for the that type of account.
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Enter budget amounts for each account.
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Click Save.