Create or edit a budget

Budgets are the heart of Budgetly and can automate spending within your organisation.

Only company admins can create budgets. Navigate to the Budgets page and click Create new budget.

new budgetLimit is the default amount that can be spent on a budget in a given period.

 

budget cycle

Cycle lets you create recurring budgets. The Carry-over balance switch controls what will happen at the end of a period:

When OFF, the current available amount in the budget is reset to the Limit.

Example: Michelle can spend up to $1000 per week. Any unspent limit is “lost”.


When ON, unspent balance is carried-over to the new period.

Example: Michael’s budget is topped up with $1000 every week.


Starts and Expires controls when a budget is live.Fortnightly budgets start on a Monday  just before the start date or, if Starts is unset, on a Monday just before the day the budget was created.
Note that you can Pause and Unpause a budget at any time to disable spending temporarily - no need to use Starts and Expires for that.


Cardholders let you control who can draw money from the budget. Owners of a budget can control what is happening within the budget (view all transactions, receipts, add card holders) but cannot increase the budget. You can set limits on (per period) on each cardholder. Limits work on a first come first served basis.

Example: There are two cardholders on a $1000 budget - Don with a limit of $900 and Jane with a limit of $600. Once Don spends his full $900 limit, only $100 can be spent by Jane.

Default Category and Default Tags will be applied to every new transaction spent on the budget.default category

When you edit a budget, you are presented with additional options to Pause or Archive the budget.

budget status

No money can be spent on Paused, Archived, Unstarted or Expired budgets.

Note: Changes to Cycle and Limit often cause the Budget available amount to change. Consider Topping-up or Reducing a budget after an edit.