Mastering New Budget Cycles: A Step-by-Step Guide with Martus

Embarking on a new budgeting cycle might seem daunting, but with the right tools and guidance, it can be a smooth and efficient journey. In our recent Watch Me Work webinar, we demonstrate how you can use Martus Solutions for reporting, forecasting, and budgeting. This post highlights the key points discussed in the webinar, providing you with a comprehensive guide to starting your new budgeting cycle with confidence.

New Budget Cycles Webinar

Whether you're creating a new budget from scratch or updating an existing one, Martus Solutions provides the flexibility and functionality needed to meet your organization’s unique budgeting requirements.

Planner Setup

The first step in setting up a new budget cycle is configuring the budget year on the planner setup page. Martus Solutions offers several budget creation options to suit different needs:

• Empty Budget: This option is rarely used and contains no worksheets. It is mainly for advanced users who need a blank slate.
• Based on Prior Year's Budget: This option copies over worksheets, owners, and budget values from the previous year, making it easy to start with a familiar structure.
• Framework Only Budget: This option copies the structure of the previous budget without including dollar amounts or special purpose worksheets. It is useful for those who need a clean framework to build upon.
• Copy All Budget Values: This option preserves values through specific months, ensuring that partial data from the previous year is carried forward accurately.
• Based on Prior Year’s Actuals and Budget: This option incorporates actuals from the previous year and updates worksheets accordingly, providing a solid foundation for the new budget.
  
  

Setting Defaults and Permissions

Once the budget is created, it is crucial to set it as the planner default. This ensures that the budget will be the primary one used for planning purposes. It is important to understand the difference between the planner default and dashboard default budgets. The planner default budget is used for planning and updating, while the dashboard default budget is used for reporting.

To allow non-admin users to view certain budgets, use the "Set Viewable" option. This provides specific permissions to users who need access to the budget without granting them full administrative rights.

Worksheet Management

Unlocking worksheets is a necessary step for budget owners to make any changes. Setting or updating gain/loss targets can be done either by percentage or manually, depending on the organization’s preferences.

Special Purpose Worksheets (SPWs) play a vital role in detailed budgeting. They allow for breaking down specific budget lines, such as consulting fees or utilities, into more manageable parts. This detailed approach helps maintain a clear and organized budget. The aqua icon for these is demonstrated below.

Creating and Managing Special Purpose Worksheets

SPWs are incredibly helpful in managing detailed budget lines. They are used for specific areas like travel, events, and utilities, ensuring that each aspect of the budget is meticulously planned and organized. By using SPWs, organizations can track and manage expenses more effectively, making the budgeting process more transparent and accurate.

Freezing and Locking Budgets

Understanding the "Frozen" and "Locked" statuses is crucial for maintaining budget integrity:

• Frozen: Actuals are loaded into the budget and cannot be changed for the specified months, ensuring that the data remains accurate and untampered.
• Locked: Prevents changes to the budget outside of the budgeting cycle, protecting the budget from unintended modifications.
  
  

Archiving Budgets

Before making significant changes, it is essential to archive the current budget. Archiving creates a secure backup, preserving the budget’s current state. This practice helps maintain an organized budgeting process and provides a safety net if any issues arise during updates.

Updating Budget to Accounting Software

To ensure that the budget data is reflected accurately in your accounting software, follow these steps to push the budget from Martus Solutions to systems like Intacct or QuickBooks:

1. Ensure the budget ID exists in the accounting system before updating.
2. Select the appropriate budget and update it in the accounting software.
3. Multiple updates are possible; each update replaces the existing budget in the accounting system, ensuring that the latest data is always available.
   
   

FAQs and User Support

For any specific guidance or training sessions, utilize Martus Solutions’ customer support.  

Stay Ahead with Continuous Learning

Martus Solutions offers a series of upcoming webinars to further enhance your budgeting skills. These sessions provide additional training and refreshers on budgeting and reporting, helping you stay up-to-date with the latest features and best practices. Don’t miss the opportunity to learn more and improve your budgeting process. Check out our resource library and take the next step towards financial excellence.