Summary
Budget control helps your organization manage financial resources by ensuring that enough budget funds are available for planned or actual purchases. You can set up budget control by defining various parameters, such as budget intervals, budget cycle time spans, budget thresholds, budget managers, and budget groups. These configurations support effective management of an organization's financial resources throughout the fiscal year.
After managers approve budgets, you can use budget plans to generate budget register entries to record expenditure budgets for an organization. You can record expenditures by using main accounts and financial dimensions with configurations that meet organizational policies and requirements.
You can set up budget control based on factors such as financial dimensions, timeframes, source documents, funds available calculation methods, and override permissions. These configurations ensure that budget control aligns with organizational needs and regulatory requirements. Budget inquiries and reports are available for you to monitor budget performance throughout the budget cycle, and you can adjust as needed, including budget revisions or transfers.