This article will help you to understand how to create and track budgets in Precoro. 

But first, make sure that you already understand the functionality of budgets.


Related Documentation:


The most frequent problems/issues you can resolve by using a Budget module: 

  • It's hard to track the Project budget when you have more than one budget in one Project.
  • I don't understand the budget availability per month/quarter/year.
  • I have the same budgets per different periods, and I should create a budget every month with the same info. It's confusing me.

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CONTENTS

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What you can do with Budgets in Precoro:

  1. Create a budget with multiple budget lines. 
    • The budget line is a separate budget included in the main budget.
    • Each budget line can be assigned to Purchase Orders and Invoices.
    • This can be used to track budgets per different costs. Each budget line can be at a different cost.
  2. Create a budget with multiple periods. 
    • Each budget line can have different periods: months, quarters, or one custom period.
    • This case can be used as a yearly budget divided by cost and periods.
  3. Create a budget by Departments and/or Projects.
    • It also can help you to restrict access to budgets for employees from another department. 
  4. Create a budget by Chart of Accounts / Cost Centers.
    • It allows you to dive deeper into the tracking of costs at the accounting level.



Before creating a budget, make sure that:

  • The Budget module is enabled. If you don't see Budgets on the left-side menu, go to Configuration —> Basic Setting —> Budgets tab —> move the switch to ON


  • You and/or all necessary users in your company have a proper role to manage Budgets. Only users with the "Budget" role have access to the Budget module.

You can check it by going to Configuration —> User Management —> Click the Edit button to open the "edit user" page —> Open Roles tab and put a tick on "Budgets."



How to create a budget:

  1. Open Budgets from the left-side menu and click on the 'Create' button
  2. Fill in and set up all fields. After you click the 'Create' button, the budget will be saved.
    • Decide what to include in your budget
    • Set up the period / duration
    • Specify a Deducted Sum
  3. Fill in the budget lines. All changes will be saved automatically but you can also click on the green Save button.
    • Set a name/description for each budget
    • Choose a location
    • Add Documents/Products Custom Field (if you decided to include them in the budget)
    • Make a budget limited (if needed)
    • Fill in the amounts for each period


How to edit budgets

Note: only the admin (user with the Configuration role) and the budget holder can edit budgets.

If you need to be the only person who should edit budgets, we advise you to put your user's email as a budget holder for all the budgets instead of the current budget holders.

If current budget holders or other users should only view the budgets (see and track the progress, but not edit budget information), they need to have the Budgets role activated in the User Management


You can edit the budget to change the following information at any time:

  • Budget name
  • Budget holder
  • Deducted sum
  • Edit, delete, and add budget lines

Editing the budget can be done in this way:



Please note: if your budget includes Products Custom Fields (e.g. Cost Centers / Chart of Accounts) — you should click the View more button to view these Products Custom Fields in the budget lines.



To create a budget with multiple custom periods

In Precoro, you can customize budget lines for specific periods. 

To do this, you must create a budget and set the period as 'Custom.' When you create a first budget line and fill in all required fields — press the 'Add period' button. Please note that the start and end dates will be changed according to set periods. 


To track budgets

You can track budgets in two ways either through reports or through budget dashboards.

To see how the budget is being used, click on the info button on the budgets page:


This dashboard displays all relevant information in real-time:

  • The Total amount of the whole budget
  • The total amount Used 
  • How much is left Reserved in the budget for recurring documents
  • What amount is still Available
  • Start and End Dates of the budget
  • The Budget holder's email
  • How the Deducted Sum is calculated


When you scroll down, you find statistics regarding your spendings by Location and Supplier on the pie charts:


And at the bottom, you can see all the information by budget lines: 


You can set filters by:

  • Budget
  • Location
  • Departments

If the budget is created by Products Custom Field, you can set filters only by Location. 

This is how your budget dashboard looks wth filters set:


You can also track your budgets by using a Budget Usage report or custom Budget Report