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

Make sure you already know about the functionality of budgets.


Related Documentation:


The most frequent problems/issues which 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 struggling me.

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CONTENTS

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What you can do in 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 case 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 limit access to budgets for employees from another department. 
  4. Create a budget by Chart of Accounts / Cost Centers.
    • It allows you to deepen in 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 and duration
    • Specify Deducted Sum
  3. Fill in the budget lines. All changes will be saved automatically.
    • Set a name/description for each budget
    • Choose 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.

In case those people, who are the budget holders now 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 at any time. You can change the following information:

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

It can be done in such a 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.



How to create a budget with multiply custom periods

In Precoro, you can make budget lines with custom periods. 

To do that, you need to create a budget and set a 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. 


How to track budgets

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

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


This dashboard provides you with all necessary information in real-time:

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


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


And at the bottom, you can see all 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. 

How it looks like when you set filters in your budget dashboard:


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