In NetSuite, each budget covers a year and provides entry of an amount per account for each accounting period in a year. Many customers prefer to use Excel for budgeting to take advantage of formulas and the speed of data entry. With CloudExtend, you can create and edit your budgets in Excel and then push them back to NetSuite. You can create budgets for specific:
Customers or Projects
Items
Classes
Departments
Locations
💡 Note: Creating budgets using a combination of the criteria above is also an option.
This video will cover the following topics:
Template Layout
NetSuite Path: Transactions > Financial > Set Up Budgets
Year
Budget Type
Budget Category - Assigning budgets to different categories enables you to create different budgets for the same set of class, department, or location criteria
Customer (optional)
Account
Period Amount - you can add the period of months you want to allocate budget until Period Amount 12
💡 Note: You may add customers or projects, items, departments, classes, locations. These are optional header fields that you can use to create specific criteria in a budget.
How to Enter a Budget
We recommend starting with a previous budget record to get a head start on data entry.
Option 1 - Copy an existing Budget
Use the data filter to retrieve the budget you want to copy. For this example:
Set Year = FY 2022
Category = Legacy
Once data is downloaded, clear out the internal Id's. You change the year and other header-level fields and remove accounts or adjust amounts then push it back to NetSuite as a new budget record. Note if you leave the internal Id's and push the data back it will update your existing budget record.
A new Budget record has been created in NetSuite.
Option 2 - Start from Scratch
Step 1: Choose the Budget Year, Budget Type, Budget Category, and Customer. Complete the other fields necessary.
Step 2: Go to the Account Type field and select the account you want to add budget. In this example, budgets will be added to the following accounts:
Automobile Expense
Sales - Merchandise
Purchases: Service
Step 3: Fill in the amount fields then Upsert records. Noticed that this created a different internal id for each account.
How to Add an Account to an existing Budget Record
Step 1: In the CloudExtend application, click Download and create a filter based on the record criteria to be pulled. See sample below:
Press Save and Download.
Step 2: Copy the header level values and repeat depending on how many lines you want to add to the budget record.
Step 3: Add the new accounts and add the amount values.
Step 4: Hit Update and highlight the new rows, click Upsert Select Records. New lines will be appended to the existing Budget record.
How to Create Multiple Budgets for the Same Year
You can create a budget for the same year with a different category.
Step 1: In the CloudExtend application, click Download and create a filter based on the record criteria to be pulled. See sample below:
Press Save and Download.
Step 2: Update the Category field.
Step 3: Clear out the internal ID for the system to create new records in NetSuite. Click Update and Upsert All Records.
How to Update Budget Records
Step 1: Get the internal Id of the account to be updated and paste it in the internal ID field CloudExtend template.
Step 2: Click Refresh to pull the current data from NetSuite and validate the values.
Step 3: Update the amount then hit Upsert All Records or Delete Selected Records.
How to Delete Budget Records
Step 1: Get the internal Id of the account to be deleted and paste it in the internal ID field CloudExtend template.
Step 2: Click Refresh to pull the current data from NetSuite and validate the values.
Step 3: Press Delete All Records or Delete Selected Records.
⚠️ Tip: When deleting records, save a copy of the file. This will be helpful if you need to create the record due to erroneous deletion.