How do you budget?

Hey everyone-

It's time that I set everyone on a budget... how are you approaching this? The best thing I've heard so far is to assign project codes to transactions (like JEs and APIs) and then run a transactions by project code report and do a little excel magic.  Is there anything anybody else uses and really likes? 


  • 1
    Matt Pope

    The budgeting function in OB is not the greatest. We use segmented g/l codes in our COA to indicate departments and locations. This allows us to run Advanced Analytics by department and location. 

    If you have never had budgeting in your company before I suggest staring slow. In my former consulting practice, unless you had very strong support from leadership, it would take my clients about 3 years to fully embrace a budget culture.

  • 0
    Zach Hill

    Same here as Matt Pope. We use -00 accounts as Corporate and then use -01, -02, etc for each department. Periodically we will breakdown and redistribute -00 balances into corresponding departments accounts. For example: Rent first hits the -00 account then we will split it out to -01 (Brewery) as 80%, -02 (Distribution) as 15%, -03 (Taproom) 4%, and -04(Admin) 1%. The use of prepared JE's helps us do this. Hope this helps!

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