Adopt a Budget

Adopting a fund budget causes a transaction to be written in the GL budget journal.

In order to adopt a budget, the budget must balance because of the journal entry that is created. As you enter budgeted expenditures and estimated revenues, the summary grid in the Budget Management window displays the proposed entries in the Difference column. You have two options if expenditures and revenues aren't equal. You can either:

• Select one or more accounts of the Fund Balance/Retained Earnings type and enter the difference manually.

• During adoption let AptaFund create the balancing transaction in the budget control balancing account that was set up when the chart of accounts was created during implementation.

Adopt fund budgets

1. Select Budget Management from the Budget menu, and that window opens with the current fiscal year budget displayed.

2. Select the fiscal year for the budget you want to adopt from the Cycle pull-down list. Note: You don't have to select the Fund whose budget you want to adopt because you'll be given the option to adopt budgets for all funds that have proposed budgets.

3. Click on the Budget Items tab if it's not already selected.

4. Click Adopt, and the Adopt Budget window opens.

5. Enter an Adopt Date, usually the beginning of the new fiscal year.

6. Enter any desired Comments.

7. Check the box(es) for the fund(s) whose budgets you want to adopt, and click OK.

   • If the budget is in balance, you'll be notified that the record was saved successfully. Skip to step 9. Note: If you're adopting more than one budget and at least one of them is out of balance, AptaFund will process the out-of-balance budgets first, and the Budget Transactions window will open.

   • If the budget is out of balance, the Budget Transactions window opens displaying the funds and amounts out of balance. Continue with step 8.

8. Check the box(es) for the account code(s) for the balancing transaction(s), and click Yes. You're notified that the record was saved successfully.

9. Click OK to return to the Budget Management window.

   • The fund budget status is now Adopted.

   • You'll see an entry for the Fund Balance/Retained Earnings account type in the summary, if applicable.

   • The Difference column now displays only $0.00s.

   • The Proposed Amount has been moved to the Adopted Amount and Current Budget columns.

You can see the transaction for the adopted fund budget in in the General Ledger > Transaction Journal Detail window.

Return to Create a Budget for a Single Account

Return to Import a Budget

Return to Budget Management Overview