What is a Budget?
A budget is an operational plan.
What is the difference between a GL Journal and a Budget Journal?
GL Journal entries are processed through Accounts Payable (Debbie Jozwiak) and are used to move or change actual revenues, expenses, assets, liabilities and equity from one cost center to another or between accounts.
Budget Journals are processed through the Budget Office (Krystal Phillips) and are used to budget new funds, move budgets between cost centers, move budgets between budget nodes within the same cost center, and budget positions.
What is the difference between an Original and Adjustment Budget?
Original budgets impact a department's permanent (base) budget and future fiscal year budget. Adjustment budgets only impact the current fiscal year budget.
What is the difference between a Revest and Org Budget?
A Revest budget is where revenue (B4XXX) is budgeted. An Org budget is where expenses (B5XXX) are budgeted.
What is a budget node?
A budget node is a summary account used to define a type of budget. For example, B5009 is the budget node for Maintenance and Operations (M&O) expenses. There are several accounts that roll up to the B5009 budget node.
How do I review my budget?
Budgets can be reviewed using several different reports. The Mega Bud report (which is sent to each department from the Budget Office) can be used to verify positions and cost center totals. The Budget Summary Report (1063) can be used to verify revenue & expense budget in a cost center. The Dept Verification Report (1074) can be used to verify revenue & expense budget by budget node in a cost center. The Position Budget Status Report (BOB) can be used to verify position data.
How often can I change the budget?
Adjustment budgets can be changed as necessary. Original budget changes are discouraged but are approved on a case by case basis in the Budget Office.
Can I do a Budget Journal between funds?
No. Budget journals can only be made between like funds. For example, you cannot transfer funds from a Ledger 3 cost center to a Ledger 2 cost center.
Are fringe benefits included as part of the salary and wage budget?
No. Fringe benefits are budgeted separately using the B5007 (Fringe Benefits) budget node.
What are the current rates to be used in calculating fringe benefits?
For Ledgers 2, 3, 4, 5 – Benefits eligible – 28%, Non-benefits eligible – 10%.