Setting Up a Team Budget

Objective

After completing this lesson, you will be able to set up a new Team Budget.

Introduction

Team budgets allow budget owners to create and self-manage budgets for their team(s). Budget owners use the Budget Dashboards for this purpose, which is especially useful for lower-level managers who receive informal budgets from their direct manager but lack a way to track their team's spending.

There are two ways to create team budgets:

  • Administrators can use the Budget Configuration to create and manage team budgets on behalf of budget owners.
  • Budget owners can create team budgets themselves in the Budget Dashboards.
The image shows two screenshots related to budget management. The top screenshot shows a Budget Configuration list, highlighting Team budget 2025 owned by Hugo First, with a budget of $20,000 for fiscal year 2025. The bottom screenshot is the same team budget 2025 showing details like Budget amount, Spent, Pending, Remaining, and a charts section showing Budget breakdown, top spending categories, and spending trend.

Note

There is no limit on the number of team budgets a manager can create. However, they can only create team budgets for their own team.

How to Create a New Team Budget

Follow these steps to create a new team budget. We'll walk you through each part of the process, complete with detailed instructions and screenshots to help you along the way.

Once you complete these steps, a demo video will be available to reinforce what you've learned and provide a quick recap.

Steps

  1. On the Budget Items tab, select the New Team Budget button.

    The image shows a screenshot of a Budget Configuration interface, displaying budget items for the fiscal year 2025. The table contains three budgets. The interface includes options to create, modify, or remove budgets, with a New Team Budget button highlighted in yellow.

  2. Complete the mandatory fields:

    • Budget Name
    • Budget Display Name
    • Budget Owner
    • Period Type
    • Fiscal Year
    • Currency
    • Budget Amount
    The image shows a screenshot of a budget creation for a team budget. It details the configuration for a team budget, with both the budget name and budget display name labeled Team Budget 2025 and owned by Hugo First. The period type is yearly, the fiscal year is 2025, and the currency is US Dollar. The amount is $10,000. There are tabs for team members, viewer management, and adjustments. Options to save or cancel changes are at the bottom.

  3. Select Save to apply these changes.

    The image shows a screenshot of a budget creation for a team budget. It details the configuration for a team budget, with both the budget name and budget display name labeled Team Budget 2025 and owned by Hugo First. The period type is yearly, the fiscal year is 2025, and the currency is US Dollar. The amount is $10,000. There are tabs for team members, viewer management, and adjustments. Options to save (highlighted in yellow) or cancel changes are at the bottom.

    Note

    (Optional) Select Audit Trail to view the team budget details (who created the budget, creation date and time, and budget amount).
    The image shows two screenshots related to budgets. The top screenshot displays a budget dashboard with a Team Budget 2025. Next to the budget amount, there is an Audit Trail button. The bottom screenshot highlights the audit trail for the same team budget 2025. It records the creation of the budget, with fields including name, description, budget type labeled as Team, period type as Yearly, and fiscal year set to 2025. Tabs for header, people, filters, and amount are visible in the audit trail.

Result

References

TitleLink
Budget Admin Guide - Add a New Team BudgetBudget Admin Guide - Add a New Team Budget

Summary

  • Team budgets help budget owners track and manage their team’s spending.
  • Create a new team budget using the New Team Budget button in Budget Items.
  • Enter all required fields, including budget name, owner, period, year, currency, and amount.
  • Save the new budget to complete the setup.

Learning

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