Q: In BudgetVision, you can create a budget plan covering a fiscal year, multiple fiscal years, a specific project, or a specific grant. What is the role of the subplan?
A: The Budget Plan is the high-level definition of your budget and is divided into subplans that are assigned to those responsible for preparing portions of the budget. The subplan is a segment of a budget defined by fund, dimension and G/L account values, assigned users, and other properties. Within a subplan, users create Versions to enter their budget amounts.
Q: How do subplans distribute the budgeting process across the organization but still give control to those who need it?
A: Subplans allow you to give your budget preparers access to only their part of the budget while allowing your Finance Manager or Controller to oversee and manage all of the subplans. Thereby, keeping everyone in the loop and distributing the budgeting process at the same time.
Q: What added flexibility does BudgetVision provide with its multiple currencies and separate currency exchange rates?
A: Since each subplan can have its own currency code, you aren’t restricted to just one. This means each country, or program etc., can be budgeted in its specific currency code. Each currency also has separate budget currency exchange rates, giving you more control over your budget currencies and flexibility when guessing what future exchange rates will do.
Q: Budget planning can be influenced by other department spending and goals. How does BudgetVision help me submit what’s right for my department?
A: Within a subplan, the individual(s) identified as budget preparer have the ability to create multiple versions as they work through different scenarios, until he or she is ready to submit a particular version for approval and posting. Additionally, the individual(s) identified as administrators for a plan have the ability to edit subplan properties and/or post the budget. New subplans can be created at any point up until the budget plan is posted to the G/L.
Q: Version creation gives me multiple starting point options, what does this mean?
A: This means when creating your budget, it can obviously be zero-based, but it can also be copied from another existing version or seeded with the actual or budget amounts from another date range (i.e. last year’s actual or budget amounts from two years ago). Additionally, the preparer will have the ability to import amounts from Microsoft® Excel.
Q: Calculations and Assumptions in the Extended Pack ensure consistency across subplans. What’s an example of this?
A: Perhaps Benefits are calculated as 30% of salary. A calculation can be created for the Benefits G/L account that multiplies the amount in the G/L account for salaries by .30. Other calculations may require the use of assumption values so the budget preparer can enter subplan-specific values. Travel expense may be a good example as one preparer may enter a value of three total trips and another preparer may be planning 12 trips. The calculation is defined to use an assumption value instead of a constant.
Q: Are there different levels of approval roles available in Extended Pack's BudgetVision Approvals?
A: Approval Roles can be set to allow you to set categories for budget approvers and assign a level to each category. For instance, the Regional Manager can be the first level, a Senior Manager the second, and the Director the third level of approval.
Q: What options are available to the approver?
A: An approver has the ability to approve, reject, and edit a version, causing it to cycle through until all required approvals are given and it can be posted to the G/L.
Q: Spreading, or distributing, the budget amounts across fiscal periods is vital, what are the options for added flexibility?
A: You can spread amounts, or quantities, evenly across fiscal periods or based on the trend of actual expenses from the prior year, or maybe according to a specified percentage (i.e. 60% in period 1 and 40% in period 7), or the trend based on another G/L account in the same version.
Q: How does Serenic BudgetVision improve your audit experience?
A: BudgetVision provides instant review and access to all financial transactions, including the ability to view the original budget posted and report on any field, or group of fields, in the system.
Q: What are the benefits of integration with Excel?
A: Immediate familiarity, plus it allows the user to import new budgets directly from Excel.
Q: How do the budget tolerances and rules work?
A: Budget rules, created in Serenic Navigator’s G/L, allow users to set up tolerances for budget checking, alerting them when the tolerances are approached (i.e. an expense can exceed budget only by 25%). Additionally, you can set up overlapping budget rules that limit spending by individual accounts and by the entire grant, or across a group of accounts.