Introduction
As an admin, you can create budgets for your organization to track spending and add spending limits. Creating budgets is one step to ensuring spending is within the limits.
Setting up budgets
Navigate to Admin Settings > Expenses > Budgets.
Click on Add New Budget to create a new budget.
Select the nature of the budget, i.e., whether it is applicable to a category, project, department or combination of these dimensions. For example, budget for Project A.
Set the budget amount and time period. For example, monthly budget of $5000.
Set the budget threshold and notification recipient. For example, 80% and Theresa. (Theresa will receive an email alert whenever the budget is 80% utilised.)
Set a budget name.
Click on Save. This will successfully create the new budget.
View allocated and remaining budgets
You also need to view the spending and remaining budget for your employees. After you create a budget for your employees, their expenses will be accounted for in the respective budgets, and you can view the data of each budget from the budgets visibility section on Fyle.
Navigate to Spend Overview > Budgets from your dashboard.
You can see the list of Budgets created in your organization along with the following details:
Budget Limit: Total amount allocated for the budget
Utilization: % of the budget utilized or spent
Remaining: Available amount for the budget
Frequency: The frequency of the budget, such as monthly, yearly, weekly, etc.
Created By: The person who created the budget, the administrator(s), or the Owner.
To view the data of a specific budget, you can use the quick filters available on the page. For example, if you want to view all the yearly budgets with less than 50% utilization, you can select those values from the filters to see the respective budgets.
You can select the frequency of the budget here to view the budgets for that specific frequency.
Then, you can select the Utilization of the budget here to view the budgets within the utilization percentage range.
If you want to view the expenses accounted for for a specific budget, click on that Budget Name. You'll be redirected to the Company Expenses page, where you can view all expenses of that budget. You can export these expenses in CSV/Excel or PDF for reporting purposes.
Note: Budgets are time-bound and will be reset after regular intervals based on your budget type. For example, if you create a monthly budget, it refreshes on the first of every month. You can't view the previous month's budget.