Before creating, it is best practice to make a list of features for the budget. The first decision is what type of budget you want to create. General Ledger, Timekeeper and Client Matter are selections available.
Listed below are aspects to consider for creating a budget.
- What is the budget for?
- Who is to view and contribute to the budget?
- What information needs to be included?
- What information does not need to be included?
- Ensuring that the information in Juris database is up to date and accurate.
- Has the accounting year for the budget been created in Juris?
What is the budget for?
Determining the purpose of the budget is the first step. This decision leads to the Budget Type to be used. Most of the time, General Ledger budgets will be used. General Ledger budgets disclose financial data of the firm. Based on the accounts chosen from the Juris database, the General Ledger budget can closely watch expenses, investments, payroll, etc.
Timekeeper budgets are capable of breaking disclosing how well personnel are doing. Able to use Expenses, Tasks and Fees, a Timekeeper budget can help show where areas of timekeeping need improvement as well assist in setting goals.
Client Matter budgets are good for watching specific cases. If a client has secured a firm's services and the case is projected over and extended period of time, a matter budget could be used to track areas of the case.
Who can view the budget?
Declaring and granting permissions will usually be a one-time setup action for budgets. It is common that the same people or groups of people will use the budget functions of Juris Suite. Just remember that you must have Administrative privileges to make changes to permissions.
What information needs to be included and not included?
Making sure you have a plan can help assist in determining what the budget will contain. It may not be necessary to budget all accounts on the General Ledger or use expense budgeting on Timekeepers. Planning the budget and discussing it with budget team members can help filter out what is necessary and what is not. Remember to consider what types of reports will produced.
Juris Database Integrity
The Juris database is where Budgeting gets the 'actuals' for budget comparison. Ensuring that Juris is updated is crucial to the performance of the budget module.
Accounting Year Creation
When attempting to create a budget for a particular year, it must align with the Juris database. For example, if you are creating a budget for the year 2xxx, then the accounting year must be created in the Juris core product. To learn how to create an Accounting Year, click here. You will also need to make sure that the accounting year is set to current. Click here to learn more about setting the current accounting year.
Creating Budgets
Click on the links below to learn how to create the specific budget: