11 Jul, 2023

Budget Like a Pro with NetSuite’s Advanced Financial Planning Tool

Are you looking to effectively compare and analyze financial results? NetSuite's Multiple Budgets feature is your optimal solution. This feature offers valuable assistance for projections and forecasting by allowing the creation of multiple budgets, all of which share common classifications such as department, location, project, and more. 

NetSuite's multiple budgets feature is a tool that allows users to establish and manage numerous budgets at the same time. It allows users to create separate financial plans for different divisions, places, initiatives, or any other categorization essential to their firm. This function aids in the comparison and analysis of actual financial results vs expected outcomes, offering useful insights for forecasting and decision-making. 

The Multiple Budgets Feature in NetSuite 

The Budget Category field helps create multiple budgets for different forecasted scenarios, regardless of whether there is a surplus or deficit for the year. 

NetSuite provides the opportunity to bring in previous budgets by utilizing the NetSuite Import Assistant. By uploading budget data, you can utilize it for forecasting and projections. Additionally, you can gain further insights by utilizing standard reports. For instance, the Budget vs Actuals Report enables you to choose your Budget Category and compare it with real-time financial data stored in your NetSuite environment. 

Exploring the Robust Functionality of Oracle NetSuite Advanced Financials 

Oracle NetSuite Advanced Financials provides CFOs (Chief Financial Officers), Accounting and Finance departments, and management with comprehensive financial management capabilities that have a direct impact on their financial performance. It offers increased visibility, transparency, and control over financial operations. 
It empowers businesses with advanced and specialized financial functionalities such as budgeting, expense allocation, amortization, adaptable billing management, and statistical account capabilities. These features empower organizations to save time, maximize resource utilization, and achieve continuous growth. 

Simplifying Budget Creation and Duplication with Oracle NetSuite

Smooth Budget Handling 

In simple language, Oracle NetSuite ensures that budget management and reporting are incredibly precise and accurate for the financial department. 

Oracle NetSuite not only allows you to easily duplicate a budget using the Copy Budgets feature, but it also provides the option to create budgets in Excel sheets and import them in CSV (Comma Separated Value) format. With this advanced module, budgets for accounts can be conveniently entered on a single screen, streamlining the process. 

In-Demand Functionality: Multiple Budgets Category

Oracle NetSuite Advanced Financials offers a widely acclaimed feature, which is the ability to support multiple budgets. This feature allows the financial team to establish, modify, and generate reports for multiple budgets based on the same set of criteria, providing enhanced flexibility for management. As a result, with the existing resources, it is now possible to create

several types of budgets, such as a typical budget or a conservative budget, and allocate resources and labor accordingly.  

We can define multiple budget categories, both global and local. These categories aid in parent-level subsidiary reporting, as well as individual subsidiary-wise reporting in local currencies.

Trustworthy Budget Reporting 

With Oracle NetSuite Advanced Financials, organizations can generate dependable reports on budget performance, including Budget Income Statement and Budget vs. Actual comparisons. This functionality empowers the finance team to design customized reports for budgets, aligning them with predefined criteria and specific business needs. 

Creating Budgets in NetSuite 

Creating budgets in NetSuite is a straightforward process that facilitates financial planning visibility. Budgets allow users to choose and define accounts required for their budgets, providing expense and income statements for a specified duration. Setting up a new budget or importing an externally created budget is simple in NetSuite. 

To create or import budgets, users need to have the necessary role permission called Set Up Budgets. 

Developing a Budget 

Setting up a budget in NetSuite is an uncomplicated procedure that can be accomplished with ease in just two steps. 

First Step: Navigating to the Creation Page 

To initiate the budget creation process, navigate to Transactions > Financial > Set Up Budgets. This will direct you to the primary budget creation page.

• Choose the corresponding year for which you are establishing the budget and select the desired budget category. By assigning a budget category, it becomes possible to generate multiple budgets for the same class, department, or location.  

• Indicate whether the budget is specific to a particular customer, project, or item.

• If required, provide header information such as Class, Department, or Location. 

• Select the account type that aligns with your budget, which can include: 

Income and Expense 



Balance Sheet


Second Step: Completing the Budget 

At this stage, you can specify the monthly dollar amount for each account in your budget. You can mark a checkbox next to a particular account for a given month and manually enter the corresponding amount for that month. Alternatively, you can copy the amount from the first month and apply it to all subsequent months. To achieve this, enter the desired amount in January, select the relevant account, and click on the Fill button to populate the budget accordingly. Additionally, you can evenly distribute amounts across your budget. To proceed, you just need to choose the Apply checkbox beside an account, enter the amount for the initial month, and select the Distribute option. Once you finish this part of your budget, click Save to complete the process.

After completing the creation or import of your budget, you can examine the Budget Income Statement by navigating to Reports > Banking/Budgeting > Budget Income Statement. At this stage, you have the chance to review and approve the entered budget. Alternatively, you can export the information and make necessary adjustments to align with your specific business requirements. 

Importing Budgets 

Transferring a budget into NetSuite from another interface is a straightforward task that can be completed in two effortless steps. 

First Step: Going to the Import Page 

To access the budget import page, navigate to Transactions > Financial > Set Up Budgets > Import. Afterward, select the character encoding (Unicode UTF-8) for your spreadsheet and proceed with uploading the CSV file into the system. Once the file is successfully uploaded, click the Next button to continue. *If you need help formatting your budget into a file that can be imported, you can download a suitable template by clicking on the Budgets Template File link.  

Second Step: Configuring Field Mapping for File Import 

For successful data import, it is important to map the following fields accurately: 

• Account (Please utilize account names instead of numbers) 

• Budget Category (Required when utilizing the Multiple Budgets feature) 

• Class 

• Customer/Project  

• Department 

• Item (if applicable) 

• Location 

• Period Amount (up to 12 periods can be included) 

• Year (ensure values align with the established accounting periods) 

To wrap it up, NetSuite's Multiple Budgets feature enables effective cash flow management and financial planning. With the ability to create multiple budgets and compare actual results to projections, organizations gain valuable insights for forecasting and decision-making. NetSuite's Advanced Financials module offers comprehensive capabilities including budget handling, reliable reporting, adaptable expense allocations, amortization planning, and dynamic billing management. Creating budgets in NetSuite is straightforward, allowing users to easily create, duplicate, or import budgets. 

For more information on the remarkable features of Oracle NetSuite Advanced Financials and to enhance and streamline your financial management and financial planning, contact Jobin & Jismi, the trusted Oracle NetSuite Solution Provider. Our team possesses robust technical expertise and extensive integration experience. We offer comprehensive solutions to help companies leverage the power of NetSuite.