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Budget Management In Odoo


Muhamed YasirFeb. 1, 2017

Budget management plays an inevitable role in a successful business. It is the analysis, organization and oversight of costs and expenditures for a business or organization. Managing a budget requires adhering to strict internal protocols on expenditures. A well-managed budget allows for continued smooth operations and growth. Thus, Budget management in Odoo help us to know our financial status against the planned financial details. This blog explains you, how to manage our budget of business with the help of Budget Management module in Odoo ERP.

How to manage a financial budget ?

Step 1: Install the Accounting & Finance Module.

Install the Accounting & Finance Module for Budget anagement in Odoo

Step 2: Enable Budget management feature.

Select Accounting menu > Configuration  > Settings > Accounting & Finance.

(Enable the Analytic accounting and Budget management)

Enable Budget management feature

If we want to be precise and point specific invoices and vendors bills to our budget, you should enable the analytic accounting as well. If we don't we will only be able to budget the total amount of general accounts.

Step 3: Create Budgetary Positions.

Select Accounting menu  >  Configuration > Management >  Budgetary Positions > Create.

Create Budgetary Positions for Budget management in Odoo

Moreover, budgetary positions are the general accounts for which you want to keep budgets (typically expense or income accounts).

  • Create Budgetary name.
  • Add items to select the accounts.

In addition, you can add what accounts relates to our project's expenses. Create a position and add items to select the accounts.

.Create a position and add items to select the accounts.

Step 4: Create Analytical account.

Select Accounting Menu > Advisers > Analytic Accounts > Open Charts.

Create Analytical account

(If you wish to point specific invoices or vendor bills to your budget you can use analytical accounting.)

Step 5:  Set a Budget.

Select Accounting menu > Advisers >  Budgets > Create New Budget.

Set a Budget for Budget management in Odoo

  • Set Budget name.
  • Create Budget lines (Add an item).

Create Budget lines

Finally, select the Budgetary Position related to the Budget Line and Set the  Planned Amount. As we are recording a cost, we need to specify a negative amount. As a result, select the corresponding analytic account.

confirm the Budget which is need to manage

Finally, confirm the Budget.

In short, this is how Budget is managed in Odoo.

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