Budget Templates provide an easy approach to setup a budget framework that can be reused anytime to generate a new budget for your organization's needs. Organizations may choose to implement any of the budgeting options (basic, timekeeper based, or phase based) organization wide or on a matter-by-matter or account-by-account basis.
Budget Templates expedite the process of creating a new Budget. The templates are pre-configured Budgets containing all the details required to implement a new Budget.
Create a Budget Template
To begin creating a budget template, select the New button on the budget templates list. The budget templates list is available under the app launcher, at the top left-hand corner of the page.
- Provide a Name and Description that will make it easy to recognize the template when searching and displaying the template in a list.
- The Base Object will categorize the Budget Template to be used with Matters or Accounts. The most common use cases involve Matters. The default choice here is none.
- The UTBMS Code Set field is an optional selection that when used will assist users in setting up budgets by UTBMS Codes.
Adding Budget Details to the Template
The budget details sub-tab on the template view allows users to add more details to your budget.
Use the + Fee and + Expense buttons to add details to your Budget Template. For each detail, you can add one more layer of sub-details by using the + Detail button on each detail row. This approach can be used to configure budgets by phases (UTBMS Codes) and allocate resources (UTBMS Codes or Timekeepers) accordingly under each phase.
From left to right, column headings described as follows:
- Record Type - Can be either fee or expense.
- UTBMS Code - The activity that you want to allocate the budget for.
Timekeeper - The individual for which the budget will be allocated. This timekeeper can be determined in one of two ways:
Specify a Timekeeper from your organization's timekeepers list.
Choose a User field from the base object the budget template is being created for. The provided field value will determine the timekeeper, when the budgets are created using this template.
- Quantity - A quantity in case of an expense budget detail and number of hours for a fee budget detail. It will be automatically computed when sub-details have been added to your budget detail.
- Rate - The amount at which the budget will be allocated based on the provided quantity. Rates do not roll-up to budget details. If sub-details are added to budget details the Rate will be emptied out on parent budget detail.
- Total - Will be computed automatically based on the provided rate and quantity. If rates and quantities are not provided, then you can provide an amount for budget allocation at the respective detail level. It will be automatically computed when sub-details have been added to your budget detail.
- Target - A predefined amount that one would like to allocate as a budget at the detail level.
Maintaining the Templates
Most organizations will assign an administrator to the oversight of your budget templates. Rank and file users of the application will not typically edit the templates.
When looking for ways to make your life easier, consider using the Clone button on the template detail page. This function will create a copy of the underlying template with all of the details cloned along with it.
Creating a New Budget from a Template
Simply apply a template to a matter or account and a new budget is deployed with everything planned and assigned as per the template. These templates help provide a framework for implementing best practices and reusable standards within your organization.
On the account and matter page layouts, users can add the New Budget action/button to assist in generating Budgets, using a predefined Budget Template available to be used for the record.