Automatic Budget Creation for New Fiscal Years

Overview

This release introduces Automatic Budget Creation, designed to improve the tracking of budgets that have not yet been adopted by automatically creating a new budget at the start of a new fiscal year.

Past State

Previously, users had to manually create a budget for the upcoming fiscal year. If a budget was not created, it could be difficult to identify properties that were still operating under the previous year's budget, making it harder to track non-adopted budgets.

What’s New

With this release, the system automatically creates a new budget in "In Preparation" status when a new fiscal year begins, provided a budget has not already been created manually.

How It Works

• When a new fiscal year opens, the system checks whether a budget already exists for the upcoming fiscal year.
• If no budget exists, a new budget is automatically created with the status "In Preparation".
• Budget values are pre-populated using the actual amounts from the previous fiscal year.
• If a budget already exists, no duplicate budget is created.
• Budgets are only created for properties with an active subscription.

Where to Find It

You can find this feature in: Budget Management

To access it:

1. Navigate to Financial Management.
2. Open Budgets.
3. Select the desired fiscal year to view the automatically generated budget.

Benefits

• Improves visibility and tracking of budgets that have not yet been adopted.
• Reduces manual effort by automatically creating upcoming fiscal year budgets.
• Ensures budget preparation can begin immediately using prior-year actual data.

Important Notes

• Automatic budget creation only occurs for properties with an active subscription.
• Budgets are created with the status "In Preparation" and must still follow the normal review and adoption process.
• No duplicate budget will be created if one already exists for the fiscal year.