The next step after creating a budget is approving it. 

Select the Approve Budget button to start the process:

The following can either be set for all tenancies or set individually per tenancy.

  1. Select the allocation type from the following options:
    1. Single Line Budget Allocation - one line covering the tenancy's allocation for the whole budget
    2. Multi-Line Schedule Allocation - a separate line will be added for the tenancy's allocation for each schedule within the budget
    3. Multi-Line Expense Allocation - a separate line will be added for each expense code used within the budget
  2. Select either the Rent Template or Outgoings Template. The current rent or outgoings template for the tenancy will be selected automatically if one exists
  3. Select the default chart of account
  4. The default tax type will set automatically to the type associated with the chart of account but it can be changed
  5. The description will be defaulted based on the allocation type
  6. Select either Add Line Items or Replace Line Items on the selected template
  7. View the tenancy details (opens in a new tab)
  8. Click to edit the details for each tenancy
  9. Reset the details back to default if they have been edited
  10. Save any updates to the details
  11. Save All and Approve will approve the budget, saves all the tenancy allocations and pushes details out to the selected templates
  12. Skip and Approve approves the budget but no changes to templates are made

Once a budget is approved, a Budget Certificate can be downloaded for all tenants who occupy an area in the budget. This can be used to inform them of their contribution towards the total budget amounts.

Next: Closing a Budget