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Creating Budget Sets

Nicola Bootes
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Overview

Budget Sets allow firms to plan, manage, and monitor expected income and expenses over a defined period. They form the foundation of financial forecasting, and management reporting.

A Budget set is a structured financial plan created against General Ledger (GL) accounts for a specific time period, such as a financial year.

Budget Sets are used to:

  • Control firm-wide and departmental spending
  • Track financial performance
  • Compare actual results vs budget forecasts
  • Support partner and management reporting
  • Improve long-term financial planning
Each Budget Set contains monthly budget amounts linked to individual GL accounts.

What is a Budget Set

A Budget Set defines:

  • Which General Ledger (GL) accounts are budgeted
  • How much is allocated per month
  • Which financial period the budget applies to
  • Which department, Person Acting, or team it relates to (via Tags)

Example Uses

  • Annual firm budget
  • Department expense budget
  • Office revenue targets
  • Practice group forecasts
Think of a Budget Set as your firm's "financial roadmap" for the year.

Preparation Before Creating a Budget

Before creating a Budget, review your Chart of Accounts.

Check That Your GL Accounts Are:

  • Correctly named
  • Properly categorised
  • Currently active
  • Relevant to your budget period

Typical examples include:

Revenue

  • Legal Fees
  • Contingency Fees
  • Other Income

Expenses

  • Salaries
  • Rent
  • IT
  • Marketing
Budgets are assigned to GL accounts. If your account structure is incorrect, your budget reporting will also be inaccurate.

Creating a New Budget Set

Step 1: Open Budget Settings

  1. Navigate to Settings → Firm Settings → Budget Sets
Look for "Budget Sets" within the accounting section.

 Step 2: Create the Budget Framework

  1. Select Create Budget Set (top-right area)
  2. Complete the setup fields:

    • Name - e.g.,Firm Budget 2026
    • Description - purpose of the budget
    • Ledger - select from the dropdown
    • Start Month - use the calendar icon
    • Tags - assign Person Responsible, department, or team


  3. Click Save

Use consistent naming so budgets are easy to identify in reports.

Adding Budget Values Manually

After creating and saving your Budget Set, you must first open it in View Budgets mode before entering values.

Step 1: Open the Budget Entry Screen

  1. Locate your newly created Budget Set
  2. Click the ellipsis (...) menu to the right of the budget
  3. Select View Budgets
  4. The budget entry grid will now open.
You must use View Budgets to access the monthly budget input screen.

Step 2: Enter Budget Values

  1. Select Add Row
  2. On the new line, begin typing to search for your GL code
  3. Enter the amount in the first month box
  4. If the amount is the same each month then click the paper icon (Copy to All)
  5. Repeat for additional GL accounts
  6. Continue until all required accounts are entered
Helpful Tips. 
Each row = one GL account and Each column = one month

Step 3: Review and Save

Before finishing:

  • Check that all required GL accounts are included
  • Confirm monthly totals
  • Review for data entry errors
There is no separate save or publish function required. The system automatically saves and publishes changes as you enter data. 
Although autosave is enabled, it is recommended to review all entries before exiting to ensure accuracy.

Importing Budget Data from Excel

After creating your Budget Set, you can quickly populate it by importing data from Excel or a CSV file. An Excel template has been provided showing the required format. This format must be followed to successfully upload and apply the rates.

Step 1: Open the Budget Set for Import

  1. Locate the relevant Budget Set in Budget Sets
  2. Click the ellipsis (...) menu to the right of the budget
  3. Select View Budgets (this will open the budget entry grid where you can import data).
You must be in View Budgets mode to import data.

Step 2: Import the Data

  1. From the Actions menu (top-right of screen)
  2. Select Import Budget Set
  3. Drag and drop your CSV or Excel file into the import window
  4. Review the imported values carefully
  5. Confirm and Save.
 Your budget will now be populated automatically with the imported data

Step 3: Optional Manual Adjustments

  • You can manually adjust any values in the grid after importing
  • Add additional rows if new GL accounts are needed
Combining import with manual adjustments is ideal for large or complex budgets.

Step 4: Final Review

  • Verify all accounts and monthly amounts
  • Ensure totals align with your financial plan
  • Save the budget
Always review imported data before exiting to prevent errors in reporting.

Exporting and Printing Budgets

Before exporting or printing, you must first be in View Budgets mode. 

Step 1: Open the Budget Set in View Budgets Mode

  1. Locate the relevant Budget Set
  2. Click the ellipsis(...) menu to the right of the budget
  3. Select View Budgets
  4. The budget entry grid will open
You must be in View Budgets mode before exporting or printing.

Step 2: Export or Print

  1. Open the Actions menu (top-right corner)
  2. Select the desired option:
    • Export - download a copy for reporting or backup
    • Print - generate a physical or PDF copy
    • Save - store a copy for internal use
Your budget is now ready to share or review.
Exported budgets are useful for partner meetings, audits, or compliance documentation.

Editing and Managing Budget Sets

Each Budget Set has an ellipsis (...) menu for management actions.

Available actions:

View Budgets

  • Review monthly allocations
  • Check account coverage
  • Export/Print
  • Import

Edit Budget Set

  • Update name or description
  • Change tags
  • Adjust start month

Clone Budget Set

  • Create a duplicate
  • Ideal for new financial years
  • Retains structure and values

Delete Budget Set

  • Remove unused budgets
Deleted Budget Sets cannot be restored.

Reporting on Budget Sets

Budget Sets feed directly into financial reports, enabling comparisons such as:

  • Budget vs Actual
  • Department vs Firm 
  • Revenue vs Expense Targets
Regular reporting helps identify overspending early.

Tips & Best Practices

  • Review GL accounts before budgeting
  • Use consistent naming conventions
  • Clone prior-year budgets
  • Involve department leaders in planning
  • Review budgets quarterly or monthly
  • Monitor variances regularly
  • Avoid overlapping budget periods
  • Avoid leaving obsolete budgets active