Budget and Fund Management

1. Budget Management

A budget serves as a detailed financial plan outlining the estimated income and expenditure of a business for a specified period in the future (week, month, quarter, or year). This allows businesses to proactively plan their strategies, track and control spending effectively.

Getfly provides a Budget Management feature that helps businesses optimize tracking and planning expenditures efficiently. With this feature, businesses can: create reasonable expenditure plans, monitor and control spending tightly, detect and prevent overspending, and plan for large expenditures.

1.1. Creating a Budget

To create a new budget, access the Finance module → select Budget → click Add New.

The Add New Budget screen will display the following information:

(1) Budget Name: You can name the budget according to its purpose, such as business management expenses, sales expenses, or marketing department expenses.

(2) Amount: Enter the amount allocated to the budget.

(3) Start and End Dates: Select the time period for the budget.

(4) Budget Manager: The person who has the authority to approve the proposed spending items for the budget.

(5) Participants: The person who will track the changes in expenditure within the budget.

(6) Create Budget Categories from Template: You can choose to create the budget based on the pre-set account templates or opt not to select this.

(7) Description: A detailed description of the budget (e.g., which department or business purpose the budget is for).

(8) Attachments: Attach relevant documents such as regulations or related processes.

Once all information is filled out, click Add New to complete the creation.

1.2. Adding Categories to the Budget

After successfully creating the budget, you can easily detail the budget by clicking on the budget name. You can add specific expenditure categories within the budget by clicking on Propose Changes and then selecting Add Category to update or adjust the budget categories.

The category details include:

(1) Code: The accounting account number.

(2) Category: A description of the accounting account.

(3) Change: The estimated expenditure for that category.

(4) + Button: Add sub-categories.

(5) Delete Button: Remove a category from the budget.

After updating the categories, click Complete. The budget manager must approve the changes to confirm the accuracy of the information and the updated amounts.

Note:

When creating expenditure requests on Getfly CRM, you will select the corresponding budget for that expenditure. Once the expenditure is approved, the total amount spent will be aggregated under the Actual Spend section of the budget by each category created.

If you exceed the budgeted amount, the system will alert you to decide whether to adjust the budget amount.

For future cycles, if you need to create similar budgets, you can use the Copy Budget feature to duplicate the entire set of categories.

If the total of the categories exceeds the budgeted amount, the system will issue a warning and prevent approval.

1.3. Editing a Budget

To edit a budget, access the Finance module → select Budget, then choose the budget to edit.

1.4. Deleting a Budget

To delete a budget, access the Finance module → select Budget, then choose the budget to delete.

1.5. Budget Statistics

To view budget statistics, access the Finance module → Budget → select Statistics.

Select the budget to view → click Statistics.

The Budget Management screen displays detailed information about the expenditure categories within the budget, including:

Category List: Displays all the expenditure categories set in the budget, making it easier to track and classify spending.

Projected Spend: Shows the planned expenditure for each category.

Actual Spend: Records the actual expenditure for each category during the budget period.

Download Report: Allows you to download an Excel report of the expenditures.

1.6. Instructional Video

2. Fund Management

A fund in a business refers to the total amount of money that the business owns and can use for its operations. There are usually two types of funds: cash funds and bank deposit funds.

2.1. Creating a Fund

To create a new fund, access the Finance module → select Fund → click Add New.

The Add New Fund screen will display the following information:

(1) Fund Name: Name the fund to distinguish it from others.

(2) Fund Code: Used when you upload receipts or payment slips, indicating which fund the transaction is from.

(3) Budget: Whether this fund is associated with a specific budget (optional).

(4) Parent Fund: If this fund is a sub-fund under another fund, select the parent fund. The system will automatically update the balance of the parent fund based on the balances of its sub-funds. For example, you may have a main fund called "Bank Deposit Fund," with sub-funds like "BIDV Bank Deposit" and "Vietcombank Deposit."

(5) Account: Select the corresponding account for the fund as set up in the previous lesson. This is to record entries in the fund ledger.

(6) Use Approval Workflow:

If you use the approval workflow, when a receipt/payment slip is created, the fund manager must approve it and the cashier must confirm the transaction before funds are added/withdrawn.

If you don’t use the approval workflow, the cashier can confirm the transaction directly without requiring fund manager approval, unless the creator is not the cashier.

You can also set up Expense Request Processing workflows here.

(7) Set Up Expense Request Processing Workflow: Choose who can create expense requests for this fund, add approvers (such as department heads), and define the final approver.

(8) Opening Balance: Enter the starting balance for the fund.

(9) Opening Date: Specify the date on which the opening balance is recorded.

(10) Fund Manager: The person who can modify fund details and approve income/expense requests.

(11) Cashier: The person who confirms deposits/withdrawals from the fund. Funds are only adjusted when the cashier confirms the transaction.

(12) Approver: You can select additional approvers who can confirm transactions when the cashier is unavailable.

(13) Related Person: The person who tracks the fund’s income/expense activities.

(14) Description: You can add descriptions or notes related to the fund.

(15) Attachments: Attach any relevant documents for the fund.

After completing the details, click Add New to create the fund.

2.2. Fund Details

To view fund details, click on the fund name. In the fund, you can view all activities related to the fund.

The Fund Details screen displays the following information:

Fund Information: Includes the fund name, parent fund (if applicable), fund code, fund manager, and cashier.

Fund Statistics: Displays statistics such as the opening balance, parent fund, current balance, and transactions during the period (income, expenses, transfers).

Transaction History: Records all income/expense transactions within the fund.

Transaction Calendar: Displays a calendar view of transactions.

2.3. Editing a Fund

To edit a fund, access the Finance module → select Fund, then choose the fund to edit.

Note: Only the creator or fund manager with editing rights can delete or edit the fund.

2.4. Deleting a Fund

To delete a fund, access the Finance module → select Fund, then choose the fund to delete.

Note: Funds with transaction history cannot be deleted. Only the creator or fund manager can edit the fund but not delete it.

2.5. Instructional Video