How to Set Up Budgets and Budget vs Actual in NetSuite

Create and use a budget

1. 1Confirm your role has the Budget permission and that budgeting is available to you. If Set Up Budgets is missing from Transactions > Financial, check the Accounting options under Setup > Company > Enable Features.
2. 2Optionally define budget categories at Setup > Accounting > Budget Categories, for example Original, Revised and Forecast, so versions do not overwrite each other.
3. 3Go to Transactions > Financial > Set Up Budgets. Choose the year, the budget type (by account, customer, or item), and the dimensions such as subsidiary, department, class and location.
4. 4Enter amounts per account by month or period, or use the Annual option and spread. Save each combination.
5. 5For large budgets, load a CSV through Setup > Import/Export > Import CSV Records, choosing the Budget record type, and map Year, Account, Period amounts and dimension columns.
6. 6Run Reports > Financial > Budget vs. Actual (or the Budget Income Statement) and filter by period, subsidiary and category.
7. 7Revise by editing the budget or loading a new category, and schedule the report to the budget owner.

Importing and revising budgets

-- SuiteQL: actual expense by department for a period (compare to budget)
SELECT tl.department, SUM(tal.amount) AS actual
FROM transactionaccountingline tal
JOIN transactionline tl ON tl.transaction = tal.transaction AND tl.id = tal.transactionline
JOIN account a ON a.id = tal.account
WHERE a.accttype = 'Expense' AND tal.posting = 'T'
GROUP BY tl.department

Common pitfalls

• !Importing budgets with different dimensions from actuals, so every variance line looks wrong.
• !Overwriting a budget by re-importing for the same keys when you meant to keep an original version.
• !Assuming budgets block spending. They are reporting only unless you add a workflow.
• !Budgeting at the wrong fiscal year when the calendar does not match the calendar year.
• !Not restricting the Budget permission, so finance managers can overwrite approved plans.