In BizCentric, you have the ability to establish and manage budgets for specific Cost Centers or Projects. This feature is valuable for overseeing your expenditures. Also, you can additionally create distinct Accounting Dimensions to categorize transactions with various criteria.

For instance, if you operate an online retail business, you can designate a budget for search advertisements and configure BizCentric to alert you or halt spending if you exceed the defined budget.

Budgets are also advantageous for planning purposes. During the preparation for the upcoming Financial Year, you would typically aim for a certain revenue target, based on which you would set your expenditure limits. By setting a budget, you can ensure that your expenses remain within control throughout the year.

You can also create a Monthly Distribution entry to allocate the budget across different months. If you don’t specify the monthly distribution, BizCentric will automatically divide the budget equally among all months or calculate it annually.

You can establish a control measure within the Budget module based on Material Requests, Purchase Orders, or actual expenses. Additionally, you have the option to apply this control action to both annual and monthly budgets.

There are three types of control actions available:

1. Stop: This prevents users from submitting the transaction.
2. Warn: This displays a warning message but allows users to submit the transaction.
3. Ignore: This neither blocks users from submitting transactions nor displays any warning messages.

You can configure distinct actions for monthly and annual budgets. In the event of exceeding the budget, a warning message will be issued.