To load your budget in greekbill, go to the Budget dashboard > Create & Manage Budgets tile > GO > Create New Budget
You will need to fill out the information below:
- Budget Name
- Budget Term –The term is linked to the terms set up for your chapter's billing cycle. You can only have one budget related to each term. greekbill has the terms set up based on a full fiscal year running from 7/1 – 6/30 of the following year. If your fiscal year is different, you need to reach out to your greekbill chapter rep to adjust the chapter's term. If no term is added for the time frame you are trying to budget for, reach out to your chapter GB rep.
- Approval Status – defaults to New. Once it is approved, you cannot edit it anymore.
- You can always reach out to your GB rep if you need to change the status.
- Comments- It is helpful to add a note about the draft of the budget
You will then fill out the chapters:
Income Budget Details based on the chapter’s Income chart of accounts. Put in your chapter's projected income for the various sub-accounts. Once you finish, Select “Next.”
Expense Budget Details are based on the chapter’s expense chart of accounts. Put in your chapters projected expense’s for the various sub-accounts. Once you finish, Select “Next.”
The last step will summarize the Income and Expense Budget details and outline the budget surplus.
Pro Tip: The Profit Loss report exported to excel will list all the potential income and expense accounts. Once you have a list of all the sub-accounts, you can send this list to your team to collaborate on the projected numbers for the new budget. Having these numbers before loading your budget will make the process more efficient and quick. You can adjust the budget numbers on the spreadsheet until you are ready to load it to greekbill officially.
NOTE: Greekbill can always add new sub-accounts based on the need for the chapter.
NOTE: The budget is based on an entire school year, so when creating your number projections base it on all semesters/quarters.
Pro TIP: You should have a miscellaneous budget to give you a buffer for any unforeseen expenses.