In this article we'll break down everything that you need to know about budgets as a new user of Divvy. If you haven't added every employee into Divvy yet, we encourage you to do before you start building budgets.
What is a Budget?
Budgets are designed to provide ultimate control and visibility of all spend within your organization. Budgets work best when organized by team, location, project, or event and are flexible enough to meet your organizations needs.
For example; if you have a specific marketing allowance per month, you can create a marketing budget and assign access to all the members who need access to these funds. This is a simple way to know what was purchased by marketing on a month-to-month basis.
Creating a Budget
From the budget tab, select 'Create new budget'
Follow the budget create guide, then select 'Create budget'
You can set shared funds settings on the budget. Shared funds allow all members of a budget to have access to any available funds within the budget. This means that budget members don’t have to request funds every time they need extra, but budget owners still get to set spending limits.
To learn more about shared funds, click here.
Check out our tips on how to organize your budgets.
A budget limit sets how much can be spent for the month--or, in the case of one-time budgets, sets a limit for the lifetime of the budget. You can always increase or decrease this as well, so don't worry if you need to change it.
One-time: A one-time budgets is a set amount for the entire life of that budget and won’t reset at the beginning of every month. This type of budget will only retire if there is an expiration date or if you manually retire the budget.
Recurring: Recurring budgets will automatically fund on the first of every month, updating to the amount that you have set as the Monthly Goal. This will not retire unless you have chosen an expiration date or manually retire the budget. You can adjust the amount budgeted for a future month using the buttons at the top of the budget dashboard.
Setting an expiration date: if you choose an expiration date, that budget will automatically be retired when you hit that date and no one will have access to the funds in that budget after the expiration date. Once a budget is retired, it cannot be reinstated.
Adding Budget Owners/Members
You'll need to add at least one owner for each budget, but you can also choose to add multiple people as owners of a single budget.
Next, choose which employees to add to the budget you’ve created. Don't worry though, this can always be edited after creating a budget.
Owners and members
An owner of a budget can control the allocation of the funds in a budget and assign them to either members or virtual cards. Only owners and admins can create budget virtual cards.
A member has limited functionality in a budget. Members can only access funds once they have been assigned to them by a budget owner.
NOTE: You can make someone an owner or member at anytime.
To add a member after budget creation:
Go to the roster area in the administration tab of a budget. Select "edit" next to the budget member section, select any users you would like to add as a budget member.
To make someone a budget owner (or to remove owner privileges):
Select the user from the “Spend limits” tab within the desired budget, select “make owner” or “make member.”
After you’ve created a budget, you’ll have the option to assign funds right away to users and create budget cards!
If you have any other questions, shoot us a message using the purple chat button and we'll be happy to help.