The easiest way to create a budget on Pry is to create it directly on the financial reports page. We call this feature Simple Budgeting. It is the fastest way of the 3 ways to create a financial projection.
Simple budgets are best for forecasting one time expenses, investments, or recurring expenses with fixed amounts.
Simple Budgets are created directly on the Financial Reports page in the transaction list header. Select a cell in the planning section, then click on the + New Budget. Fill out the name(vendor), amount, and other fields and press Submit once you are done.
You can create budgets on a recurring basis. When you open the create budget entry window, click on the "Recurring" dropdown to select the frequency of the budget (Monthly, Quarterly, or Annually).
You can choose to budget by "Average of Past Months." This method is a quick way to budget from your historical expenses. Your budget will be updated automatically with actuals after the end of the month. You can select to take the average from last 1 to 12 months.
To budget using Average of Past Months, open the create budget entry window and click on the dropdown next to Amount. This method will always budget on a monthly basis.
Pry budgets are also double entry bookkeeping. You can plan for accrual entries such as Accounts Payable, Depreciation & Amortization, etc by clicking on More Options on the create a budget window and select the account you want to book the budget entry against. Banks (cash) will always be the default account.
To update an existing budget entry, you can hover over the budget entry and right click -> Edit or click on the three dots on the budget entry and select Edit. The Edit Budget window will pop up on the right hand side.
You can edit its name, recurring frequency, or the amount. There is a Change all future recurring entries checkbox for you to choose if you want to make edits for all future entries or just the selected month.
You can move a budget to a different account if you budgeted for an expense in the wrong account or want to adjust where the budget is located in the future. To move the budget entry to a different category, hover over the budget entry and click to drag and drop the entry in the new category.
There are 3 ways to delete a budget. To start, right click on the budget entry and click delete or over over a budget entry and click on the three dots followed by Delete.
- Delete Entry will delete that entry only within the selected month.
- Delete Future Entries will delete that entry in the selected month and all entries in future months.
- Delete All Budgeted will delete that entry in the selected month and all entries in the past and future months.
There are more than just simple budgets on the Financial Reports page. You will also find Budgets linked from the Hiring Plan or Financial Models. Those budgets have slightly different behavior as they are the values vary from month to month.
Budgets from the hiring plan can be recategorized and renamed but users cannot delete or change any other fields. To make additional edits, visit the Hiring Plan page.
Budgets created from a model are based on drivers and formulas. You can view the formula directly on the budget entry and click on View Model to view and edit details on the Models page.