Chapter 1: Budget

A Budget is a blanket approval of funds. A budget is created and linked to the requisition to get some funds approved for a project. This requisition will eventually consume the budget.

For example, your budget is $100,000, and the requisition submitted is $50,000. When the requisition is submitted, $50,000 will be consumed from the $100,000 budget, and the available amount will only be $50,000. This is a budget allocation wherein a budget is allocated for a specific project, and the consumption of that budget happens in the requisition when the requisition is submitted.

With the GEP QUANTUM Budget module, you can:

• Create budgets

• Manage budgets