Budget accounts follow a "parent-child" structure to help you manage and allocate funds effectively.
Key Relationships
Master Budget: The primary source of all budget accounts.
Parent Accounts: Budgets sourced directly from the Master Budget.
Child Accounts: Sub-divisions of parent budgets, representing portions of the parent account's funds.
Project Budget: One project can have multiple budget accounts connected.
Example: Budget Hierarchy
In the example below, the Master Budget has a total budget of $100,000. The parent account "Influencers" uses the Master Budget as its source and has a total budget of $50,000. This means that $50,000 of the Master Budget has been allocated.
Now, we want to allocate $30,000 of the "Influencers" budget for macro influencers. We create a child account using the "Influencers" budget as the source and enter $30,000 for the total budget.
We also want to allocate $20,000 of the "Influencers" budget to micro influencers. We create a child account using the "Influencers" budget as the source and enter $20,000 for the total budget.
Together, the "Macro Influencers" and "Micro Influencers" budgets allocate the entire $50,000 of the "Influencers" budget.
Lastly, when connecting a budget to a project, you'll specify the amount to allocate. In this example, the budget accounts "Macro Influencers" and "Micro Influencers" are connected to the project.
Macro Influencers: $10,000 allocated to the project
Micro Influencers: $5,000 allocated to the project
Total Project Budget: $15,000
In the Budget tab, both accounts will reflect the amounts allocated to the project.
To summarize:
Master Budget
Total Budget: $100,000
Parent Account: "Influencers"
Source: Master Budget
Total Budget: $50,000
Child Accounts
Macro Influencers
Source: "Influencers" Budget
Total Budget: $30,000
Micro Influencers
Source: "Influencers" Budget
Total Budget: $20,000
Project's Budget
Macro Influencers
Allocated to Project: $10,000
Micro Influencers
Allocated to Project: $5,000
Total Project Budget: $15,000
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