How to Create a Budget and Sub-Budget

Mastt's budget management features allow you to create hierarchical budget structures with sub-budgets. The budget register provides a clear overview of all budget items for easy management and monitoring. 

Steps

Navigate to the Cost Module

1. Select your project from your Project list
2. From the navigation menu, click on the Cost Module

Create a Budget

You can create a budget in three ways:

• Click the + Add button on the overall page and select the + Budget option, or
• Click the action button (...) next to the project title and choose Add or Edit Budgets or
• Click the + Add Budget button in the budget register

1. Enter your budget details in the form:
   • Budget Name: Enter a descriptive name (e.g., "Consultant Budget")
   • Original Amount: Set your budget amount (e.g., $85,000)
   • Status: Choose from Draft, Approved, or Closed
2. Add a budget tag to categorize your budget (optional but recommended for filtering)
3. Click Save in the bottom right corner of the form

Create Sub-budgets

1. From the Overall Page or Budget Register, click the Action button (...) next to the parent budget
2. Select Add or Edit Sub-budgets from the options
3. Enter the sub-budget details:
   • Name: Descriptive sub-budget name
   • Amount: Allocation from the parent budget
   • Status: Usually set to Approved (including Draft and Closed)
   • Tag: Optional categorisation tag
4. Click Save once completed

To edit and delete Budgets and Sub-Budgets, refer to this guide.

Understanding Budget Allocation

The system tracks allocated budgets when using sub-budgets. You can allocate more than the parent budget amount, but this will show a negative unallocated amount. Mastt will alert you if you over-allocate but will still allow you to save the budget.

Troubleshooting

• Problem: Unable to add a contract against a budget. Solution: You can only create a Contract against an Approved Budget. Make sure to set the status to approved.