Creating a Budget
Step-by-step guide to creating a budget in Compass.
Before You Start
Decide:
- Budget type (CapEx, OpEx, or Service Revenue)
- Whether to base it on a blueprint
- Which project to associate it with
Budget Creation Wizard
Budget creation is a 2-step process:
| Step | Title |
|---|---|
| 1 | Basic Information |
| 2 | Review Of Budget Items |
Step 1: Basic Information
- Click Create New Budget from the dashboard.
- Fill in the required fields:
| Field | Description | Required |
|---|---|---|
| Budget Name | Descriptive name for the budget | Yes |
| Budget Type | CapEx, OpEx, or Service Revenue | Yes |
| Related Project | Link to a specific project | Yes |
| Blueprint | Select a blueprint to pre-populate settings (Optional) | No |
| Alternate Currency | Set a different currency for this budget (Optional) | No |
Note: Selecting a Budget Type determines which catalogs are available for selection.
- Select one or more catalogs to source items from. Only catalogs matching your Budget Type (e.g., CapEx) will be shown.
- Configure additional settings as needed:
- Contingency % — Buffer for unexpected costs
- Start Date — When the budget becomes active
- CapEx-specific: Sales Tax %, Shipping (Duration & Surcharge %), Installation Surcharge %, Warehousing %
- OpEx-specific: Budget Period (e.g., 12 Months)
- Revenue/Income: Income Source toggle, Billing Schedule (Year/Percentage)
- Configure approval settings:
- Internal Approval — Require sign-off from specific Roles or Users
- External Approval — Flag for external review requirements
- Click Next to proceed to step 2.
Step 2: Review Of Budget Items
After creating the budget, Compass generates a list of items based on your selected catalogs.
- Review items — Check the generated budget line items
- Adjust quantities and values — Modify as needed
- Add or remove items — Customize the budget for your specific project
- Click Back to return to Basic Information and make changes
- Click Complete to finalize the budget
After Creation
Once created, your budget opens with the following tabs:
| Tab | Description |
|---|---|
| Overview | Budget summary and key metrics |
| Budget Items | All line items in the budget |
| Documents | Attached files and documents |
| Facility Details | Facility-specific information |
| Other Project Information | Additional project data fields |
Frequently Asked Questions
Q: What's the difference between CapEx and OpEx budgets?
A: CapEx (Capital Expenditure) is for one-time asset purchases like equipment or construction. OpEx (Operational Expenditure) is for recurring costs like salaries and utilities. Learn more
Q: Can I set a different currency for a budget?
A: Yes, you can set an Alternate Currency for individual budgets using the optional field in step 1.
Q: What happens when I select a blueprint?
A: The blueprint pre-fills base information, budget settings, approval settings, and catalog selections. You can modify any of these after they are applied.
Next Steps:
- Budget Items - Managing line items
- Budget Catalogs - Reusable items
- Budget Approvals - Approval process