Sage Intacct Planning (SIP) offers an intelligent budget Planning Wizard to help you easily create a budget. But before you access the Planning Wizard, we’ve provided some prerequisites and things you should know to help prepare your data beforehand. We also recommend you familiarize yourself with some of the terms specific to Sage Intacct Planning.

Terms specific to Sage Intacct Planning

Here are some of the most commonly used terms when we talk about budget and planning in SIP:

Term

Description

Entity or Subsidiary

In SIP, if you have a multi-entity shared company, you may have subsidiaries that share the same Chart of Accounts. You can set up your budget structure in SIP by location and see the budget data for your subsidiaries.

Account number

The component of your account number which represents your GL actuals account.

Account group

Group of similar accounts (such as Revenues, Cost of revenue, OPEX, Cash and cash equivalents, Inventory, and Other liabilities) that are used to roll up and organize your accounts and amounts on your financial reports.

Account type

An attribute set for each account that indicates how account balances should be computed, such as balance sheet or income statement.

Dimension

(You may know this as class or attribute) A classification, segment, or attribute that you use to organize, sort, and report on your company information in meaningful ways. Traditionally, a chart of accounts contains accounts with unique numbers segmented for each department, location, project, and so on. In SIP, the segments are moved out of the account number and into dimensions. A dimension is like an attribute that you can associate with transactions and GL entries. Every transaction you enter can be assigned multiple dimension values to uniquely identify and report on it.

Budget tree

The hierarchical structure in SIP by which you group budget data of the same type, consisting of budget groups and budget lines.

Budget group

By default, SIP creates roll-ups by income statement groups in your budget.

Budget line

The way you identify the line in SIP that appears in your budget tree and budget groups.

The basics

The backbone of budget creation in SIP is the budget line. The budget line represents business-related items like revenues and expenses. Depending on the budget line type you select, additional variables and attributes can be added to modify your simple Revenue and Expense line types. See Working with budget lines for more information.

Depending on how you want to manage your budget, your budget lines are grouped by “like” account types in a “tree-like” structure. The Planning Wizard guides you through the setup of your budget structure to reflect your organizational hierarchy or management and budget-ownership structure based on your company data. Your data and metadata are then loaded and matched to the dimensional hierarchy you define for your budget structure, making it easy for you to get your budget up and running quickly!

Prerequisites

When planning your budget in SIP, make sure you have the necessary fields to build your budget, including:

  • Reporting period - Make sure you have a defined budget reporting period. Then you can roll up individual months to create quarterly, semiannual, and annual reports.

  • Accounts - Each account for which you want to create a budget must exist in your Chart of Accounts. Your account data is then matched and used by SIP to create the budget line items you see in your budget tree.

  • Dimensions - While not required, if you have dimensions such as Location and Department, they can be included in your budget to slice and dice your budget data and create roll-ups. For example, if you have a multi-entity company and want to see your data by subsidiary, you can add the Location dimension to the top level of your budget structure and see your budget data for the subsidiaries to which you have access.

Download the Planning Wizard Excel file to assist you with preparing the data you intend to use to create your budget in SIP.

Things you should know to plan your budget

Use the following guidelines to prepare your data for upload:

Income statement (P&L) accounts data

  • When you upload data to SIP, your data is used to create budget lines with the same classifications of the accounting line items reported on a standard income statement:

    • Revenues and expenses are reported with their natural signs. That is, revenues are reported as negative indicating a credit. Expenses are reported as positive indicating a debit.
      For example, if your revenues are reported as positive numbers, change the amounts to negative, or multiply them by -1.

  • Upload monthly balances for each period.

  • Make sure for each line item there’s a corresponding account number and relevant account group in a detailed format, such as revenues, cost of revenues, and so on.

Balance sheet accounts data

📝 Balance sheet financial planning is currently not supported in SIP.

You can upload balance sheet line items for:

  • Future SIP use in the balance sheet report

  • Future budget versus actuals analysis and import of balance sheet actuals

If you upload line items with balance sheet account data, keep in mind that:

  • Bringing in opening balances for your budget period (when you explicitly map the opening balances column) is recommended for use as a starting point for balance sheet financial reports

  • The monthly cumulative amounts are disregarded

General information for planning your budget

  • If your account number appears as part of a GL accounting string or part of an account structure, make sure to split it out by columns to the dimensions represented in your accounts.

  • Data from your Excel file can only be imported from one sheet. If your file has more than one sheet or hidden sheets, only the first visible sheet in the workbook is imported. In addition, if there's filtering or hidden columns in your worksheet, the sheet is imported as it appears.

  • Lines with the same name, account number, dimension values, and currency are merged into one budget line. Any comments and tags are also added to the created budget line.

  • If you work with multiple currencies, and the currency value is the only distinction between some of your budget lines (same account, dimensions and dimension values), it’s recommended that you add a duplicate currency column with a different dimension name to your Excel file. Then map it as a dimension, while the first column is mapped as Currency. If a Currency column doesn’t already exist, add one to your file and map it as a dimension.

Now let’s get started building your new budget!

Related topics

Once your new budget is created, check out the related topics for more information on populating your budget:

Import data from MS Excel or a budget template
Add accounts to your budget
Upload my actuals from Excel - New update coming soon!
Import employee data from MS Excel

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