In this article, we'll explain everything that you need to know about budgets as a new user of Volopay. If you haven't added all the members yet, we recommend you to do it, before you start creating budgets.
What is a Budget?
A budget is simply a way to track how funds are being utilized by the employees. They can be easily organized by allowing you to customize the name of each budget.
For example - If the company has a specific travel allowance per month, the Admin can create a travel budget and assign access to the members by linking their physical/virtual card with this budget and can easily track the travel expenses on a monthly basis.
Types of Budgets
One-time: A one-time budget is a set amount for the entire life of that budget and won’t reset at the beginning of every month. This type of budget will only retire if there is an expiration date or if you manually block/freeze the budget.
Recurring: Recurring budgets will automatically fund on the 1st of every month, updating to the amount that you have set as the Budget limit. This will not retire unless you have chosen an expiration date or manually retire the budget.
The budget will be automatically retired after the expiration date and no one will have access to the funds in that budget. Also, once a budget is retired, it cannot be reinstated.
In the Budgets section, click on the add button at the top right corner as shown:
Fill out all the fields as per your requirement and click on ["Save Changes"].
Need some advice to organize your budgets? - Sure, Let's go
Adding Budget Owners/Members
Add at least one budget owner for each budget, but you can also choose to add multiple members as budget owners for a single budget.
Next, choose which members to add to the budget you’ve created. Don't worry though, you can always modify the roles and other details of the budget.
In case you missed out:
- A Budget owner can control the allocation of the funds in a budget and assign them to either physical or virtual cards of other members. Only budget owners and admins can create virtual cards.
- A member has limited functionality in a budget. Members can only access funds once they have been assigned to them by a budget owner.
To add a member/budget owners after budget creation:
Simply go to the ["Settings"] of the budget and slide down to view the members and the budget owners.
Now, select the members you want to add/remove from the drop-down list.
After you’ve created a budget, you’ll have the option to assign funds right away to users and create virtual cards .
If you have any other questions, send us a message through chat, we'll be happy to help.