In our first post in the Detail Budgeting series, we noted that a common issue among budgeters was an inability, in traditional budgeting systems, to enter enough explanatory detail. True Sky, Planning, Budgeting and Forecasting, provides a number of solutions to this issue, including how Line Item Detail can be used in a Standard Template (see previous post).
But what if the Budget Administrator (due to reporting needs) demands that the budgeter contribute in detail? For this, True Sky Budgeting and Planning offers the Line Item Detail (LID) Template.
In LID budget templates, all data must be entered at a detail level – the ‘main’ or ‘header’ line is blocked for data entry. To add data, the budgeter selects Add Line Item Entry from the True Sky ribbon.
Each of the lines of detail data are added together to make up the total for the account. In order to budget to any of these accounts, detail budgeting through Line Item Detail must be used.
Our goal is to simplify the budgeting process as much as possible. With the Line Item Detail template, it allows the Budget Administrator to receive as much detail as possible during the budgeting cycle, reducing the back-and-forth discussions and improving the efficiency of the budgeting process.
In our next post, we will look at the Pivoted Line Item Detail Template.