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The project budget defines management’s expectations on how much the project will cost. Defining the project budget is optional as some organizations have existing systems for project financial accounting.

To record the project budget:

1. Ensure you have the appropriate project open in Project IQ.
   
   
2. Click the Financials tab.
   
   
3. Click +New Budget.
   
   
4. Complete the New Budget form.  The Name and Financial Category fields are mandatory
   
   
   Tip: There are two methods to enter budgets depending on the data you need to enter.  Generate Transactions with will allow you to spread a budget amount evenly over a set period of months which can be contoured afterward.  Or you can add budget line items individually by entering the data in the transaction lines directly and using +Add Transaction to add additional lines.
   
   
5. Click the Generate Transactions button if you have a set dollar amount that needs to be spread evenly over several months.
   
   
6. Enter the approved budget amount and the budget start and end dates.
   
   
7. Click Generate to have the budget amount spread across the desired dates.
   
   
8. Edit any individual monthly budget amount to contour the budget.
   
   
9. Or click + Add Transaction to add additional months to the budget. 
   
   
   Tip: This can also be done without using the Generate option if you have a one-time amount to be entered or need to enter varied amounts.
   
   
10. Enter the date and amount.

Download Job Aid: Creating a new project

_{Disclaimer: Some images in the instructional video and text instructions contained herein may appear different from (or not available) in your organization’s Sensei IQ instance due to specific custom configurations and/or continuous solution updates. Ensure that you are already an enabled user in the Sensei.IQ for Project application and check out the What’s New page. Contact your system administrator for any assistance.}