How do I create a budget?

Overview

A budget is a tool to organize company card spending. First, you must register a card, which serves as the funding source for any budget you create.

You can also empower your team to send virtual cards on behalf of the business by adding them to a budget. Once you send a budget to one or more people in your company—could even be yourself—they become the budget user(s) and gain the ability to create, send, and update virtual cards within the allocated budget limit and controls.

Note: If you are an Owner or Admin, sending a budget to someone outside of your org will automatically invite them to join your org. Once they accept the invite, they will be able to access the budget. 

 

How to create a budget

  1. Click on the Create New + button and select Create a budget

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  2. Select the type of budget you’d like to create: standard, recurring, or unlimited. See Types of budgets to learn more about which budget is best for your use case. 

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  3. Next, add your budget user(s) and configure the spend controls.
  • Budget users: Assign a budget user(s)—they can be yourself and/or anyone else in your org. These users can create and update virtual cards within the budget limit, and they can approve update requests to virtual cards created from the budget. You can have up to 10 users on any single budget and can add/remove them at any time.
  • Budget name: Choose a name that will help you easily identify the budget. This name will be visible to all assigned budget users, plus the Owner, Admins and Bookkeepers in your org.
  • Account: Select one of your registered cards to fund the budget.
  • Budget limit: Allocate the amount of money available for budget users to create virtual cards. This limit cannot exceed the credit limit on your bank-issued card.
  • Active until date: Set the expiration date for the budget. After this date, the budget will be deactivated.
  • Frequency: For recurring budgets, you can choose how often the budget limit will reset to the original value. You can choose a daily, weekly, or monthly replenishment. You can also indicate when the reset cycle will end.

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  1. To complete the budget creation, click the Create Budget button. Budget user(s) will be notified, and you will receive notifications of their activity on the budget (e.g., virtual cards sent) in real time.

You can update or make changes to an existing budget at any time. See Updating a budget to learn how you can adjust an existing budget.