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How to create a budget

  • Updated

Budgets in Weel let you set pre-approved spending limits for teams, projects, or departments, giving you control over company funds before money is spent. If you are new to budgets, start with What is the difference between account balance and budget limit to understand how funds flow within Weel.


 

Before you start

You will need:

  • Admin access to your Weel account
  • Sufficient account balance to cover the budget limit you plan to set
  • The team members you want to add already set up in Weel

 

Steps

To create a budget:

  1. Open the Budgets page from the left-hand navigation menu in the Weel web app.
  2. Click Create New Budget
  3. Enter a Budget name.
    • Use a name that clearly identifies the team, project, or purpose, for example, Marketing Q2 or Travel Expenses.
  4. Select how often you’d like your budget limit to top-up
    • Every Week: The budget limit will automatically top-up every Sunday at 12am AEDT.
    • Every Month: The budget limit will automatically top-up on the 1st day of every month
    • One-time Only: The budget limit will top-up once when the budget is created. This is ideal for one-off budgets like projects, events and campaigns.
  5. Enter how much you want your budget limit to top-up to. If you create a weekly or monthly budget this is how much your budget limit will top-up to when it rolls over to the new week or month.
  6. Select the staff you’d like to have access to this budget
  7. Select the staff that you’d like to be Budget Owners of this budget.
    • Budget Owners can approve or decline any requests to increase the budget or card limits and they can also view all transactions that occur within the budget.
  8. (Optional) Set individual card limits. Toggle on Set individual card limits to assign a specific spending limit per cardholder. Individual card limits must add up to the total budget limit. Leave this off to allow all cardholders to draw from the shared budget limit.
  9. (Optional) Choose to rollover unused funds to the next period.
    • When enabled, any unused funds will roll over to the next period. The original budget reset amount remains unchanged, making it easy to track leftover funds.
  10. (Optional) Advanced Controls
    • Limit Categories
      • Disable Limit Categories - All categories mapped under Chart of Accounts will be available to select from.
      • Enable Limit Categories - You can choose which categories can be selected when payments are made from this budget.
    • Limit Custom Fields
      • Disable Limit Custom Fields - All custom fields in Weel will be available to select from.
      • Enable Limit Custom Fields - You can choose which custom fields can be selected when payments are made from this budget.
  11. Click Create

What happens next

Your new budget will appear on the Budgets page. Cardholders will immediately have access to their assigned limit via their Weel virtual card.

From the Budgets page, you can monitor spending in real time, edit the budget limit, add or remove cardholders, do a one-off top-up, or archive the budget when it is no longer needed.

Note: Your account balance must have sufficient funds to cover the budget limit. If the account balance is too low, cardholders will not be able to make payments. Contact an Admin to top up the account balance if needed.

 

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