Just a general question for our community preferences when budgeting for and tracking in a new year. Do you prefer to continue everything in the same file or start a new file for each year and why?
Great question! Personally, I like to add 12 columns to the Categories sheet for the new budget year and continue in the same sheet so I have a single archive for all of my budget history (currently at about 20 years). I like that I can look back in time and compare without sifting through multiple files with misaligned datasets. I also like the continuity of being able to do rolling 12 month analyses into the prior year.
I know that some people prefer a clean sheet for a new year and it can improve performance to start fresh.
Do you have your categories sheet for the budget year linked to the budget builder sheet?
Yes I do. I made the Budget Builder template for my own budgeting process.
To add a new budget year:
- Add 12 new columns to the
Categoriessheet for the new budget year.
- If you had previously used the Budget Builder template, stretch the Budget Builder formulas into the new columns (if not, add this formula in the top left corner of the new budgets and expand down:
=iferror(offset('Budget Builder'!$AX$7,match($A2,'Budget Builder'!$C$7:$C,0)-1,match(G$1,'Budget Builder'!$AX$2:$BI$2,0)-1)))
- Copy the existing/previous year budget cells in the
- Paste over the formulas as values (the previous year should no longer be formula driven).
- Update the Budget builder to the new calendar year in cell
- Delete previous budget mods in the Budget-year Modifiers and baseline overrides sections.
Hi Randy -
When you have a minute, would you be kind enough to tell me the column header that each cell reference should be grabbing its data? I may have columns misaligned from something I did previously and need to tweak the formula slightly.
Budget Builder $AX$7
Budget Builder $C$7:$C
Budget Builder $AX$2:$BI$2
Hope that makes sense.
Thanks, in advance.