Resetting Budgets for a New Budget Cycle

End-of-Year Budget Reset: Set Budgets to $0

The Budget Reset tool clears all budget balances so you can start a new budget cycle at $0. This is most commonly used at the end of a fiscal year or when beginning a new budget period.

Budget Reset does not approve or deny requests automatically. All pending submissions must be resolved before the reset can be completed.

What is budget clearing?

Budget Reset clears approved budget balances.

Budgets reflect dollars that have been approved and are included in your balances.

Requests reflect dollars that have not been approved yet (pending submissions).

When to do a budget reset

Use Budget Reset to start a new budget cycle with clean balances, especially during year-end close (often June or July) or when transitioning to a new fiscal period.

Before you begin

You cannot reset budgets if you have pending finance submissions. Any pending items must be resolved before you can run the reset.

Deposit: Placing money into a budget.

Expenditure: Requesting to spend money from an account.

Reconciliation: Confirming that money has been spent.

Pending submissions must be approved or denied. They cannot remain in a pending state.

Allocations

Allocations can be a special case. Depending on your process, you may be able to roll pending allocations into the next budget cycle instead of clearing them out. Confirm your program’s policy before proceeding.

Allocation: Requesting money be added to an account.

How to reset budgets

1. Navigate to Finance > Requests and check for pending items.

   If you find pending items, resolve them before continuing.

   • Approve or deny each pending submission.
   • Make sure there are no pending deposits, expenditures, or reconciliations.
   • If allocations are the only remaining pending items, follow your program's policy. You may be able to roll them over to the next budget cycle.

2. Open Finance > Tools.

3. Resolve any pending warning (if shown).

   If Tools indicates you still have pending items, you cannot proceed with the reset. Return to Requests and confirm everything is approved or denied.

4. Run Budget Reset.

   Once all required items are resolved (and allocations are handled according to policy), select Budget Reset from Tools to clear approved budget balances.

Important considerations

• Clearing a budget is permanent!
• Clearing a budget does not restructure your budgets, it simply sets them back to $0.
• Clearing a budget deletes transactions within the finance feature, you will still have historical transactions in your form submissions. 
• You cannot restart budget with pending expenditures and reconciliation.
• Having trouble clearing your budget? Make sure you have reconciled all approved expenditures!