Budgets are the rules that tell your card what they can and cannot do. These are the building blocks for setting up your Vendrix account. Every individual is assigned to a budget. These tell that individual how much they can spend and what category it falls under.
Roles of a Budget
Owner - This is the person that created the budget. They give the green light to fund the budget.
Approver - You can assign individuals to have visibility of all transactions within the budget.
Ex. A project manager will have visibility to their teams’ spending
Member - Individuals in the budget
Go to the budgets tab, select "Create New Budget" button and let’s get started.
Budget Name
This is name that the user will see on their Vendrix account. Best practices are the keep it as short and simple as possible.
Ex. Team Meals
Description
This field allows you to specify what the budget is for. This is a required field.
Ex. Team Meals used for happy hours and on-site orders
Amount
The funded amount needed for that budget. Every user within this budget will pull from this amount.
Refresh Interval
The frequency that the money refunds for the budget. Budgets will reset to the original amount at the end of the refresh interval - except when specified as “one-time”. Unused funds do not rollover to the next refresh interval.
Ex. Supplies refreshes bi-weekly while the Team Meal budget refreshes monthly
Approvers
The Individuals that can approve transactions from other users and self-approve their own transactions.
Note - the person creating the budget will automatically be set as an approver
Members
Individuals that will be spending within this budget. Members must receive approval from either a listed approver or owner/administrator before charging to this budget
Transaction Visibility
Users with transaction visibility can see other users’ transactions within the budget. Typically are the same individuals at approvers.
Cost Codes
These reflect your ERP. Users pick these after they purchase an item.
Cost codes are meant to distinguish individual transactions within a budget and often vary by transaction. Many Vendrix users use cost codes to assign scope of work codes, crew codes, or cost type codes.
Tags
A further description to match your ERP. These are the metadata that goes to a certain budget. Tags are assigned to every transaction within a budget and are meant to group transactions across an organization with descriptors other than the budget name. Many Vendrix users use tags to assign general ledger codes, project numbers, or project phase codes to transactions within a budget.
Require Receipts? Yes or No
If yes, Vendrix will send a text message to the user asking to upload a picture of the receipt to verify the transaction. The photo will be logged onto the Vendrix account.
Require Descriptions? Yes or No
This will require individuals to respond to the Vendrix text message with a description of what they bought. This could be a simple statement such as equipment or a specific cost code.
Is the Budget for Fuel only? Yes or No
If yes, this budget will only be used at a fuel pump.