Before you create a new budget, ensure the following prerequisites are met:

• The budget owner must be a user on the platform.

  • If the budget owner is not yet a user, invite them to the platform. See instructions here: How do I add a user?

Next Steps:

To create a new budget, follow these steps:

1. Log into your OFX account.

2. Select Budgets from the left sidebar menu.

3. Click + Create budget.

4. Enter budget details. Enter the budget name. Select the owner of the budget from the dropdown menu. Enter the budget description.
   

5. Click on “Set a budget limit” to set the limit for the budget.

6. Select the base currency for the budget from the dropdown menu.
   This helps control spend for a specific currency. For example, if a card user spends only in US dollars, set the budget currency to USD.

7. Enter the budget amount and limit.

8. Select the frequency for the budget to be topped up and reset.

9. Choose whether to allow the budget to overrun or enforce a hard limit:

   • Allowing budgets to overrun gives your team flexibility to spend within their card limit and provides budget owners an overview on spend.

   • Enforcing a hard budget limit gives you full control. If the team budget is exceeded, cards will decline even if the cardholder’s individual limit is not reached.

10. Select the users to be added to the budget from the dropdown menu.

11. Enter budget categories (optional). Click on “Submit for approval” to complete.

What happens next:
Once you complete these steps, your new budget will be created and visible in the Budgets section. You can now assign cards and manage expenses against this budget. If you have set up approval policies, budget changes may require approval before becoming active.

Why is this important:

Creating a budget helps you manage and control team or project spending, set clear financial limits, and allocate resources efficiently. It also enables you to monitor expenses, enforce compliance, and ensure financial transparency across your organization.

Related FAQ Articles:

• How do I create a budget for my team ?

• How do i create a budget with expense categories ?

• How can a user be a member of a budget?

• Can I restrict budget approvals to certain users?