What are Rho Budgets Used For?
Rho 'Budgets' can be used to track your company's expenses and spending by department, project, season, vendor, client, etc!
Can you give me an example of how it works?
Let's say you'd like to set a budget of $100,000 for advertising expenditures. You can create a budget called "Advertising." Then, you can allocate $100,000 to that budget and track how it's spent. Each time you spend money on advertising — by wire, ACH, or on a corporate card — you can click those transactions and choose "Advertising" from a dropdown menu. Each time you attribute a Rho transaction to that Advertising Budget, your "remaining" budget balance will update, accounting for that transfer!
You'll know exactly how much you've spent on ads this week, month, quarter or year depending on the cadence you set for that Budget!
NOTE: The Budget amounts are "soft limits" aka if a Budget is tied to an entire card, the card will not be declined if the Budget Amount has been reached already.
What are the variables on a Budget?
Enter a unique name of the budget.
Enter the amount of money in US Dollars budgeted for the account.
Budget Reset Cadence
Click the drop-down list to select the time period when the budget is reset. For example, if the Reset Cadence for your $10,000 Advertising budget is monthly, then on the first of the next month the Remaining Budget returns to $10,000, regardless of the current monthly expenditures.
Click the drop-down list to select the assigned color for the budget, used for identification in graphs. The assigned color should not already be used by other budgets for your organization.
Which team members can see these budgets?
Any employee you add. To add a team member to a Budget in order to give them the ability to tag their transactions to that Budget you can follow these easy steps!
The amount of cash in my Rho account changes. Do these budgets need to be fully funded?
No. Creating department budgets is just like creating a spending limit. For example, you can set a spending limit of $25,000 for a budget. That amount will be the limit whether the account has a $10,000 balance or a $100,000 balance. However, unlike a card limit, you can go over a Budget limit, as noted earlier these are soft limits, just for tracking, not meant to inhibit spending.