The Budget Concept and Budget Versions in FM
At UCT, no expenditure can take place without allocation of Budget to a Fund. This is because the “active availability check” option in FM is switched on.
In this sense, Budget is both “permission to spend” and provides specific limit(s) and control to prevent over-expenditure.
There are 100 budget “versions” allowed in FM, availability checking against the balance of uncommitted budget is against Budget Version 0 (zero).