Lock specific portions of the budget while other portions are still in progress

Description

Locking portions of the budget refers to the process of making selective parts of the budget read-only while allowing modification in other sections. This allows for more precise management of the budget development process, eliminating any chance of accidental edits at the department level, or data corruption in finalized areas while simultaneously working on others.

Example Use Case

Scenario: A large-scale manufacturing firm uses budgeting software to manage its annual budget process, collaborating with several departments. The system produces budget drafts that are regularly revised and finalized in phases.

Solution: Utilizing the budget locking functionality, the finance department locks the finalized budget portions for the Production department, while the Research and Development budget is still under review and adjustments. This operation enables precision and security in the budget management process, minimizing the risk of unauthorized or accidental modifications.

Considerations

Securing portions of the budget is handled in multiple ways depending on the vendor. Some will apply rules to a version only - locking the entire version while another version is worked on. That works well for smaller teams. For a large team, where 20 or more people have budget access, the all-or-none approach can cause a major inconvenience when you're doing the budget in stages.

Questions to Ask a Vendor

• Flexibility: At what level of granularity can something be locked? Can I lock a cell, or an entire sheet, or both at the same time? Can I lock out a specific section of the model, like salaries?
• User Control: Am I able to lock out specific users or groups of users? At what level?
• Unlocking Provisions: How robust are the system's provisions for unlocking sections, if necessary, and what security protocols are in place for such scenarios?