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Do I need to create a new budget before closing the current budget?
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- Yes, during the close budget process you will be asked to map any funds with open encumbrances to funds in the new budget.
- You need to have a new budget defined before closing the current budget so that the encumbrances can be mapped across to the new budget during the closure:
- move un-paid items to the next budget so that the closed budget does not have any open encumbrances.
- move order item templates to the next budget so that the order item template does not try to apply a closed budget to new items.