When creating a team budget in Sifi, administrators can choose between two distinct budget models depending on the company's cash-flow strategy: Virtual Limit or Funded Budget.
Virtual Limit:
Purpose: Controls spending without requiring upfront cash pre-funding from the main account. Ideal for expense-tracking and policy enforcement where spending draws dynamically from the available company balance when transactions occur.
When to Use: When granting flexible spending limits to teams without locking up cash reserves in isolated sub-wallets.
Funded Budget:
Purpose: Allocates specific, pre-funded cash reserves upfront into a dedicated sub-account pool. 🏦
When to Use: When ring-fencing exact budgets (e.g., Marketing Q3 Event Budget - 50,000 SAR) to ensure spending cannot exceed pre-allocated funds.
Go to Manage > Team Budgets and click Create budget.
Select either Virtual Limit or Funded Budget.
Enter a unique Budget Name (duplicate names trigger a validation warning). ✏️
Assign the Budget Manager and configure spending limits (choose No Limit or Define Spending Limit with recurrence cycles: One time, Daily, Weekly, Monthly, Yearly, or Annually). ⏱️
Select members, configure security and MCC rules, and click Create budget. 🎉