Smart Budget simplifies the budget preparation process allowing budget holders to create complex budgets in minutes instead of weeks. Unlike most accounting systems, users are not required to enter monthly budget amounts. The budget generation engine automatically produces expense and revenue budgets based on parameters associated to the accounts and based on rules defined by the users. All the information needed to produce budgets resides in relational databases eliminating the creation, maintenance and use of dozens of spreadsheets. Smart Budget Contracts module maintains a database of contracts and automatically feeds contract information into the budget calculation engine. This unique feature automates the administration of contracts, ties it to the budget calculation engine and allows users to produce budgets by contracts and by suppliers. Smart Budget is not a replacement for the corporate budget system. It will not compete with the corporate budget system or with the accounting system. It is an additional tool to improve the budget process.