what is local and global budget?

AI generated answer (using internal Slack threads):

In the context of NetSuite, a local budget refers to a budget that is set at the subsidiary level using the local currency. This type of budget is typically used when there is a need to manage budgets at the subsidiary level, taking into account the specific financial conditions and currency of that subsidiary. On the other hand, a global budget is set using the base currency of the parent company. This type of budget is typically used when there is no need to manage budgets at the subsidiary level, and a more simplified, consolidated budget approach is preferred. However, it's important to note that using global budgets can lead to inaccuracies when run at the subsidiary level due to currency conversion and other factors. Therefore, unless there is no need to use subsidiary level budgets, it's generally recommended to use local budgets. As for budget categories, they can be used to further categorize and manage budgets. For example, some common categories include "budget" which doesn't change once established, "forecast", and "forecast + actuals" where the forecast is overwritten with actuals as they close each month. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******