Budgets can be created in a couple of ways.

A deal is a term we use for a pitch that can turn into a project but it's still in the sales phase.

Here you can add all the services you'll sell to your client with the rates/prices for those services along with estimates for your internal purposes. Click here to learn about adding services to your deals and budgets, the process is the same!
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When you mark a deal as Won here's how you can proceed:
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1) create a new project from this deal
2) add the deal's budget to an existing project

3) create a budget from a deal without a project
4) don't create a project and just mark the deal as Won

In case you decide to proceed with one of the first three options, you'll have to enter budget details such as the name of the budget, budget start and end dates, subsidiary, document template and budget owner.
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The rest can be your custom fields, some of which can be marked as required, meaning they'll appear every time you add a new budget.

In case you've chosen to create a project along with the budget or to add the budget to an existing project, you'll be able to find the budget in question in the Budgets tab of your project.
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However, in case you've created a project-less budget, you'll be able to find your budget in Financials > Budgets only.

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You don't necessarily need a deal to create a budget. If that is the case, a budget can be created directly from an existing project.
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To achieve that, open the project in question from the Project management tab, head over to the Budgets tab and click on the +Budget button in the upper right corner.

In Step One of the Budget wizard which opens after clicking on the +Budget button, you have the option to create a new budget from scratch, copy an existing one, or use a budget template.
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Moving on to Step Two, within the Budget wizard, you select the client, project, budget name, currency, start and end dates, subsidiary, and owner of the budget.

Additionally, you can associate document templates with the budget, and if enabled, obligatory custom fields will be available for you to fill in.
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To create a new budget while in the Financials tab > Budgets, simply click on the +Budget button in the upper right corner.

This will open the Budget wizard, allowing you to specify if you want to create a new budget, copy an existing one or use a budget template.

You can also associate it with a project, decide on the budget name, owner, subsidiary, start and end dates, and configure templates and custom fields as needed.