Hello Steve,
AX2012 does not support a full budgeting approach that allows to record and control budgets for all of the account types. Especially when it comes to budgeting for assets and liabilities there are some limitations that can, however, be overcome by some small code modifications. I once described such a scenario here: https://dynamicsax-fico.com/2016/04/16/budget-control-for-fixed-assets-part-1-ax2012/
In addition, AX has of course functionalities to record and transfer budgets for other sections. As an example, you can create a fixed asset budget in the fixed asset module and transfer those amounts to the budgeting module. The same applies for purchase/sales budgets in inventory and project budgets in the project module. Yet, the major focus when it comes to budget control are P&L accounts.
Because of those budget integrations, budget reports are also available outside of the budgeting module, for example in the project module. When making use of those additional budgeting features outside of the budgeting module you have to be careful with designing your budgeting approach. That is, budgets created in the project or fixed asset module can be transferred to the budgeting module but not vice versa. In other words, those budgets are created bottom up.
Hope that helps.
Best regards,
Ludwig