Project level budgetary control

Summary

We want users to receive warning or stop creating a PO against a project if the total dollars spent to date exceeds project budget.

Content

We want users to receive warning or stop creating a PO against a project if the total dollars spent to date exceeds project budget.

Do we need to explicitly create budgets? Will setting Control Budget Filter (shown below) and enabling Budgetary Control for Project Accounting business function enable picking up of budget tied to a project?

Appreciate any input you may have on how this works.