Budgets Budgets provide a way to plan for costs, make forecasts, and evaluate actual expenses versus planned expenses. Budgets take into consideration a wide range of items in your infrastructure, including assets, labor, and the configuration items in the CMDB. How to use budgets To use the Budgets feature, do the following: Identify budget owners, who have visibility to the financial data associated with the budgets. Set up a budget definition, which specifies the segment hierarchy that account codes use. Set up your currency conversion rates if you have budget items in more than one currency. Manually or automatically generate account codes, which tie all budgeting items together. Account codes are especially important for the budget forecast. Set up budget plans, which specify estimated expense summaries for items like assets, contracts, labor, and a target expense amount. Make a plan for a specific fiscal period and associate an account code with the plan. When your budget plan is complete, promote it to a budget forecast. Budget forecasts provide an estimate of estimated expenses versus target amounts for each unique fiscal period + account code combination. Populate the Budget [itfm_budget] table with your finalized budget amounts based on your forecast. View the Budget Variance report to see how expenses compare to budgets for cost centers, departments, and accounts. You can create and manage budgets through standard lists and forms. You can also use the Budget Overview interface to view details about multiple budget plans and perform basic actions, such as copying and deleting plans. Budget definitionsA budget definition specifies attributes from the staged general ledger data that can be used by budget keys.Create a budget targetA budget target is an estimated amount of money for a specific fiscal period and account code combination. Use budget targets to set up a financial goal for a budget plan.Account codesAn account code is a unique combination of values that the application uses to identify budget forecasts and budget plans.Budget plansBudget plans specify expenses for assets, contracts, labor, and certain configuration items (CIs) for a fiscal period, particularly one in the future. Use budget plans as the basis to compare your actual versus planned expenses.Budget owners and account code ownersBudget owners can view all items that account codes are associated with, such as budget plans and forecasts. Budget overridesOverrides are values that you manually enter to replace a calculated value. Budget forecastsBudget forecasts provide a projection of expenses taken from a budget plan.Import budget dataYou can use the platform's Easy Import feature to import budget data into the Budget Item table. A transform map is available by default to transform the data and create a budget plan, account code, budget items, and a budget owner.Budget Variance reportThe Budget Variance report shows you how expenses compare to budgets for the segments in the budget definition.Account code expensesAccount code expenses are records that show general ledger amounts for an account code. The amounts are aggregated for each fiscal period.Currencies and budget reference ratesThe Financial Management application supports multiple currencies and provides conversions for budget items in different currencies. The budget consoleThe budget console is an interface that lets you view and manage budgets.