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, perform these steps: Identify budget owners, who have visibility to the financial data associated with the budgets. Set up a budget model, 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 budget keys, which tie all budgeting items together. Budget keys 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 a budget key and account numbers 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 + budget key 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. Integration with Project Portfolio Suite Starting with the Helsinki release, portfolio managers can create a budget for a specific portfolio in the Project Management application. The budget includes values for capital expenses (Capex) and operating expenses (Opex) for a given fiscal period. The Financial Management application automatically creates a budget plan and a budget key using the Project Financials Budget Model, which is available by default in the Helsinki release when you activate Financial Planning for PMOs. It also creates budget items Portfolio managers have access to only the budget plans, budget items, and forecasts that for the budget keys they own. When a portfolio manager creates a budget from the Project Manager application, the manager automatically becomes the owner of the key for the budget plan. Create a budget targetA budget target is an estimated amount of money for a specific fiscal period and budget key combination for operating and capital expenses. Use budget targets to set up a financial goal for a budget plan.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.Forecast planA forecast plan is used to re-forecast budget plan during the budget year based on the actual expenses. Forecast plans are associated with a budget plan and a start fiscal month. Forecast plans can be periodically created depending on the forecast planning cycle.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.Budget actualsAccount code, or budget key, expenses are records that show general ledger amounts for a budget key. 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.