Create a budget plan

After you have configured your budget target and account codes, create a budget plan.

Before you begin

Role required: budget_admin, budget_analyst, budget_owner

About this task

This procedure explains how to create a budget plan with a blank form. You can also copy an existing budget plan.

Procedure

  1. Navigate to Financial Planning > Budget Planning > Budget Plans.
  2. Click New.
  3. Fill in the Budget Plan form fields (see table).
  4. Right-click the form header and select Save from the context menu. The related lists and links appear.
  5. Click Preview to see what your budget plan would look like. The Budget Preview window looks like the Budget Console, except that you cannot change the budget model, budget key, or fiscal period. The data comes from the pre-promoted budget plan and includes sub-plans.
    Figure 1. An example budget plan
    An example budget plan
    Table 1. The Budget Plan form
    Fields Description
    Fiscal period The period from the fiscal calendar to which this budget plan pertains. You can associate the plan with only one fiscal period.
    Operating Target A target for operating expenses that is determined by the intended budget key and fiscal period. If no target is determined for the key and fiscal period combination, create one.
    Capital Target A target for capital expenses that is determined by the intended budget key and fiscal period. If no target is determined for the key and fiscal period combination, create one.
    Budget Key The key, generated by the budget model, that links this budget plan to actual cost centers, and departments. Select a key.
    Operating/Capital Budget Amount The total cost, or budget amounts, of all items in this plan for operating and capital expenses. The amounts are taken from the Unit Cost in Local Currency value for each item. The account code type (Capital or Operating) for the account code associated with each item determines which total, Operating Budget Amount or Capital Budget amount, receives the value.
    Under Details
    Parent Budget Plan The budget plan to which this plan's expenses roll up to. Select another budget plan.
    Last promoted The time this plan was promoted to a forecast. You can continue to edit the plan after the promotion if needed.
    Name A descriptive name for the plan.
    Plan Currency The currency used by this plan.
    Budget Owner The owner of this plan. Select a user. The user must be associated with the budget key as a budget key owner.
    Related Record Another record in the system related to this budget plan. You can select a table and record in that table.

    The budget plan items appear as related lists at the bottom of the form. These appear after you save the form.

What to do next

Next, add items to the budget plan.