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Financial planning workbench

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Financial planning workbench

The financial planning workbench is a central location to manage budget tasks, review, and approve the promoted plans.

You must have the itfm_plan_analyst role to use the financial planning workbench.

Budget tasks help in streamlining the budget process. It helps finance to converse with budget owners during the budgeting period.

With the IT finance analyst role, you can use the workbench to:

  • Generate budget task: Create a budget task for every budget owner.
  • Publish the budget task: Publish the budget task for the budget owners to start their work on the plan for the budget period.
  • Track the progress of the plan: View and monitor the promoted plans for the budget period.
  • Approve the plan: Approve the promoted plan by approving the task.
  • The planning workbench replaces the budget console that was used in the Jakarta release. Only the IT finance analyst can use the planning workbench and not the budget owner.
  • The budget console continues to be available for upgrade customers.

The financial planning workbench details are as follows:

  • The finance analyst can select the year and the budget plan definition. If budgeting period is open and the plans are not promoted yet, then the analyst has the option to create budget tasks for the budget owners.
  • After the budget tasks are generated, the finance analyst can update the targets and enter specific instructions in the budget tasks. The budget tasks are published for the budget owners to work on the plan for the budget period.
  • Then the promoted plans for the open budget or forecast period can be seen on the left pane.
Figure 1. A sample of the planning workbench
A sample of the planning workbench

The right pane of the financial planning workbench provides three types of views:

Task View
View the list of tasks for each planner along with its status. Open a task record to add a note to the planner and update the state of the task.
Plan View
View the plans that the planners have promoted. Use the grid view to:
  • View the data by the columns that you configured in the template.
  • Group the columns by any column, for example by cost center or vendor.
  • View the budgeted amount, last forecast amount, and the actuals by year, quarter, or month.
VTB View
View the budget tasks by its state:
The IT finance analyst has generated the task for a budget period.
The IT finance analyst has published the task for the planner to work on the plan task.
Awaiting Input
The planner promotes the task to the IT finance analyst, but the analyst updates the task work note for the planner to rework on the budget amount.
Pending Approval
The planner has submitted the task and waiting for the IT finance analyst to approve or provide any comments on the plan task.
The IT finance analyst approves the plan.

The Generate Actuals button enables you to generate actuals for the budget definition data source to view in the grid.

What to do next

Create a budget period to promote a budget plan.