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Set up budget definition to determine the budget planning process

Set up budget definition to determine the budget planning process

Define the budget process definition to configure the budget planning process of an organization.

Before you begin

Role required: itfm_plan_analyst

Budget definition primarily identifies the columns required in the budgeting template of the budget plan.

Note: You can view the portfolio budget plan promoted by portfolio manager that is initiated in Project Portfolio Management and converted as a budget plan in Financial Management in the planning workbench.

Procedure

  1. Navigate to Financial Planning > Administration > Configuration.
    You can either create a budget definition template as per the requirement of your organization or select the preconfigured default budget definition from Budget Definition Setup page.
  2. Click the Select the name and data source stage for the budget plan definition.
    Figure 1. Default budget definition
    Select name and data source
    1. Fill in the form fields.
      Table 1. Select Name and Data Source stage fields
      Field Description
      Name Unique name for the budget definition.
      Actuals Data Source Source from where the actuals are retrieved.
      Budget Timespan in Years Defaults to 1 year. The number of years organization budgeting is planned.

      If your organization does planning for 2 years, then enter 2. Promoting such plans from budget planners to finance promotes two years of plan data.

      Template Owner Person who owns the plan definition. Select users with ITFM_plan_analyst role.
      Description A short description about the budget plan.
      Read Only If budgeting and planning are done outside Financial Planning application such as in Project Portfolio Management, then such budget plan definitions are marked as Read Only and are seeded. You cannot create a read only budget plan definition.
    2. Click Save.
      The message Successfully updated plan definition confirms that your data is saved.
  3. Click the Define Structure stage.
    1. Define the template columns in the Define Structure stage of the workbench. Budget template columns are required for the budgeting process.
      Figure 2. Define structure stage
      Define structure
    2. Select the columns in the Mapped Columns and Other Columns in the Available Columns section. These columns are displayed in the budget plan and the budget owner is required to fill these columns in the budget.

      The Mapped Columns are the columns mapped with actuals data source columns using the data source setup.

      As you select the columns in the Available Columns section, they are displayed in the Selected Columns section. These columns are available in the workbench grid when IT finance reviews the promoted budget. Use the Move up and Move down arrows to move the columns according to your preference of display in the budget plan.

      You can also dot walk to a table and select the columns that you prefer to be added in the planning template by clicking icon. These columns are also visible in the workbench.

      Note:

      The selected mapped columns are mandatory columns for the budget planner to enter the budget details.

    3. Use the key (Budget key identifier icon) icon to select the column or columns to identify the budget planners. The budget key identifier is the key to know the assigned budget planner who works on the related budget plan.

      If cost center heads do the budget planning, then tag the cost center as the budget key identifier. You can also have a combination of budget key identifiers.

      Note: Only the mapped columns can be a key identifier and the other columns are used to filter and group information.
    4. Click Save.
  4. Click Assign Planners stage to generate budget keys and assign planners to the budget plan definition.
    Figure 3. Assign planners stage
    Assign planners
    1. Click Generate Budget Keys.
    2. Select a budget planner for the budget key or the budget key combination. The planner is the person who owns and plans the budget for the budget key.
      Selecting the planner from the choice list automatically saves the information.
    3. Click New to create a budget key manually.
      Create a budget key manually if you want to specify the level at which you require the budgeting process to be done and associate it with a planner.
    4. To regenerate the budget keys click Regenerate Budget Keys.
      Note:

      Generated budget keys are based on actuals data source only. Data must be present in the actuals data source to generate budget keys successfully, as it is not based on the entity.

What to do next

You can upgrade to the new task-based financial planning application.