Create a budget period The budget period controls the promotion of the budget plans. Budget plans created for a fiscal year can be promoted only if the budget period is open. Before you beginRole required: itfm_plan_analyst, admin Procedure Navigate to Financial Planning > Administration > Budget Periods. Click New in the Budget Periods list view. Enter a Budget period from the choice list. Enable the Open check box. Enabling the check box sets the value to true and opens the budget period for you to promote the budget plans created for a fiscal year. Click Submit.