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Update and promote a plan to finance

Update and promote a plan to finance

The budget process is streamlined through the work notes and state fields of the task that help to track and communicate between IT finance and budget planner.

Before you begin

Role required: itfm_planner

About this task

The budget planner reviews the budget task in Published state, and creates or updates the plan with required plan items and monthly breakdowns for the budgeting period with planned cost. The planner then promotes the plan to the IT finance for review. The budget state changes to Pending Approval on promotion. IT finance approves the budget with the proposed planned amount by updating the status to Approved or reverts it to the planner to review the plan by changing its state to Awaiting Input. The planner then reworks on the plan.

The planner can create plan items and breakdowns for the current budgeted period and for future years as well. The new grid interface helps to manage the items and amounts more easily.

Plans specify expenses for assets, contracts, labor, and certain configuration items (CIs) for a fiscal period. There are several types of items you can add to the plan by selecting the plan type in plan item. The costs of these items are broken down over the fiscal period that you specify for the plan. See plan items and plan item breakdowns for more information.

Plan items can be created and managed from plan item form or grid interface.

Procedure

  1. To manage and update the plan using the grid view, navigate to Financial Planning > My Tasks.
    1. Open the budget task and click the Grid button to switch to the grid view.
      Figure 1. Grid view for the planner
      Grid view for the planner
    2. Click the Add Plan Item button to add plan item details and plan item executions (see the following table).
    3. To manage the breakdowns, click Inline Editing button.
    4. Verify your plan item details and click Promote button.

      The plan is promoted and the IT finance analyst can view the plan in Pending Approval state in the VTB View of the planning workbench.

  2. To manage and update the plan using the plan item form, navigate to Financial Planning > My Plans.
    1. Click Name to open the plan.
    2. Click New in the Plan Items related list.
    3. Enter the Plan Item form details (see the following table).
    4. Click Submit.
    5. Open the plan in the Plan Items list.
    6. Click New in the Plan Item Executions related list to add breakdown details to the plan item.
    7. Click Submit.
    8. Verify your plan item details and click Promote button.
    9. Select the Promote Type and the Budget Period from the respective choice lists in the Promote Plan pop-up.
    10. Click OK. A message confirms that the plan has been promoted successfully.

      The plan is promoted and the IT finance analyst can view the plan in Pending Approval state in the VTB View of the planning workbench.

      Table 1. Plan Item form
      Field Description
      Name System generated plan item number.
      Account Number Unique account number for each account.

      For each account in an organization, there is a general ledger account, which has an account number to which the expenses are associated with.

      Plan Item Type The account of the plan item determines the plan item type.
      • Labor: The user performing the labor.
      • External Labor: The services of an external labor.
      • Software/Hardware: The CI in the Configuration Item [cmdb_ci] table.
      • Asset: Ware that is purchased.
      • Catalog Item: A product catalog item.
      • Contract: Contract services.

      Based on your option, select a user or a configuration item in the following field that comes up.

      Start Date Start date of the plan item.
      Plan Defaults to the plan name that the item belongs to.
      Local Currency The currency that pertains to the cost of this particular item.
      Product Model An item from the product model [product_model] table of the product catalog.
      Portfolio Task Refers to the task table. In Project Portfolio Management, it is either project or demand.
      End Date End date of the plan item.
      Ledger Details
      Business Unit Business unit that the expense is associated with.
      Cost Center Cost center that the expense is added to.
      Vendor The vendor record that is referenced from the company [core_company] table.
      Business Service Business service that the expense is associated with.
      Department Department that the expense is associated with.
      Location The location where the expense was incurred.
      Plan Item Executions
      Planned Execution Start Date The date when the item is estimated to begin incurring an expense.

      The planned dates can determine which plan item breakdowns receive cost values.

      Planned Execution End Date The date when the item is estimated to stop incurring an expense.

      The planned dates can determine which plan item breakdowns receive cost values.

      Actual Execution Start Date The date when the item actually begins incurring an expense.

      The actual dates take precedence over the planned dates in determining which plan item breakdowns receive cost values.

      Actual Execution End Date The date when the item actually stops incurring an expense.

      The actual dates take precedence over the planned dates in determining which plan item breakdowns receive cost values.

      Quantity The number of units in the item. Enter the quantity of the item.
      Unit Cost in Local Currency The cost of each unit in the item. Enter the cost per unit.
      Item Cost in Local Currency The actual item cost for the number of units and the cost per unit.

      The field uses the local currency that you selected in the Local Currency field.

      Is Monthly Assumes the amount entered in the Unit Cost in Local Currency field is not incurred annually, but monthly. The amount is then applied across the entire fiscal period until the specified end date.
      Is Prorated The breakdown is prorated if the start or end date falls in the middle of the time period for a breakdown record.

What to do next

Promote action creates a version of plan. You can navigate to Financial Planning > Promoted Plans to review the version of the plans that you promoted.