Creating a Budget

Before you create a budget, ensure that you:

  • Configure the budget, budget amount, and budget template dimensions.
  • Create at least one budget template and the budget year.
  • Select company in the Context tab.

For more information, see Creating and Updating Dimensions and Budget Templates.

To create a budget, perform the following:

  1. Do one of the following:
    1. On the Links page, click Budgets | Budgets.
    2. On the Planning Workspace tab, in the Navigation Pane, click Budgets.
  2. Click New.
  3. In the Title field, enter a unique title for your budget. Ensure you enter a valid name with at least five characters.
  4. In the Budget Template field, select the budget template from the drop-down list you want to associate with your budget. The drop-down list displays the budget template titles.
    5. Notes:
    • By default, the General Template budget template is provided in the FinancialForce Planning package in the Initial Setup. If you want to use the Employee and Rate, or Rate and Quantity budget template, you must create it from the Budget Template. For more information, see Creating a Budget Template.
    • If the budget template is linked to the mapping rule template, it gets populated in the Mapping Rule Template field.
  5. After selecting the budget template, the Period and Company fields fill automatically.
    6. Note:

    The scenario and companies depend on the setting of the budget dimension. In specific scenarios, you can select the period and company manually.

  6. If you are creating a budget with the Headcount by Resource as the budget template, then in the Budget Holder field, select the budget owner assigned to the budget and have privileges to access the budget.
  7. [Optional] If this budget is part of the consolidated budget, select the consolidated budget from the Parent Budget field.
  8. In the Budget Currency field, select the currency for the budget. By default, the budget currency selected is the company currency. The currency in the Budget Currency field changes automatically to the company currency when the company is changed.
  9. Click Save to save the budget record and proceed with adding budget application details. For more information, see Adding Income and Expense Lines and Budget Details.
Note:

You can also create consolidated budgets using the steps mentioned above. A consolidated budget can also have a parent.

If an error occurs when creating the budget through the General Template, the Planning application sends you an email notification.