Creating a Budget

Before creating a new budget, ensure that:

  • The Planning Setup is done.
  • Any specific configuration in the Budget App, Budget App Amount and Budget App Template dimensions are included and changes to these dimensions are not recommended once the budget is created.
  • Create at least one budget template and the budget year.
  • Select the company in the Context tab.

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

Notes:
  • By default, the General Template budget template is provided in the Planning package in the initial Setup. To use the Employee and Rate, Headcount by Resource, or Rate and Quantity budget template, you must create them from the Budget Template. For more information, see Creating a Budget Template.

  • By default, a Mapping Rule Template is provided in the initial setup.

To create a budget:

  1. Navigate to the Budgets tab and click New. The New Budget window displays.
  2. In the Details section:
    1. In the Budget Name field, enter a unique name for your budget. Ensure that you enter a valid name with at least five characters.
    2. In the Budget Template lookup field, select the template that you want to associate with your budget. The following are the supported budget templates:
      • Employee and Rate
      • Headcount by Resource
      • Rate and Quantity
      • Totals
    3. In the Budget Holder lookup field, select the budget holder with the same privileges as the budget owner. The Budget Holder field is mandatory for creating a budget with the Headcount by Resource budget template.
    4. [Optional In the Parent Budget lookup field, select the parent for the budget. If the budget is part of the consolidated budget, select the consolidated budget.
    5. In the Budget Year lookup field, select the year for which the budget is created.
    6. In the Company lookup field, select the company with which the budget is associated. The company type depends on the setting of the budget dimension.
    7. [Optional] In the Budget Currency field, select the currency for the budget. By default, the budget currency is the company currency. The currency in the Budget Currency field changes automatically to the company currency when the company is changed.
  3. In the Dimensions section:
    1. [Optional] Search and select one or more applicable dimensions.
    2. Click Save to save the budget record and add budget line items. For more information, see Budget Line Items Details.
  4. Click Save & New to save the budget record and proceed to create a new budget.
Notes:  
  • 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.