Creating a Oracle Project Budget

Step 1.1           Create New Cost Budget

Navigate to:

Budgets

Project Number:	Enter the Project Number for which a budget is being created.  OR
Project Name:	Enter the Project Name for which a budget is being created.
Budget Type:	Use the List of Values to choose the Approved Cost Budget Type.

Select:

Find Draft

Version Name:	Enter appropriate Version of the budget.
Change Reason:	Optional - Select from list of values.
Description:	Enter a short description, describing your budget.
Entry Method/ Resource List:	Verify that the Entry Method/ Resource List is appropriate for the new budget.  A new Entry Method/ Resource List may be selected, but the existing definition will then be deleted. The Entry Method/ Resource List defaults from the Project Type setup.
Status:	If the budget has not been “Submitted” or “Baselined”, the budget will have a “Working” Status
New Original:	If the budget is the first, the New Original field will be enabled

Step 1.2           Enter Cost Budget details

Decide on the level of detail needed for tracking cost on a specific project. The Budget Entry Method selected determines the following Budget attributes:

1)      Budget Entry Level - Project, Top task, Lowest task or Top and Lowest Task level.

2)      Time–phase - Specified Date range, GL period, PA Period or None. 

If the amounts are not entered by period, Oracle assumes an even division of the budget over the period of the project or task.

3)      Detail of budget - Summary budget line or budget lines Categorized by resources.

4)      Amount Types – Quantity, Raw Cost and/or Burdened Cost entry.

The Resource Lists selection and the way in which Resource Lists are defined will also have an impact on the level of detail.

A more detailed budget allows more detail in status tracking and exception analysis. A detailed budget requires more time and effort to plan, create, enter, and maintain the budget amounts, but can provide valuable insight into the project status.

The next form that will be displayed depends on the Budget Entry Method.

If Task level budget entry has been selected, the displayed form (See next) will show the totals for each task.  Budget values will have to be entered on an additional Task level form (See Budget Lines form).

Select:

Details

If Project level budget entry has been selected, the above form will not be displayed. The application will display the Budget Line form (See below).

Select:

Budget Lines

This example: Budget Attributes for Budget Entry Method – By lowest task, PA period:          

Budget Entry Level:	Lowest Task
Time–phase:	PA Period
Detail of budget:	Resource List
Amount Types:	All Cost Amount Types

This example: Budget Attributes for selected Resource List:

Resource Groups:	LABOR & EXPENSES
Resources:	Employees and Expenditure Types

Resource:	Using the list of values to select the appropriate resource/resource group for the budget line. Available values will depend on the Resource List setup. You cannot budget simultaneously for Resource Groups and Resources belonging to that same Resource group.
Amount Type:	Choose between Quantity, Raw Cost and Burdened Cost
Value:	Enter budget Value in appropriate column/ period

Select:

Up/Down arrows at the top of the form to navigate between tasks. Enter budget values for all appropriate Tasks.

Navigate:

Close Form/s and return to the Initial budget form

Step 2.3 Submit Cost Budget (for Approval)

Select:

Submit

Once the budget has been submitted, the status has changed to ‘Submitted’.  No additional changes are allowed to a Submitted budget.  If a need to modify the budget is identified at this point, select Rework to change the status back.  Changes are then allowed.

Step 2.4  Baseline Approved Cost Budget

Select:

Baseline

After the manager approves the budget, select Baseline to complete the budget approval process.  Submit and Baseline processes check a number of items.  If errors are identified, resolve the item and re-perform the process.

Step 2.5  Review Budget History

When a budget is baselined, the history button becomes available.  PA keeps a record of  all previous baselined budgets and they can be reviewed by selecting them in the history area. 

Select:	History

 

Step 2.0           Revenue Budgets

Project Accounting requires a revenue budget be created and baselined for all contract projects before generating any Revenues or Invoices.  The revenue budget amount must equal the project’s funding agreement in order for the budget to be ‘Baselined’.  In addition, if the contract project has a distribution rule of “Cost”, an approved cost budget must also be submitted and baselined prior to being able to baseline an Approved Revenue budget.

Step 2.1           Create New Revenue Budget

Navigate to:

Budgets

Project Number:	Enter the Project Number for which a budget is being created. OR
Project Name:	Enter the Project Name for which a budget is being created.
Budget Type:	Use the List of Values to choose the Approved Revenue Budget Type.

Select:

Find Draft

Version Name:	Enter an appropriate Version name/number for your budget.
Change Reason:	Optional - Select from list of values.
Description:	Enter a short description, describing your budget.
Entry Method/ Resource List:	Verify that the Entry Method/Resource List is appropriate for the new budget.  A new Entry Method/ Resource List may be selected, but the existing definition will then be deleted.
Status:	If the budget has not been “Submitted” or “Baselined”, the budget will have a “Working” Status
New Original:	If the budget is the first for the project, the New Original field will be enabled

 

Step 2.2           Enter Revenue Budget details

Decide on the level of detail needed for tracking revenue on a specific project. The Budget Entry Method selected determines the following Budget attributes:

1)      Budget Entry Level  - Project, Top task, Lowest task or Top and Lowest Task level.

2)      Time–phase - Specified Date range, GL period, PA Period or None. 

If the amounts are not entered by period, Oracle assumes an even division of the budget over the period of the project or task.

3)      Detail of budget - Summary budget line or budget lines Categorized by resources.

4)      Amount Types – Quantity (UOM for Resource) and/or Revenue entry.

The Resource Lists selection and the way in which Resource Lists are defined will also have an impact on the level of detail.

A more detailed budget allows more detail in status tracking and exception analysis. A detailed budget requires more time and effort to plan, create, enter, and maintain the budget amounts, but can provide valuable insight into the project status.

The next form that will be displayed depends on the Budget Entry Method.

If Task level budget entry has been selected, the displayed form will show the totals for each task.  Budget values will have to be entered on an additional Task level form (See Budget Lines form).

If Project Level budget entry has been selected, the displayed form will be for entering the Budget Line values.

Select:

Details

This Example: Budget Attributes for Budget Entry Method – Project level, GL period:

Budget Entry Level:	Project
Time–phase:	GL Period
Detail of budget:	Summarized
Amount Types:	All Revenue Amount Types

Resource:	Default value None
Amount Type:	For Revenue budget types choose between Quantity and Revenue. The Unit of measure will depend on the Resource
Value:	Enter a budget Value in the appropriate column/period

Navigate:

Close Form and return to the Initial budget form

Step 2.3           Submit Revenue Budget (for Approval)

No changes are allowed to a Submitted budget.  If a need to modify the budget is identified after a budget was submitted, select Rework to change the status back to Working.  Changes are then allowed.

Select:

Submit

Step 2.4           Baseline Approved Revenue Budget

When the budget is ready, select Baseline to complete the budget approval process.  Submit and Baseline processes check a number of items.  If errors are identified, resolve the item and continue the process.

Select:

Baseline

Step 2.5           Review Budget History

When a budget is baselined, the history button becomes available.  PA keeps a record of previous baselined budgets and they can be reviewed by selecting them in the history area. 

Select:

History