Creating budget records

In the Budget Monitoring application, you can create budget records to monitor transactions in a financial period. You create budget records to track estimated, committed, and actual costs of assets, locations, and general ledger accounts or components.

Procedure

  1. In the Budget Monitoring application, select New Budget.
  2. Specify the financial period or year of the budget and the supervisor who approves the budget.
  3. Add a new row and specify the focal points and conditions for the budget record.
  4. To update the budget record with transactions, select Generate New Budget Lines from the menu.
  5. Update the budgeted amount on each budget line and save the budget record.
  6. Select Change Status from the menu and specify a value for the status.
  7. Select Approve the Budget, and specify the approved status.

What to do next

Periodically select Update Budget Lines to update the existing transactions for the budget record. The BUDGETUPD cron task is also available to run updates in the background.