Creating a Oracle Project Budget

8/19/2019 Creating a Oracle Project Budget

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If Project level budget entry has been selected, the above form will not be displayed. Theapplication 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 TaskTime – phase: PA PeriodDetail of budget: Resource ListAmount Types: All Cost Amount Types

This example: Budget Attributes for selected Resource List :

Resource Groups: LABOR & EXPENSESResources: Employees and Expenditure Types

Resource: Using the list of values to select the appropriate resource/resourcegroup for the budget line. Available values will depend on theResource List setup. You cannot budget simultaneously for ResourceGroups and Resources belonging to that same Resource group.

Amount Type: Choose between Quantity, Raw Cost and Burdened CostValue: 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 a ppropriate Tasks.

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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 additionalchanges 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


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Select: Baseline

After the manager approves the budget, select Baseline to complete the budget approvalprocess. 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 recordof all previous baselined budgets and they can be reviewed by selecting them in thehistory area.


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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


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project’s funding agreement in order for the budget to be ‘Baselined’. In addition, if the contract pro ject 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. ORProject 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 theexisting definition will then be deleted.

Status: If the budget has not been “Submitted” or “Baselined”, the budget willhave a “Working” Status

New Original: If the budget is the first for the project, the New Original field will beenabled


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Step 2.2 Enter Revenue Budget details

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

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

2) Time – phase - Specified Date range, GL period, PA Period or None.If the amounts are not entered by period, Oracle assumes an evendivision of the budget over the period of the project or task.

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

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, butcan 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 eachtask. Budget values will have to be entered on an additional Task level form (See Budget Linesform).If Project Level budget entry has been selected, the displayed form will be for entering theBudget Line values.

Select: Details

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

Budget Entry Level: ProjectTime – phase: GL PeriodDetail of budget: SummarizedAmount Types: All Revenue Amount Types


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Resource: Default value NoneAmount Type: For Revenue budget types choose between Quantity and Revenue. The

Unit of measure will depend on the ResourceValue: 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 isidentified after a budget was submitted, select Rework to change the status back toWorking. Changes are then allowed.


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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.


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Select: Baseline

Step 2.5 Review Budget History

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


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Select: History


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Documents

Creating a Oracle Project Budget