What is the Budget Object
The Budget Object is a tool, which represents the financial allocation and tracking component for a project. It is a structured entity that helps project managers plan, monitor, and control costs to ensure that the project stays within an approved budget. The Budget Object is also the primary object that is part of the Financial Module in the application which consists of two tabs “Budget Tab” Tab” and the “Cashflow” tab.
Quick info: The financial module includes three objects for budgeting purposes which is the Budget Object, Invoice Object & the Change Register Object.
Budget Tab
View of the Budget ObjectTab
...
Activating the Budget object in your Project
...
The Key functionalities of the Budget Objecttab
Adding data into the object through a financial integration, upload data via the Upload Wizard, or manually add data (for more information on integrating financial data into the object, please contact your system administrator).
Managing a hierarchical view of budget lines.
Managing Budgets against Purchase Orders and Invoices.
Filtering Budget data.
Manually add, edit, duplicate, or delete budget data.
Managing custom numeric columns within the Object.
Adding custom calculations to manage your financial data.
Managing taxes for budgets.
Managing change orders for Budgets.
...
Button toolbar contains 6 buttons.
Quick Tip: Upload button only visible if your administrator configures the upload function within the Budget Object.
...
Show Budget Tax (Toggle) - This allows you view respective tax configured.
Quick Tip: You have to tick the “Include for tax” column on the grid related to the types/lines that you want to view
...
Quick Tip: You have to switch ON the “Show Budget Tax” toggle to enable tick boxes under Include For Tax column.
Show Budget Variance (Toggle) - This would display budget variance, If you have sent any requests for budget changes through the Change Register you would be able to view the budget difference via this toggle.
Quick Tip. Values in “Green” would show you that there is a Change sent to reduce the budget figure on the respective Budget. for an example.
...
The original budget value will also change to 100,000.000 and will roll up to the budget type respectively.
Need image
...
Values in “Red” would show you that there is a Change sent to Increase the budget figure on the respective Budget. for an example.
Original Budget Value on the grid is 101,000.000
Change to Increase on the Budget value is 1000.000 this change is shown in the Grid in Red once approved from the change register.
The original budget value will also change to 100,000.000 and will roll up to the budget type respectively.
Need imageChange image
...
...
Save - Clicking on the save button will allow you to save changes made to any Budget Types and lines within the Budget Grid.
Upload - This allows you to upload data through a data upload wizard. you can refer below for more details on the Data Upload wizard.
Export - This allows you to Export budget data within the grid into an excel document.
Filter - Thid button will be enabled to you when the “Reporting Year” functionality is activated within your table view. You can filter budget data for selected 'Reporting Years' and respective 'Budget Types/Lines.' Once the filter is applied, the filter button will change color and indicate that the data is already filtered.
...
Budget Hierarchy
Budget Hierarchy is configured by your system administrator.
...
If not activated within the Budget Object, project budgets are added and managed for the entire project timeframe. The Reporting Year activation will allow users to manage project budgets on a year-to-year basis. To activate this functionality, you can reach out to your system administrator.
With this functionality you can add, edit, duplicate or delete reporting years; you can also add data monthly to budgets as configured by your system administrators.
Adding a new Reporting Year
Adding a new reporting year can be conducted by clicking the 'Add New' button. You are only allowed to add new reporting years based on the project timeframe.
...
Duplicating a Budget type
You can click on the 'Duplicate' button to duplicate the budget type. You will only be allowed to duplicate the budget hierarchy within the project timeframe, and it will only duplicate the rows without carrying forward any data.
...
Duplicating a Budget line
You can simply click the 'Duplicate' button which is placed on the Budget Type to duplicate a budget line. You will only be allowed to duplicate the budget hierarchy within the project timeframe, and it will duplicate the rows without carrying forward any data.
...
Deleting a Reporting Year
You can simply delete a reporting year by clicking the 'Delete' button. Reporting years cannot be deleted if there are purchase orders linked to the reporting year budgets. All links to purchase orders must be removed before deleting a reporting year, as you will be prompted with an error message.
...
Adding monthly data to the Budget fields
As configured by your system administrator. columns where you need to add monthly data must be configured as a 'Monthly' field in the Object Configuration area. Once the configuration is set, you will be able to add monthly budget data as shown below.
...
Clicking the 'Pencil' icon opens a pop-up to add monthly data.
...
Note:
The Reporting Period can only be configured as Monthly for Numeric fields and Standard fields that have NO calculations.
The Reporting Period for Committed YTD and Actual YTD fields on new workflows will be standardized as Monthly Data fields.
Users with the appropriate permissions for the Budget Object will be allowed to make changes to financial data. You can contact your administrator to clarify the permissions you hold.
Upload Budget Data
You can upload budget data directly to the Budget Grid via an Excel Document. To activate the upload function within the Budget Object, you have to get support from System Administrator.
Once the Upload function is activated within the Budget Object, you will be able to see the Upload button within the button toolbar.
Once you click on the Upload button, the upload wizard gets opened. It contains with the 5 phases.
File Upload Phase -
You have to download the template by clicking on the Download Template button to upload data. Date Fields and the fields which have formulars configured from budget object configuration area will not be included within the downloaded template.
After downloading the template, you have to enter data into that downloaded template correctly and then you can upload that excel document via Upload File side (Right side of the File Upload Phase)
Quick Tip: If you have entered data in incorrect format, a warning message will appear in red color.
Select Worksheet Phase
Once you upload the downloaded template, “Next” button gets enabled. So, you can navigate to the “Select Worksheet”.
You have to select the correct sheet which is in the uploaded excel document. Once you select the worksheet, “Next” button in the bottom right corner gets enabled.
Budget Tab Phase
You will be able to see the titles of the budget object and phase which you are going to upload budget data.
Data Mapping Phase
Data will be automatically mapped by considering the column names within budget object and the column headers in the uploaded excel document.
But you can change the mapping fields under “Map to Excel Column” by clicking on the relevant column header name.
Quick Tip: You cannot map same table column to two different excel columns.
Finish Phase
Once data is successfully mapped, you can navigate to Finish Phase by clicking on the “Next” button.
In the finish phase, you will be able to see the grid same as the budget grid after uploading the data.
If there are any data errors within the uploaded excel document, those errors will appear in the bottom of the finish phase.
Quick Tip: Incorrect data will not be uploaded to the budget grid.
Adding Budget Data
Users can add new budget data through the Add New Popup which appears when click on Add New button in the button toolbar. To add reporting years along with budget types/lines for the first time, user must go through Add New Popup.
...