Project Budget
- amani imtiyas (Unlicensed)
- Imasha Karunanayake
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” 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 Tab
Activating the Budget object in your Project
Your system administrator can reach out to the Camms Support Team to activate the Financial Module. following which, your system administrator can simply drag and drop the 'Budget Object' into the respective workflow according to the preference.
The Key functionalities of the Budget tab
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.
Budget Grid
Budget grid or the table view is the area which allows you to manage your financial data. The columns on the grid would be visible based on the configurations done by your system administrator.
Button Toolbar
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.
Original Budget Value on the grid is 101,000.000
Change to reduce the Budget value is 1000.000 this change is shown in the Grid in green 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.
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.
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.
Budget Hierarchy is where your administrator adds budget types and lines which allows users to enter budget data within the Budget Grid.
Quick Tip
There should be a minimum of three levels configured in the Hierarchy Configuration by your system administrator in order for you add data.
Reporting Years within your table view
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.
Deleting a Reporting Year / Budget Type / Budget Line
You can simply delete a reporting year / budget type / budget line by clicking the 'Delete' button. Budget data cannot be deleted if there are purchase orders linked to the budgets OR if there are change requests linked to the budgets. All links must be removed before deleting a reporting year / budget type / budget line, 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.
Once user click on Add New button, below user interface appears to the user.
There will be two dropdowns within the Add New Popup.
Reporting Year -
By default, the current reporting year will be set to this dropdown.
This dropdown contains all the reporting years according to the timeframe given in details object.
Budget Type / Line -
This dropdown contains the budget hierarchy configured in Strategy side.
After selecting a Reporting Year and Budget Types / Lines, user has to click on Add button placed in the bottom corner of the right side in Add New Popup.
If there are already added data within budget object, user can use New button placed in the right-side corner of the budget hierarchy levels to add budget data under already added reporting years. The New button is available only in reporting years rows and budget type rows.
If user wants to add non leaf budget hierarchy level (budget type), user has to click on New button placed in reporting year row / parent non leaf budget hierarchy level.
Once user click on New button, a new row is added to the grid. After filling required data and once click on Add button, new budget type will be added to the budget grid.
Button toolbar and Add New button will visible ad disabled until user add newly added budget type to the grid.
Within the dropdown under description column, contains the budget types and lines configured in Hierarchy Configuration area.
Edit Budget Data
The budget object is implemented within allowing users to give inline editing. Budget values can be edited only in budget line level. If there are no any formulas added to a particular field in budget object configuration area or if a particular field will not get data from any other object within the workflow, use can edit the values from the budget line level of that field.
Once user update a value in budget line level, the rollup should be performed. Also, if that field is used in a formula, that formula added field also should be updated accordingly.
Duplicate Budget Data
Now the budget object has the feature which allows users to duplicate budget details from one reporting year to another reporting year.
NOTE: Data entered under columns within budget grid, will not be duplicated.
The Duplicate button will be available under '…' button against each reporting years and budget types (non-leaf budget hierarchy nodes) to allow users to duplicate budget information of one period to another.
Duplicate button will be visible only if the reporting periods are activated within the budget object.
Once user clicks on Duplicate button, the duplicate popup will appear. User has to select the reporting year(s) from the “Duplicate Reporting Year to” dropdown, he wants to duplicate budget details.
Links with Invoice Object
There are two standard fields within the budget object namely Committed YTD and Invoice To Date.
Above mentioned two fields are linked to the Purchase Orders tab and Invoice tab within Invoice Object respectively.
User has to raise purchase orders against a budget leaf level added in the budget object. And the total amount of the purchase orders will reflect against the respective budget line within budget grid under Committed YTD field.
In a similar way, an invoice should be raised against the created purchase order. The purchase order has a linkage with a budget leaf level added in budget object. So that linked budget leaf level get link with the invoice. So, the total values of the invoices will reflect against the respective budget line which the purchase orders in linked within budget grid under Invoice To Date field.
Links with Change Register Object & Change Request Process
Change Register -
You can make change to Budget Object and Purchase Order values in Invoice Object via Change Register Object.
Budget changes can be made via Budget Tab within Change Register Object and Purchase Order value changes can be made via Purchase Order Tab.
Above Budget Tab and Purchase Order Tab are custom tabs which is added from the Change Register Configuration.
Budget values within Budget Tab will be visible in reporting year wise, when the reporting year setting is switched ON.
Once the change requests raised through Change Register Object are approved, budget values will be updated accordingly.
Pending Change Orders column which is in Budget Object get updated when the user makes changes to the Purchase Order values and send them for approvals.
After approving those change requests, Approved Change Orders column which is in Budget Object get updated.
Change Request -
Change Request Process is same as the Change Register Object. Once you make changes vis Change Request Process and then if that raised change request get approved, budget values should be updated within the Budget Object.
Cashflow
This tab allows you to add the cumulative values in reporting year wise.
View other articles under this section: |
|---|