The following outline describes the general steps a budget goes through in the Budget Preparation System when phases and iterations are used. It shows the options and selections directly tied to the records you are setting up in the Phases table and Iteration List so you get an idea of how the table setup fits into staff members' actual budgeting duties.
For the purpose of this overview, assume that all relevant data has been extracted from Fund Accounting and that the Phases table and Iteration List are already set up.
A. Saving Initial Ledger Data to an Iteration - Before the budget process starts, the original Expenditure, Revenue, and Project Ledger data is saved at the Requested level to an existing iteration. This happens using the Save Iteration option in the Budget Administrator center for each ledger. The ledger accounts are all saved to the same iteration.
B. Budgeting at the Requested Approval Level - The Requested approval level is the first of the three budget approval levels. You can add levels to the approval process at the Requested level using records in the Phases table. However, your budgeting personnel need to understand which phases are for the Requested level at the start of the budgeting process.
1. Budgeting for the First Phase at the Requested Level - Budgeting personnel load the initial iteration’s data into the appropriate budget worksheets at the Requested level. They then save this data to iterations for expenditure, revenue, and project budgeting at the Requested level.
At this point, it is Important that everyone understands the conventions you are using for iterations and phases so that:
Each person knows which iteration to use when saving to an existing record.
or
It is clear which phase record to use when adding a new iteration.
a. Updating Iterations for Phase One - Budgeting personnel work with their iterations, applying budget projections at the Requested level and entering amounts for individual ledger accounts as needed. As changes are made to an iteration, it is Important to keep saving the updated information.
b. Reviewing and Revising Phase One Budget Data - Budgeting personnel share their iterations with the appropriate co-workers and supervisors. Based on feedback, the iterations are revised until they meet approval for submission to a final iteration for the first phase at the Requested level.
c. Saving Phase One Data to a Final Iteration - Budget administrators save Expenditure, Revenue, and Project Ledger data to a final iteration for Phase One. This should be an iteration that already exists in the Iteration List.
d. Closing Phase One at the Requested Level - Budget administrators close Phase One at the Requested Level for the three ledgers. They do so using the Close Phase option in the Budget Administrator center for each ledger. For each ledger, the administrator should select the final iteration described in Step c and the phase defined for Phase One at the Requested level.
e. Moving to the Next Phase - If there are multiple phases set up for the Requested level, proceed to Step 2. For the final phase at the Requested level, refer to Step 2, and then move on to Step C.
2. Budgeting for Each Subsequent Phase at the Requested Level - Budgeting personnel load the final iteration for the previous phase into the appropriate budget worksheets at the Requested level. They then save this data to iterations for budgeting the next phase at the Requested level.
Again, everyone should know and follow the same general conventions for iterations and phases. When saving to an existing iteration, each person should know which record to use. When adding a new iteration, it needs to be clear which phase record to use.
Budgeting personnel follow Steps a through e outlined under Step B1 in this outline, using the iteration and phase records defined for the appropriate phase at the Requested level.
C. Moving from the Requested to the Recommended Level - When the final phase is closed at the Requested level, the budget is ready to move to the Recommended level.
1. Loading Final Phase Iterations at the Requested Level - As a starting point for budgeting at the Recommended level, budgeting personnel will use the ledger account figures from the iterations tied to the final phase at the Requested level.
These iterations are likely still active in the budget worksheets for the Expenditure, Revenue, and Project Ledgers. If they are not, then a budget administrator needs to load them into the appropriate budget worksheets.
2. Moving from Requested to Recommended - For each ledger, a budget administrator uses the Apply/Move Budget option in the Budget Administrator center to copy the ledger account data from the Requested Base and Requested New fields to the Recommended Base and Recommended New fields.
3. Saving Initial Ledger Data at the Recommended Level - Budgeting personnel save the current budget worksheets to the appropriate iterations for Phase One at the Recommended level.
D. Budgeting at the Recommended Level - The Recommended approval level is the second standard budget approval level. You can add levels to the approval process at the Recommended level using records in the Phases table. However, your budgeting personnel need to understand which phases are tied to the Recommended level at the start of the budgeting process.
Budget personnel will follow the basic pattern described in Step B of this outline. Again, it is Important that everyone understands the conventions for selecting, numbering, and saving iterations and phases at the Recommended level.
When the final phase at the Recommended level is closed, the budget process continues with Step E.
E. Moving from the Recommended to the Approved Level - When the final phase is closed at the Recommended level, the budget is ready to move to the Approved level.
1. Loading Final Phase Iterations at the Recommended Level - As a starting point for budgeting at the Approved level, budgeting personnel will use the ledger account figures from the iterations tied to the final phase at the Recommended level.
These iterations are likely still active in the budget worksheets for the Expenditure, Revenue, and Project Ledgers. If they are not, then a budget administrator needs to load them into the appropriate budget worksheets.
2. Moving from Recommended to Approved - For each ledger, a budget administrator uses the Apply/Move Budget option in the Budget Administrator center to copy the ledger account data from the Recommended Base and Recommended New fields to the Approved Base and Approved New fields.
3. Saving Initial Ledger Data at the Approved Level - Budgeting personnel save the current budget worksheets to the appropriate iterations for Phase One at the Approved level.
F. Budgeting at the Approved Level - The Approved level is the final standard budget approval level. You can add levels to the approval process at the Approved level using records in the Phases table. However, your budgeting personnel need to understand which phases are tied to the Approved level at the start of the budgeting process.
Budget personnel will follow the basic pattern described underneath Step B in this outline. Again, it is Important that everyone understands the conventions for selecting, numbering, and saving iterations and phases at the Approved level.
When the final phase at the Approved level is closed, the budget process moves on to Step G.
G. Printing and Posting the Final Budget - At this point, the budget is ready for final printing and then posting to the Fund Accounting System.