If you are not using iterations to prepare your revenue budget, the actual budgeting process is simply a matter of moving ledger account figures through the three standard approval levels in the revenue budget worksheet.
The Budget Entry center lets you view the Revenue Ledger accounts assigned to you and update budget figures at each approval level. When the budget is satisfactory at one level, your budget administrators move ledger account data to the next level.
This pattern continues until all Revenue Ledger accounts have reached the Approved level with the correct amounts. At this point, the revenue budget can be posted to the Fund Accounting System.
The following steps give a basic idea of when and how you use options in the Budget Entry center. It also describes administrative steps for moving data throughout the revenue budget worksheet. This outline assumes your site performed the preliminary data extraction and set up reference tables.
-
A budget administrator moves ledger account data into the revenue budget worksheet's Requested fields, applying budget projection percentages where applicable.
-
Budget personnel use the Requested option from the Budget Entry center's Revenue section to enter initial figures for the appropriate Revenue Ledger accounts.
-
You can review and revise multiple ledger accounts in a worksheet window, quickly accessing the Requested Base and Requested New fields for those records, along with current year budget data.
-
You can also access and update the complete budget record for a specific ledger account in a detail page.
-
The Notes icon on the toolbar lets you add text to a ledger account's budget record or itemize the individual revenues that make up the total budget.
-
-
A budget administrator reviews figures at the Requested level.
-
If ledger accounts require further revision, repeat Step 2.
-
If the Requested figures are acceptable, proceed to Step 4.
-
-
A budget administrator moves ledger account data into the revenue budget worksheet's Recommended fields, applying budget projection percentages where applicable. Records frozen at the Recommended level are not affected.
-
Budget personnel use the Recommended option to enter figures at the second approval level for the appropriate Revenue Ledger accounts.
-
You can review and revise multiple ledger accounts in a worksheet window, quickly accessing the Recommended Base and Recommended New fields for those records. You can also access the Requested budget data.
-
You can access and update the complete budget record for a specific ledger account in a detail page.
-
-
A budget administrator reviews figures at the Recommended level.
-
If ledger accounts require further revision, repeat Step 5.
-
If the Requested figures are acceptable, proceed to Step 7.
-
-
A budget administrator moves ledger account data into the revenue budget worksheet's Approved fields. Records frozen at the Approved level are not affected.
-
Budget personnel use the Approved option to enter figures at the last standard approval level for the appropriate Revenue Ledger accounts.
-
You can review and revise multiple ledger accounts in a worksheet window, quickly accessing the Approved Base and Approved New fields for those records. You can also access the Recommended budget data.
-
You can access and update the complete budget record for a specific ledger account in a detail page.
-
-
A budget administrator reviews figures at the Approved level.
-
If ledger accounts require further revision, repeat Step 8.
-
If the Approved figures are acceptable, the revenue budget is ready to be posted to Fund Accounting as described in Steps 11 and 12.
-
-
You can update ledger account figures for up to four years in the future using the Future Years option.
-
When the budget is complete at the Approved level and New Year procedures have been performed in Fund Accounting, a budget administrator can post your budget.
First, the administrator prompts the system to update the Organization Chart and Account List for the new year and create the Revenue Ledger based on the records in Budget Preparation. -
Once tables and ledger accounts are established in Fund Accounting for the new year, your budget administrator posts the revenue budget.
Posting a revenue budget updates Fund Accounting as follows:
-
-
On the General Ledger, the appropriate Budget Fund Balance accounts are credited.
-
Also on the General Ledger, the appropriate Revenue Budget Control accounts are debited.
-
Important
The system only allows posting a budget once. For information on posting a budget, refer to Post Budget.