Expenditure Budget with Iterations for Employees
Budget Preparation's iteration feature allows budget administrators to save copies of the data stored in the expenditure budget worksheet. The data is saved to iterations, blank templates that can hold ledger account data from all three budgetary ledgers: Expenditure, Revenue, and Project.
When saving to an iteration, the administrator selects the standard approval level to copy and the ledger accounts to include. Similarly, when loading iteration data into the expenditure budget worksheet, the administrator selects the approval level of the data being loaded and the ledger accounts to include.
Iterations are associated with phase records from Budget Preparation's Phases table. If you use iterations, at least three records are required in this table, one for each of the standard approval levels. Depending on the complexity of your site's budget procedure, phases can also be used to add approval levels beyond the three standard levels.
Prerequisites
Before you begin budgeting with iterations, make sure you understand how your organization is using them. Specifically, find out:
- How many phases are involved in your budget process.
- What code-and-description conventions are being used to identify iterations and phases.
- Whether a specific range of iteration numbers are associated with specific phase records.
- Which phase records are associated with each of the standard budget approval levels.
- Whether an administrator is responsible for saving data and loading data from iterations or if this is handled by budget personnel.
- Whether iteration records are already established in the Iteration List or if you can add iterations as needed.
Procedural Outline
The following outline explains the general pattern for using budget iterations and phases. Each page accessed through the Budget Entry center's Expenditure options includes fields showing the active iterations and phases loaded in the expenditure budget worksheet for all three standard approval levels.
Important
This section is intended as an overview of the basic steps for using iterations to prepare a budget.
A. A budget administrator moves current year budget figures into the Requested Base field for each Expenditure Ledger account.
B. A budget administrator saves initial ledger data to an iteration at the Requested level.
C. Budget personnel prepare the expenditure budget at the Requested level.
1. Budget for the First Phase at the Requested Level - Iteration data is loaded into the expenditure budget worksheet at the Requested level. Administrators or budget personnel, depending on your procedures, save this data to their own iterations for budgeting at the Requested level, Phase One.
At this point, it is Important that everyone understand the conventions being used for iterations and phases so that each person knows:
- The iteration to use for saving an existing record.
- The iteration number and phase record to assign when adding a new iteration.
a. Update Iterations for Phase One - Budgeting personnel review and update ledger account data using the Requested option in the Budget Entry center’s Expenditure section. Ledger account data is saved to iterations, depending on your site’s procedures.
b. Review and Revise 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. Save Phase One Data to a Final Iteration - Expenditure Ledger data is saved to a final iteration for Phase One. This should be an iteration that already exists in the Iteration List.
d. Close Phase One at the Requested Level - An administrator closes Phase One at the Requested Level for the Expenditure Ledger.
e. Proceed to the Next Phase - If there are multiple phases set up for the Requested level, proceed to Step C2. For the final phase at the Requested level, refer to Step C2, and then proceed to Step D.
2. Budget for Each Subsequent Phase at the Requested Level - Final iteration data for the previous phase is loaded into the appropriate budget worksheets at the Requested level. This data is then saved to iterations for budgeting the next phase.
Again, everyone should know and follow the same general conventions for iterations and phases. When saving your data, you should know which iteration to use. When adding a new iteration, you should know which phase record to assign.
Budgeting personnel follow Steps a through e in Step C1 of this outline, using the iteration and phase records defined for the appropriate phase at the Requested level unless they have reached the last phase at this level. In this case, proceed to Step D.
D. Administrators and budget personnel make the transition from the Requested to the Recommended level. When the final phase is closed at the Requested level, budgeting can begin for the Recommended level.
1. Load the Final Phase Iteration at the Requested Level - As a starting point for budgeting at the Recommended level, budgeting personnel will use the ledger account figures from the iteration tied to the final phase at the Requested level.
This iteration is likely to still be active in the expenditure budget worksheet. If it is not, then a budget administrator needs to load it into the worksheet.
2. Move from Requested to Recommended - A budget administrator moves the ledger account data from the Requested Base and Requested New fields to the Recommended Base and Recommended New fields.
3. Save Initial Ledger Data at the Recommended Level - Depending to your site’s procedures, budgeting personnel save the current budget worksheet to the appropriate iterations for Phase One at the Recommended level.
E. Budget personnel prepare expenditure budget figures at the Recommended level. Make sure you know how many phase records your organization is using at the Recommended level. This information is Important when adding iterations and closing budgetary phases. It also lets you know when budgeting can begin at the Approval level.
Budget personnel will follow the basic pattern described in Step C. Again, it is Important to understand the conventions for selecting, numbering, and saving iterations and phases at the Recommended level.
When the final phase at the Recommended level is closed, proceed to Step F.
F. Administrators and budget personnel coordinate the transition from the Recommended to the Approved level.
When the final phase is closed at the Recommended level, budgeting can begin at the Approved level.
1. Load the Final Phase Iteration at the Recommended Level - As a starting point for budgeting at the Approved level, budgeting personnel will use the ledger account figures from the iteration tied to the final phase at the Recommended level.
This iteration is likely to still be active in the expenditure budget worksheet. If it is not, then a budget administrator needs to load it into the worksheet.
2. Move from Recommended to Approved - A budget administrator copies the ledger data from the Recommended Base and Recommended New fields to the Approved Base and Approved New fields.
3. Save Initial Ledger Data at the Approved Level - Depending on your site’s procedures, budgeting personnel save the current budget worksheet to the appropriate iterations for Phase One at the Approved level.
G. Budget personnel prepare expenditure budget figures at the Approved level. Make sure you know how many phase records your organization is using at the Approved level. This information is Important when adding iterations and closing budgetary phases. It also lets you know when the budget is complete.
Budget personnel will follow the basic pattern described in Step C. Again, it is Important to understand 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 next step can be performed.
H. Administrative personnel perform new year procedures in the Fund Accounting System. They then use Budget Preparation to create the Expenditure Ledger in Fund Accounting for the new fiscal year.
I. At this point, the budget is ready for final printing and then posting to the Fund Accounting System.
Important
The system only allows posting a budget once.