Project Budget with Iterations for Employees
Budget Preparation's iteration feature allows budget administrators to save copies of the data stored in the project budget worksheet. The data is saved to iterations, blank templates which can hold ledger account data from all three budgetary ledgers, Expenditure, Revenue, and Project.
When saving to an iteration, the administrator chooses which standard approval level to copy and selects which ledger accounts to include. Similarly, when loading iteration data into the project budget worksheet, the administrator chooses the approval level where data is loaded and selects the ledger accounts to include.
Iterations are associated with phase records from Budget Preparation's Phases table. Depending on the complexity of your site's budget procedure, phases can be used to add approval levels beyond the three provided in the project worksheet. If using iterations, then at least three records are required in the Phases table, one for each of the standard approval 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 you are using for 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 handles saving data to 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 are meant to 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 Project options includes fields showing the active iterations and phases loaded in the project budget worksheet for all three standard approval levels.
Important
This outline is intended as an overview of the Budget Administrator center's iteration options. For detailed instructions on these options, refer to the Iteration Options section in Project Budgeting for Administrators.
A. A budget administrator moves current year budget figures into the Requested Base field for each Project Ledger account.
B. A budget administrator saves initial ledger data to an iteration at the Requested level.
C. Budget personnel prepare the project budget at the Requested level.
1. Budget for the First Phase at the Requested Level - Iteration data is loaded into the project 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 understands 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 Project 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 - Project 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 Project 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 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 in Step C1, 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. Budget 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 at the Recommended level can begin.
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 still active in the project budget worksheet. If it is not, then a budget administrator needs to load it into the budget worksheet.
2. Proceed from Requested to Recommended - A budget administrator copies 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 on 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 project 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 you are moving on to the Approved 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. Budget 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 still active in the project budget worksheet. If it is not, then a budget administrator needs to load it into the budget worksheet.
2. Proceed 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 - According to 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 project 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. Budget administrators perform new year procedures in the Fund Accounting System. They then use Budget Preparation to create the Project 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. For information on posting a budget, refer to Post Budget.