Revenue Budget with Iterations for Administrators
Budget Preparation's iteration feature allows you to save copies of the data stored in the revenue budget worksheet. You save the data to iterations, blank templates that can store ledger account data from all three budgetary ledgers, Expenditure, Revenue, and Project.
When you save to an iteration, you choose which standard approval level to copy, and you select which ledger accounts to include. Similarly, when loading iteration data into the revenue budget worksheet, you choose the approval level where data is loaded, and you select the ledger accounts to include.
Iterations are associated with phase records from Budget Preparation's Phases table. Depending on the complexity of your budget procedure, you can use phases to add approval levels beyond the three provided in the revenue budget worksheet. If you use iterations, then you need at least three records set up 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 iteration records are already established in the Iteration List or if you are meant to add iterations as needed.
Procedural Outline
If you are preparing your budget using iterations, you will use most options in the Budget Administrator center's Revenue section during the budget process. The following outline explains the general use of these options.
Pay particular attention to the way you save iterations, load iterations, close budgetary phases, and transition from one phase to the next.
Important
This outline is intended as an overview of the Budget Administrator center's iteration options. For detailed instructions on these options, refer to Iteration Iteration Options.
A. Apply Projections at the Requested Level - Use the Apply/Move Budget option to copy current year budget figures into the Requested field for each Revenue Ledger account. Select Apply Budget in the first window, and then select Requested Budget in the second.
The system copies the current year budget figures to the Requested field for each ledger account. It also applies budget projections defined in the Organization Chart and Account List.
B. Save Initial Ledger Data to an Iteration - Before the budget process starts, save the Revenue Ledger data at the Requested level to an iteration. To do so, use the Save Iteration option. The ledger accounts are all saved to the same iteration. In the Standard Phase field, select D - Requested.
C. Budget at the Requested Approval Level - The Requested approval level is the first of the three standard budget approval levels. Make sure you know how many phases are being used at the Requested level. This information is Important when adding iterations and closing budgetary phases. It also lets you know when you can proceed to the Recommended level.
1. Budget for the First Phase at the Requested Level - Budgeting personnel load the initial iteration’s data into the revenue budget worksheet at the Requested level. They then save this data to their own iterations for revenue 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 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 at the Requested level.
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 - Budget administrators save Revenue Ledger data 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 - Budget administrators use the Close Phase option to close Phase One at the Requested Level for the Revenue Ledger.
Select the final iteration described in Step c and the phase defined for Phase One at the Requested level.
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 - 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.
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 C1 in 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. Move 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. 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 revenue 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 uses the Apply/Move Budget option to copy 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 - Budgeting personnel save the current budget worksheet to the appropriate iterations for Phase One at the Recommended level.
E. Budget at the Recommended Level - The Recommended approval level is the second standard budget approval level. Make sure you know how many phase records are being used at the Recommended level. This information is Important when adding iterations and closing budgetary phases. It also lets you know when you can proceed to the Approved level.
Budget personnel will follow the basic pattern described in Step C of this outline. 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. Move 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. 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 revenue 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 uses the Apply/Move Budget option to copy the ledger account 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 - Budgeting personnel save the current budget worksheet to the appropriate iterations for Phase One at the Approved level.
G. Budget at the Approved Level - The Approved level is the final standard budget approval 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 you are ready to post the final revenue budget.
Budget personnel will follow the basic pattern described in Step C of this outline. 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, proceed to Step H.
H. Create the Revenue Ledger for the New Year - After running new year procedures in Fund Accounting, use the Budget Administrator center’s Post Budget option to create the Revenue Ledger in Fund Accounting for the new fiscal year. In the Post Budget page, select the Create Revenue Ledger option.
I. Print and Post the Final Budget - At this point, the budget is ready for final printing and then posting to the Fund Accounting System.
Important
The system only allows you to post the budget once. For more information on posting your budget, refer to Post Budget.