Entering a Budget Draft
A budget draft is a holding area for budget data that is currently in process. You enter or revise the budget amounts for a project in a draft. The status for a draft is Working.
You cannot report against a draft or use it to compare budgeted to actual amounts.
You have a draft for each budget type used on the project.
To enter or revise a budget draft:
Navigate to the Budgets window. Choose the project for which you want to enter or revise budget amounts. You must enter a valid project number before you can enter a budget type.
After you have selected a valid project, the budget type field will be enabled.
Choose the budget type. The budget type field enables you to have more than one series of budgets for a project. The budget type determines whether the budget is a revenue budget or cost budget. See: Define Budget Types.
Note: The list of values displays only active budget types. However, if a budget was created earlier for your project using a budget type that is now inactive, the inactive budget type can be entered.
Choose the Find Draft button.
Note: If you select an inactive budget type and choose Find Draft, no draft budget will be displayed.
The budget status will be displayed, indicating where the budget is in the submission/baselining process. The budget status can have the following values:
- Working A draft that you are entering and updating.
- Submitted A draft that is submitted for baselining. If you want to change make changes in a budget that has a Submitted status, you must first select the Rework button, which returns the status to Working.
- Baselined A baselined budget version. The Budget Version History window in the Budgets form displays baselined budget versions.
Enter a change reason. The change reason identifies the reason for changing a budget version from a previous version. See: Defining Budget Change Reasons.
You may enter a description for the budget version.
You can accept or override the default budget entry method (BEM), which determines the level of detail for the budget.
- If you are entering the first draft for the budget type, the default BEM is determined by the project type of the project.
- If a prior version of the budget type exists, the default BEM is the budget entry method of the project's current budget for the budget type.
You can change the BEM at any time, even after you have baselined a budget version for the budget type. When you change the BEM, the system will delete the existing draft budget lines. You can then enter a new draft.
Note: If you select a categorized BEM for the first draft budget of any type, all subsequent draft budgets of that type (after the first draft budget has been baselined) must also use categorized BEMs. The same is true for uncategorized BEMs. The list of values of BEMs will show only valid BEMs for a budget.
The resource list is the set of resources that can be used as budget categories for a categorized (detail) budget. These resources will be displayed on the list of values for resource when you are entering budget lines.
If you are entering the first draft for the budget type, you may accept or override the default resource list. If you change the resource list after you have entered budget lines for the budget version, the system will delete the draft lines and you must enter a new draft.
You cannot change the resource list after you have baselined a budget version for the budget type.
This field displays the version name of the current original budget for the project for the budget type. You can view the original and other historical budgets by in the Budget Version History window (choose History from the Budgets window).
This flag indicates if the budget currently displayed was previously an original budget. Oracle Projects creates such budget versions when you revise the original budget. You can view this value in the Budget Version History window.
Use this check box if you want to indicate that this draft, when baselined, will become the revised original budget.
You can choose History to review the details of previous budget versions of the selected budget type. Historic budgets can be viewed for active and inactive budget types.
14. Labor Hours, Raw Cost, Burdened Cost, Revenue
These fields display the sum of the labor hours, raw cost, burdened cost, and/or revenue entered for the budget version.
Project or Task Level Budget
You can budget at the project, top task, or lowest task level.
Note: If you are using top task funding for your contract project, you must enter revenue budgets at the top task or the lowest task levels.
To enter a project level budget:
1. Navigate to the Budgets form.
2. Choose a budget entry method set up with a project entry level.
3. Choose the Details button to open the Budget Lines window.
4. Enter the budget lines.
To enter a task level budget:
1. Choose a budget Entry Method set up with the appropriate task entry level (Top Tasks, Lowest Tasks, or Top and Lowest Tasks).
2. Choose the Details button to open the Task Budgets window, which displays different levels of tasks, depending on the budget entry method you enter. Choose from the available list in the tasks list of values to view different task level combinations. See: Set Up Your Work Breakdown Structure (WBS).
3. Choose the task for which you want to budget.
5. Enter the budget lines in the Budget Lines window.