Building and maintaining budgets involves these steps:
At the beginning of the budget cycle, product implementors prepare applications by satisfying the application preparation requirements, and loading General Ledger and HRMS actuals from the previous budget year or version. See Initial Product Implementation Tasks.
Under the guidance of finance staff, planners prepare compensation budgets by performing these tasks:
Prepare budgets for their cost centers to reflect position and employee changes such as filled vacant positions, modified employee status, changes to benefits, and full-time equivalent (FTE) assignments.
Create positions.
Perform mass adjustments to positions and employees.
Calculate compensation expenses for their entity (cost center or department).
Assign employees to jobs or positions.
Transfer or terminate positions and employees.
Allocate entity compensation expenses to General Ledger Accounts by specifying chart fields or segments.
Review the budget impact of existing positions, employees, and compensation schedule changes.
Use Approvals to submit budgets to senior financial and division heads for review.
After compensation budgets are approved, administrators can perform these tasks:
Write back next year's budget from an aggregate storage database to the General Ledger as journal entries.
Run journal imports in the General Ledger.
Finance and budget staff consolidate compensation budget plans and publish budget reports, budget books, bills, and other statutory documents in HTML or PDF formats. See Using Reports and Budget Books.
Revise budgets.