Training Cost and Budget Setup
To administer training budgets, you need to set up a budgeting structure. Once you set up the basic costs, you can enter budgets for departments in the organization.
To set up training costs and budgets:
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Set up a training currency.
In Budget Training, the system converts costs into a base currency that you define. For the conversion to work, you also define the exchange rate to use.
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Review cost units.
Cost units are associated with a cost amount. For example, you might use a cost unit of hours or days to measure instructor costs, but use a cost unit of kilometers for mileage. To enter a cost, enter the amount and then select a cost unit for that amount. PeopleSoft delivers a set of cost units in the Cost Unit table that you can add to.
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Set up default vendor, facility, equipment, and instructor costs.
To create accurate budgets, record default costs, such as vendor or facility costs, for each training resource. You can set up default costs for the catalog and use them as defaults for the course costs.
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Set up student costs.
Training budgets include the cost of sending an employee to a course. For example, if an employee's time is normally billed to a client, time in training represents a loss in revenue.
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Set up budget periods and departmental budgets.