Financial and Project Plan Types

Financial plan types contain default setup information and planning options that you use for creating different types of budgets or forecasts. Similarly, project plan types contain default information used for creating a project plan and capturing progress.

When creating budget or forecast versions for a project, you must select an appropriate financial plan type. Versions inherit planning options from the financial plan type. Depending on access levels, you can change some settings.

You associate one project plan type to a project template, and override planning options if required. Projects created using the template inherit the updated planning options. You can revise these options at the project level, or even replace the project plan type.

As a project application administrator, you can now modify the project workflow status changes and enable the multicurrency support for a financial plan type after creating a financial plan type version.

Financial and Project Plan Setup Options

The following table describes the basic budget, forecast, or project plan setup options that determine how a plan type is used in the context of a project. Except for third-party scheduling, you can't edit these options at the project level.

Option	Location	Description
Planning amounts	Financial plan type	Indicates that the financial plan type supports the creation of versions with the following amounts: Cost amounts Revenue amounts Both cost and revenue amounts Either cost or revenue amounts
Approved budget or primary forecast	Financial plan type	Determines whether a financial plan type is used for creating approved budget versions or primary forecast versions that are used for plan comparison or project performance reporting.
Default financial plan type	Financial plan type	Determines whether the financial plan type is the default selection when you create budget or forecast versions.
Workflows	Financial plan type	Enables the use of a workflow for managing budget or forecast status changes. A financial plan version baseline or approval will undergo the approval process only if the Use workflow for status changes option is enabled at the financial plan type level.
Third-party scheduling software	Project plan type	Indicates whether project planning is performed in Microsoft Project. If third-party scheduling is disabled in the project plan type, you can use the associated project or project template to create a project in Microsoft Project. However, you can't export the new project or link it to one created in Oracle Fusion Cloud Project Management.
Multiple transaction currencies	Financial and project plan type	Enables entry of plan amounts in currencies other than the project currency. When the financial plan type allows transactions in multiple currencies, the Assign Resource in Single Currency for a Task check box is displayed under the Currency Settings tab. Select this check box to assign resources in a single currency for a task to create a budget or forecast line. Project costs that are incurred in another currency are mapped to the existing budget or forecast line. For example, this check box is selected on a forecast version with a forecast line in USD. If project costs are incurred in EUR for the same forecast line, then the project cost is mapped to the existing forecast line in USD instead of creating a new forecast line in EUR. Note: The option to assign a resource in single currency for a task applies only to the financial plan type.
Budgetary control settings	Financial plan type	Manages options for creating control budgets in Oracle Budgetary Control.