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Setup of budget in oracle

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setup of oracle financial budget in release 12

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Setup of budget in oracle

  1. 1. Maaz Rasheed Malik Oracle Functional Consultant  WHAT IS BUDGET An estimate of costs, revenues, and resources over a specified period, reflecting a reading of future financial conditions and goals.  Steps of Implementation. 1. Creation of organization. 2. Budget of budget.
  2. 2.  We will click on Budgets > Define > Organization.
  3. 3.  Enter Organization,Description,Display Sequence
  4. 4.  Click on Ranges Button.
  5. 5.  In this screen you can add ranges one line or multiple line.  Here we can define ranges from high to low.
  6. 6.  We can set password click on SET PASSWORD.
  7. 7.  Creating Budget version A project can have more than one budget. Budget types distinguish the different budgets that you enter for a project. For example, one budget type may identify the approved cost budget and another type may be the forecast cost budget. You must classify every project budget you enter by a budget type.
  8. 8.  Click Budget > Define > Budget
  9. 9.  BUDGET CYCLE  Budget cycle 1. Open Year. 2. Enter/Modify Budget amount. 3. Postamount.
  10. 10.  We can open next year by clicking on OPEN NEXT YEAR. o Note: Wait for the REQUEST to complete. Budget Sources
  11. 11.  Entering Amount 1. Budgets amount Directly to system. 2. Enter them through budget journals.
  12. 12.  Amount Method In amount method we will simply go to budget amount screen and enter 100$ or if want to enter 150$ we will just over write it.  Journal Method It work differently you have to enter increment or the difference between the previous value and the new value e.g. the previous balance is 100$ and you want this balance to change from 100 $ to 150 $ in order to do that you will enter a debit of 50 $ and that will change the balance from 100 $ to 150 $. Similarly if you want to reduce balance from 100$ to 50$ you will enter a credit amount of 50$.
  13. 13.  This screen is used to enter budget amounts Budgets > Enter > Amounts
  14. 14.  Budget amount Screen
  15. 15.  We can enter value directly or can enter in the SINGLE ROW MODE.
  16. 16.  We can click on BUDGET RULES to define how amount divides.
  17. 17. 3.PostAmount  Click on Inquiry > Amount.
  18. 18.  Two types of balances 1) Primary Balance Type (actual by default). 2) SecondaryBalance Type (budget by default).
  19. 19.  Click On SHOW VARIANCE BUTTON
  20. 20.  To compare actual numbers with budget numbers we will posta journal entry for which we have to open a period.  Setup > Open/Close
  21. 21.  After period is open we will go to Journal.  Journal > Enter
  22. 22.  Click on Postbutton.  We Will Go Back To Inquiry >Amount .
  23. 23. From this we can see the actual is 100 and Corporateis 100 but the Variance is 0. Variance is comparing with actual with the budgets.

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