This document provides an overview of the budgeting process in Oracle Functional including: 1. Defining the budget organization and budget versions. 2. The budget cycle which includes opening the budget year, entering budget amounts, and posting amounts. 3. Entering budget amounts directly into the system or through budget journals. 4. Comparing actual amounts to budgeted amounts by posting journals and viewing variances.

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.  We will click on Budgets > Define > Organization.

3.  Enter Organization,Description,Display Sequence

4.  Click on Ranges Button.

5.  In this screen you can add ranges one line or multiple line.
 Here we can define ranges from high to low.

7.  We can set password click on SET PASSWORD.

8.  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.

9.  Click Budget > Define > Budget

10.  BUDGET CYCLE
 Budget cycle
1. Open Year.
2. Enter/Modify Budget amount.
3. Postamount.

11.  We can open next year by clicking on OPEN NEXT YEAR.
o Note: Wait for the REQUEST to complete.
Budget Sources

12.  Entering Amount
1. Budgets amount Directly to system.
2. Enter them through budget journals.

13.  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$.

14.  This screen is used to enter budget amounts Budgets > Enter >
Amounts

15.  Budget amount Screen

16.  We can enter value directly or can enter in the SINGLE ROW
MODE.

17.  We can click on BUDGET RULES to define how amount divides.

18. 3.PostAmount
 Click on Inquiry > Amount.

19.  Two types of balances
1) Primary Balance Type (actual by default).
2) SecondaryBalance Type (budget by default).

20.  Click On SHOW VARIANCE BUTTON

21.  To compare actual numbers with budget numbers we will posta
journal entry for which we have to open a period.
 Setup > Open/Close

23.  After period is open we will go to Journal.
 Journal > Enter

24.  Click on Postbutton.
 We Will Go Back To Inquiry >Amount .

26. 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.