Main Budget Type

The budget type now needs to be defined. For example, allocation can be done to a baseline budget or a revised budget. If allocating a revised budget, then a  copy of the baseline can be made and then appropriate changes can be done on the revised budget. Quick lookup reports are available that show the budget distribution by period and by WBS.

To identify a budget type (if you clicked Next after creating a new Main Budget, skip to step 4):

1. Retrieve the Main Budget.
2. Click on the Budget link.
3. Click on the New button.
4. Select a budget type in the Budget Type field.
5. Enter a descriptive name in the Name field.
6. Select an entry type in the Entry Type field.
   1. Select "Time Entry" if allocation amounts or hours only.
   2. Select "Expense Entry" if allocation expenses only.
   3. Select "Time/Expense Entry" if allocation amounts/hours and expenses.
7. For entry type "Expense Entry" or "Time/Expense Entry":
   1. In the Expense Distribution By field:
      1. Select "Absolute Amounts" to distribute by specific amounts.
      2. Select "Percentage of total amounts" to distribute by percentage of the total amount specified. If this option is chosen, then the Expense Total Amount must be specified.
   2. In the Expense Total Amount, enter the total budgeted amount that will get distributed by percentage (required for percentage option). If distribution is by absolute amounts, this field will be calculated automatically once all the amounts are specified during distribution.
8. For entry type "Time Entry" or "Time/Expense Entry":
   1. In the Time Distribution by field:
      1. Select "Absolute Costs" to distribute by specific costs.
      2. Select "Absolute Hours" to distribute by hours.
      3. Select "Percentage of total cost" to distribute by percentages of total cost. If this option is chosen, then the Time Total Cost must be specified.
      4. Select "Percentage of total hours" to distribute by percentages of total hours. If this option is chosen, then the Time Total Hours must be specified.
   2. In the Time Total Cost, enter the total budgeted cost that will get distributed by percentage (required for percentage of total cost option). If distributing by absolute costs, this field will be calculated automatically once all the costs are specified during distribution.
   3. In the field Time Total Hours, enter the total budgeted hours that will get distributed by percentage (required for percentage of total hours option). If distributing by hours, this field will be calculated automatically once all the hours are specified during distribution.
9. Select "Yes" in the Restrict Accessfield if access to this budget is to be limited to a specific set of users. See Budget Assignment to assign restricted budgets to specific employees.
10. Select the WBS level that budget distribution will be performed at in the Prefill Up Tofield. This option will auto-populate the budget distribution with all WBS levels that fall under the main budget up to the level specified in the Pre-fill field. For example, the main budget is defined for NUMBER ONE client. This client has 2 Projects A, B and 2 phases (Phase 1, Phase 2). Two tasks are defined (Design, Implementation) for each phase. If Pre-fill to the phase level is selected then the budget distribution will get pre-populated with:
    • NUMBER ONE -> PROJECT A -> Phase 1
    • NUMBER ONE -> PROJECT A -> Phase 2
    • NUMBER ONE -> PROJECT B -> Phase 1
    • NUMBER ONE -> PROJECT B -> Phase 2

Notice that since pre-fill was selected to the phase level, no tasks were pre-populated for the budget which means budget allocation will be done at the phase level. Also note this pre-fill option is only available if the main budget was distributed by a specific Level 1 or Level2.

Click the Save button when finished.

To copy one budget to another

1. Retrieve the main budget.
2. Click on the Budget link next to the desired main budget.
3. Select the budget that needs to be copied.
4. Click the Copy button. The Copy Existing Budget window will appear.
5. Enter a budget name in the Name field.
6. Select a budget type in the Budget Type Flag field.
7. Click the Copy button.