New Budget Cycle

Modified on Tue, Nov 5 at 1:23 PM

There are three primary ways to create a new budget for the new year based on the prior year's budget. Select one of these three budget types:

Framework Only: A framework budget is a set of blank budget worksheets, with targets, owners, and approvers carried over from the previous year. Each worksheet will be blank, with no lines or values. Lines can be added per worksheet via the Load option and then the values can be added via Initialize, or on a line-by-line basis. Note - Special purpose worksheets are not copied into a Framework Only budget.
Budget: A budget for the new year may be based on a prior year's budget. The worksheets are created with lines and values based on the prior year's budget. The values can be adjusted via Initialize, or on a line-by-line basis.
Actuals and Budget: A budget may include actuals through a specific month, and use budgeted numbers for the remaining months. This includes all lines from both the prior year's budget and actuals.
12 Month Trailing Actuals: A budget may include actuals for all 12 months. To create a budget based on 12 month trailing actuals, click here.

Before proceeding, know which budget you want to copy into the new fiscal year. Go to Planner > Summary or Planner > Worksheets to review your current budgets.

Set the Budget Year

Go to Planner > Planner Setup > Set Budget Year.
Select the year for the new budget and click Set as Budget Year.

Start the Budget

Go to the Budget Management tab.
Click Create Budget.

You have the following selections available, though a new budget cycle is typically based on prior year's budget or prior year's actuals and budget.

Empty Budget - Create a new completely empty budget. Enter the Name and Budget Type for the new budget.
Based on Prior Year's Budget - Create a new budget using only budget from the prior year.
Based on Prior Year's Actuals and Budget - Create a new budget based on prior year actuals and budget.
Based on Current Year's Actuals and Budget - Create a new budget based on current year actuals and budget.

Create Using Framework Only

A framework budget is a set of blank budget worksheets, with targets, owners, and approvers, carried over from the previous year. Each worksheet will be blank, with no lines or values.

Click Based on Prior Year's Budget.
Select the Source Budget.
Enter a Name for the new budget.
Click Framework Only.
Click Create Budget.

Create Based on Prior Year's Budget

A budget for the new year may be based on a prior year's budget. The worksheets are created with lines and values based on the prior year's budget.

Click Based on Prior Year's Budget.
Select the Source Budget.
Check to Post SPWs or not.
Enter a Name for the new budget.
Click Copy All Budget Values.
Click Create Budget.

Create Based on Prior Year's Actuals and Budget

A budget may include actuals through a specific month, and use budgeted numbers for the remaining months. This includes all lines from the prior year's budget.

Click Based on Prior year's Actuals and Budget.
Select the Source Budget.
Note that actuals are loaded though the Last Closed Month date.
Check Limit to Worksheets Existing in Source Budget to limit actuals to current worksheets, or uncheck to create worksheets for unbudgeted actuals.
Check to Post SPWs or not.
Enter a Name for the new budget.
Click Create Budget.

Complete the New Budget Setup

Go to Dashboard > Updater and confirm the job has completed.
Go to Planner > Planner Setup.
Select the budget just created using the check box to the left. The budget actions menu appears.
Click Set as Planner. You are given the option to unlock all worksheets.
- Click Okay to unlock all worksheets and allow users to begin making edits.
- Click Cancel to keep the status of the worksheets unchanged.
To manage the worksheets, review the Planner Setup article.