How to Set Up Financial Management › Departments › Define Department Budgets

Define Department Budgets

You can plan for and track budgeted costs and benefits for your department. You can also set the start and end date over which the budget is experienced. The money flows constantly and evenly over this defined period.

Note: The following financial metrics are not available on the department properties as a default:

• Calculate Financial Metrics
• Planned NPV
• Planned ROI
• Planned Breakeven
• Planned IRR
• Planned MIRR
• Planned Payback Period (in months)
• Budget NPV
• Budget ROI
• Budget Breakeven
• Budget IRR
• Budget MIRR
• Budget Payback Period (in months)

You can configure the Department Properties view for the Department object to display the financial metrics. For more information, see the Studio documentation.

Follow these steps:

1. Open Home, and from Organization, click Departments.
2. Open the department.
3. Open the Properties menu and click Budget.

   The budget properties page appears.

4. Complete or review the following fields:

   Currency

   Displays the selected system currency.

   Budget Equals Planned Values

   Indicates whether you want the budget cost and benefit values to be equal to the planned cost and budget values. If you clear this check box, you can manually define the budget values.

   Planned Cost

   Defines the planned costs for the department. This value is distributed between the Planned Cost Start and the Planned Cost Finish dates.

   Planned Cost Start and Planned Cost Finish

   Defines the dates when the planned cost starts and finishes for the department.

   Planned Benefit

   Defines the total planned benefit the department receives.

   Planned Benefit Start and Planned Benefit Finish

   Defines the dates when planned benefit starts and finishes for the department.

   Budget Cost

   Defines the budgeted cost for the department. This value is distributed between the Budget Cost Start and the Budget Cost Finish dates.

   Budget Cost Start and Budget Cost Finish

   Defines the dates when the budget cost starts and finishes for the department.

   Budget Benefit

   Defines the total budgeted benefit the department receives.

   Budget Benefit Start and Budget Benefit Finish

   Defines the dates when budgeted benefit starts and finishes for the department.

5. Save the changes.