How to Create Detailed Financial Plans › Budget Plans › Create a Budget Revision › Replace the Budget with a New Cost Plan

Replace the Budget with a New Cost Plan

Choose new grouping attributes and time period types for the budget by creating and submitting a new cost plan that replaces the approved budget plan.

For example, when planning for an upcoming project, you provide an estimated budget with the roles that you think you need. Before the start of the project, you create a cost plan with the actual resources and change the grouping attributes to include Department and Location. You can then submit the new cost plan to replace the approved budget plan.

Example: Submit a New Cost Plan and Replace the Budget

Alice fills all the positions for the team and knows the cost of each resource. She has resources in two locations and wants to group by department and location. Additionally, the product manager asks that she use monthly time periods instead of quarterly. Alice creates a cost plan and adds each resource with their cost details. She makes the following selections to the properties of the cost plan:

• Grouping Attributes: Location and Department
• Time period type: Monthly

Alice saves her changes as ProjectA_actualCP-00, and submits the new budget for approval.

Follow these steps:

1. Open Home, and from Portfolio Management, click the appropriate investment type; for example, Projects.
2. Open the investment and click Financial Plans.
3. Open the Financial Plans menu and click Cost Plans.
4. Create a cost plan and populate it.
5. Click Save and click Return.
6. Click Actions and select Set as Plan of Record.

   Note: If the cost plan is already the plan of record, skip this step.

7. Click Yes to confirm.
8. Click Actions and select Submit Plan of Record for Approval.

   The Submit Option field lists Replace as the only available option. You must replace the budget when the grouping attributes or the fiscal time period type are different from those selected properties for the existing budget.

   Note: If you receive the following message, another cost plan for the investment exists as a submitted budget plan.

   Error:A submitted budget already exists.
   

   The submitted budget plan must be approved or rejected before you can submit another plan for approval.

9. Click Submit for Approval.
10. Open the Financial Plans menu and click Budget Plans to view the list of budget plans and their status.

    You have submitted a cost plan for approval that replaces the existing budget.