How to Create Detailed Financial Plans › Budget Plans › Create a Budget Revision › Change Time Period Values in the Budget

Change Time Period Values in the Budget

You can revise the time period values in a cost plan and can merge them into the existing budget plan. Merging values from one or more time periods helps you keep the budget accurate, without having to replace the entire budget.

For example, you receive incremental funding for your budget to account for increases in resource costs. You can revise the cost of the resource for only the affected months.

If you have set a freeze date in the financial entity, you can only edit the cost plan for periods after the freeze date.

Example: Append Time Periods to the Budget Plan

Alice reviews the project plans with her manager and finds she needs to add three months for a new required feature. Alice revises her cost plan by adding three months to the project and populates fields with the cost information for each resource. She submits the revised cost plan, with the ID of ProjectA_estimatedCP-00, as a merged revision with only the additional months.

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. Open the cost plan.
5. Go to the correct time period for the plan in the Unit, Cost and Revenue Details section.
6. Edit the Units, Cost, and Revenue fields for the time period, as shown in the following graphic:

   

7. Save your changes and click Return.
8. Click Actions and select Set as Plan of Record.

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

9. Click Yes to confirm.
10. Click Actions and select Submit Plan of Record for Approval.

    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.

11. Specify the Start Period and End Period values for only the months in which you are adding or updating the values.
12. Select Merge in the Submit Option drop-down list.
13. Click Submit for Approval.
14. 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 merges revisions to time periods in the existing budget.