How to Create Detailed Financial Plans › Budget Plans

Budget Plans

When a cost plan is approved, it becomes the budget plan for an investment. You can submit a portion of a cost plan for approval by varying the start and end dates for the submission. Only the portion between the new start and end dates is submitted for approval.

When a cost plan is approved, it becomes a budget plan with a new version number. If there is a previous budget, it is saved separately and can be viewed but not edited.

When submitting a cost plan as a budget plan, the following rules apply:

• If a budget plan exists, the submitted cost plan must include the same grouping attributes to merge the submitted cost plan data with the existing budget plan data. If the grouping attributes are not the same, either replace the existing budget plan or cancel the submission.
• You can only submit or approve only one budget plan at a time.
• When a submitted budget is approved, the budget plan becomes the POR.
• You can edit a submitted budget, but you cannot edit an approved budget.
• If an approved budget exists, the submitted cost plan data can be either merged with or can replace the approved budget.