Create Budget Requirement

This page allows you to enter the budget requirement for a finance book. Tell me more.

Select the “Create Budget Requirement” link under the “Asset Planning” business component.

The “Create Budget Requirement” page appears.

Enter the following field:

Requirement No.

A unique number identifying the budget requirement (Alphanumeric, 18). Mandatory. This number will be automatically generated if the “Numbering Type” in the “Numbering Class” business component is not set to “Manual”. The number is displayed with the corresponding prefix and suffix of the numbering type selected in the “Numbering Type” field. The number is incremented from the last number available in the “Numbering Class” business component.

The system displays the following:

Status	The status of the budget requirement. It could be “Fresh” or “Active”.
	Fresh – indicates a newly created budget requirement. The system updates the budget requirement status to “Fresh” on clicking the “Create Requirement” pushbutton. The details of this budget requirement can be modified.
	Active – indicates that the budget requirement has been authorized. The authorized budget requirement cannot be modified. The budget requirement can also be authorized in the “Authorize Budget Requirement” activity.

Note: This field must not be left blank if “Manual” is selected in the “Numbering Type” field.

Request Date	The date on which the budget requirement is created (Date Format). Mandatory. This date must be a valid one for the selected financial year. The system date is displayed by default on launch of the page.
Finance Book	Use the drop-down list box to select the code identifying the finance book for which the budget requirement is being created. All the finance books that are deployed in the company will be available for selection in the ascending order.
Numbering Type	Use the drop-down list box to select the numbering type for the login organization unit and the “Budget Requirement” transaction type. The numbering types must have already been defined in the “Create Numbering Class” activity of the “Numbering Class” business component and must be in “Active” status. The system displays the numbering type set as default for the transaction in the “Numbering Class” business component.
	You can also select “Manual” if you want to enter a budget requirement number of your own.
Financial Year	Use the drop-down list box to select the financial year for which the budget requirement is being created. The “Financial Year” and the corresponding “Financial Period” must be defined in the “Create Calendar” activity of the “Accounting Setup” business component. All the “Open” financial years defined for the finance book will be available for selection in the ascending order. The “Provisionally Closed” financial years that have been defined for the selected finance book will also be available for selection. The system displays the earliest open financial year by default on launch of the page.

Enter the following fields in the “Budget Requirement Information” multiline:

Asset Class Code

Use the drop-down list box to select the code identifying the asset class for which the budget requirement is being raised. The “Asset Class” must have been defined in the “Create Asset Class” activity of the “Asset Type Definition” business component and must be in “Active” status. All the asset classes that have been defined for the company will be available for selection in the ascending order.

The system displays the following field:

Asset Class Description

The textual description of the selected asset class.

Enter the following fields:

Amount Required	The amount required as budget (Decimal). Mandatory. This amount must be greater than zero.
	Press <Enter> key.
	The system calculates and displays the budget amount in the base currency of the company in the “Base Amount” field.
Currency	Use the drop-down list box to select the code identifying the currency in which the budget requirement must be created. The “Currency” must have been defined in the “Create Currency and Country” activity of the “Organization Setup” business component. All the currencies mapped to the login organization unit are available for selection in the ascending order.

Note: In case the base currency of the company has been mapped to the login organization unit, the system displays the base currency by default on launch of the page.

Exchange Rate	The exchange rate of the currency in which the budget requirement is being created, in case the currency is different from the base currency of the organization unit. Mandatory. The exchange rate must be greater than zero. The exchange rate must be a value, which falls within the exchange rate tolerance set in the “Exchange Rate” business component. The system displays ‘1’ by default on launch of the page if the currency is the base currency.
	Press <Enter> key.
	The system calculates and displays the budget amount in the base currency of the company in the “Base Amount” field.

Note: This field must not be left blank if a value exists in the “Amount Required” field.

The system displays the following field:

Base Amount

The amount required as budget in the base currency of the company. This value is calculated and displayed as the product of the amount required and the exchange rate.

Enter the following field:

Remarks

Any comments pertaining to the creation of the budget requirement (Alphanumeric, 255).

Click the “Create Requirement” pushbutton to create a budget requirement.

The system updates the status of the budget requirement as “Fresh”.

The system updates the login ID of the user to the “Created By” field and the system date to the “Created Date” field.

Click the “Create and Authorize” pushbutton to create and authorize the budget requirement.

The system updates the status of the budget requirement as “Active”.

Click the “Print Budget Requirement” pushbutton to print the budget requirement.

The system updates the login ID of the user to the “Created By” field and the system date to the “Created Date” field.

The system displays the following:

Created By	The login ID of the user who has created the budget requirement.
Created Date	The date on which the budget requirement was created.

To proceed, carry out the following:

Select the "Attach Notes" link at the bottom of the page for attaching notes.

Prerequisites

The “Currency” must be defined in the “Create Currency and Country” activity of the “Organization Setup” business component.
The “Finance Book” must be defined in the “Create Finance Book” activity of the “Organization Setup” business component.
The “Numbering Type” must be defined in the “Create Numbering Class” activity of the “Numbering Class” business component.
The “Financial Year” and “Financial Period” must be defined in the “Create Calendar” activity of the “Accounting Setup” business component.
The “Exchange Rate” must be defined in the “Create Exchange Rate” activity of the “Exchange Rate” business component.
The “Asset Class” must be defined in the “Create Asset Class” activity of the “Asset Type Definition” business component.