Authorizing budget

This page allows you to authorize the budget. You can also modify the details of the budget if required before authorization. You can authorize a budget that is in the “Fresh” status. The status of the budget after authorization is updated as “Active”. The system stores the login ID of the user and the system date along with the authorized details.

This page also allows you to return the budget to the user who has created it. A budget is returned if more clarifications are required before the authorization. The status of the returned budget is updated as “Returned”. The system stores the login ID of the user and the system date along with the authorized details.

Select the “Budget” link at the bottom of the “Select Budget” page.

The “Authorize Budget” page appears.

The system displays the following:

Budget No	A unique number identifying the budget.
Status	The status of the budget. It must be “Fresh”.
	Fresh – indicates that the budget is newly created.

Modify the following if required:

Budget Date

The date on which the budget is allocated (Date Format). Mandatory. This date must be a valid one for the selected financial year.

The system displays the following:

Financial Year	The financial year for which the budget is being created.
Total Base Requirement Amount	The total budget requirement amount in the base currency of the company.
Total Base Allocated Amount	The total amount allocated as budget in the base currency of the company.
Total Base Variance Amount	The total amount till which the actual amount can vary from the budget.

The system displays the following in the “Budget Information” multiline:

Finance Book	The code identifying the finance book for which the budget is being allocated.
Asset Class Code	The code identifying the asset class for which the budget is being allocated.
Asset Class Description	The textual description of the asset class.
Amount Required	The amount that has been defined as the budget requirement for the asset class.
Currency	The currency in which the budget requirement amount has been entered.
Exchange Rate	The exchange rate of the currency in which the budget requirement has been entered. This exchange rate will be defined if the currency is different from the base currency of the company. It both the currencies are the same, “1” is displayed by default.
Base Amount	The budget requirement amount in the base currency of the company.

Modify the following fields in the “Budget Information” multiline if required:

Allocated Amount	The amount that has been allocated as budget for the asset class (Decimal). Mandatory.
Allow Variance	Use the drop-down list box to set whether you would allow a variance in the budget amount that has been allocated. You can select from “Yes”, “No” and “Unlimited”.
	Yes – indicates that a variance of the budget will be permitted till the percentage or the amount specified.
	No – indicates that there must be no variance in the amount allocated as the budget.
	Unlimited – indicates that there could be an unlimited variance in the amount budgeted and the expenditure incurred.
Variance %	The percentage the actual amount can vary from the budget (Integer). This field must not be left blank if there is no value entered in the “Variance Amount” field.

Note: This field must be left blank if “No” or “Unlimited” has been selected in the “Allow Variance” field.

Variance Amount

A flat amount till which the actual amount can vary from the budget (Decimal).

Note: This field must not be left blank if there is no value entered in the “Variance %” field.

The system displays the following:

Base Allocated Amount	The amount allocated as budget in the base currency of the company. This amount is calculated as the product of the allocated amount and the exchange rate in case the allocated amount is different from the base currency of the company.
Base Variance Amount	The amount that could be the budget variance in the base currency of the company. This amount is calculated as the product of the amount allocated as budget, the percentage of variance specified and the exchange rate of the currency.

Modify the following in the “Budget Information” multiline if required:

Remarks

Any comments on the reason for the budget allocated with reference to the required amount (Alphanumeric, 255).

Click the “Re-compute Allocated Amount” pushbutton to calculate the amount allocated as budget

The system calculates and displays the total budget requirement amount, amount allocated as budget and the variance amount in the base currency of the company.

Click the “Authorize Budget” pushbutton to authorize the budget.

The system saves the modifications made updates the status of the budget as “Active”.

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

Click the “Return Budget” pushbutton to return the budget to the user who has created.

The system updates the status of the budget as “Returned”.

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

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

The system displays the following:

Created By	The login ID of the user who has allocated the budget.
Created Date	The date on which the budget was allocated.
Last Modified By	The login ID of the user who has last modified the budget.
Last Modified Date	The date on which the budget was last modified.

What you can do in this page

Set Budget Variance

Calculate the allocated amount

Authorize Budget

Return Budget

Set Budget Variance

You can set whether there can be a variance in the budget that has been allocated.

Set the “Allow Variance” field to “No” if you do not want to allow a variance in the budget.
Set the “Allow Variance” field to “Yes” if you want to allow a variance in the budget.
Enter a percentage in the “Variance %” field or an amount in the “Variance Amount” field.
Set the “Allow Variance” field to “Unlimited” if you want to allow an unlimited variance in the budget.

Calculate the allocated amount

You can calculate the sum total of the budget amounts that have been allocated. You can also calculate the sum total of the requirement amount and the variance amount.

Click the “Compute Allocated Amount” pushbutton to calculate the sum total of the allocated budget amount.

The system calculates and displays the “Base Allocated Amount”, “Base Variance Amount”, “Total Base Requirement Amount”, “Total Base Allocated Amount” and the “Total Base Variance Amount”.

Authorize Budget

You can modify the budget if required during the authorization process.

Make the required changes.
Click the “Authorize Budget” pushbutton to save the modifications made and authorize the budget.

The status of the budget is updated as “Active”.

Return Budget

You can return a budget that requires modifications. The budget is returned to the user who created it for modifications.

Click the “Return Budget” pushbutton to return the budget for modifications.

The status of the budget is updated as “Returned”.