Overview
This article demonstrates how to create a PPM Budget for a Capital or General Project in Oracle Financials Cloud (OFC).
Essential Information
- PPM Budgets are set up based on Expenditure Categories, which are referenced in OFC as Resources.
- Resource Type options for PPM Budgeting at the task level include: Operating Expenses, Salaries and Wages, Travel, UCSD Equipment, and more.
- There are default Resources (Financial Resources, Equipment, Material Items, Labor) that are not recommended to use as they do not align with UCSD Expenditure categories.
- Prior to PPM Budget approval, the PPM Budget is considered the Working Version PPM Budget.
- The Baseline Version is what the system uses for calculations in reports.
- You can have as many working versions of PPM Budgets as you would like.
- Prior Baseline Versions will display as Prior Baseline.
- Project Managers will receive email notifications related to Financial Plans on their projects. PMs may create email rules so that these notifications are sent to a designated email folder.
- Capital Project Budgets have budgetary controls, meaning a budget must be baselined for costs to be incurred.
- Capital budgets as approved by the Internal Controls and Accounting Capital team.
- General Project budgets are optional, do not have budgetary controls and are auto-approved.
Next Steps
1. Login to OFC (ofc.ucsd.edu) using your SSO.
2. Select Projects and Awards > Project Financial Management.
3. In My Projects page, search for Project Name or Number in search bar or select from list of Projects.
4. Select desired Project. From list of actions, select Manage Project Budget.
5. Manage Budget Versions page will display with Project Name.
6. Click the + symbol to open the menu. Select Create Budget Lines Manually.
7. In Create Budget: Planning Options page, complete the required fields based on the type of Project:
NOTE: The Financial Plan Type can not be changed once created.
Capital Project (Projects with control budgets):
Name: Version 1
Financial Plan Type: UCSD Cost Only Budget
Description: optional
General Project:
Name: Version 1
Financial Plan Type: UCSD Cost Only No Control Budget
Description: optional
8. In upper right, click Save and Continue.
9. In Edit Budget page, select Task and click on + symbol.
10. In new Budget row, enter any of the applicable Resource Types and associated Raw Cost (Project Budget Amount).
e.g., Resource Type: Personnel Expenses and Raw Cost: 500,000.
11.In upper right, click on Save
a. To add another budget row, repeat Steps # 9-10. Confirm that Task is selected before selecting + symbol.
12. If you're not finished and want to come back at a later time, click Save in the upper right-hand corner. This allows you to complete the budget assignments at a later time.
13. Scroll to the bottom of the screen, select Save and Close.
14. Once you are finished, in upper right, click on Save, then Submit.
15. In Submit Version dialog box, click OK.
16. In Manage Budget Versions page, click Done.
- Your PPM Budget will be auto approved and the system will display Current Baseline.
- The Baseline Version is what the system uses for calculations in reports.
- You can also create multiple versions to mock up different scenarios of PPM Budgeting.