Steps: Set Up Plans or Budgets

You can use plans and budgets in Workday to manage your plans, forecasts, and actuals. You can create an unlimited number of plans and budgets for:

These plan types, with or without budget checking before transaction approval:

Award

Award Proposal

Financial

Position

Project

Financial, award, award proposal, position, and project budgets with or without budget checking before transaction approval.

Comparative reporting and analysis, giving you insight into plan versus actuals ledgers when you generate financial statements.

You can use the same dimensions and ledger accounts for actuals and plan or budget data to streamline comparative reporting.

Define Plan Structures.

Create a plan structure to provide the foundation for your plans or budgets.

Access the

Maintain Entry Types

task.

Define entry types to identify the plan lines for specific plan types, such as financial plans or position budgets. Workday uses entry types for reporting purposes when you roll over and close plans and budgets.

You associate an entry type with a structure and company or company hierarchy when you create a template.

Security: Set Up: Budget General
domain in the Budgets functional area.

Access the

Mass Update Entry Types

task.

Assign entry types to existing structures and budget amendment types. Workday updates existing plan lines and sets default types for future lines.

You can only run this task the first time you roll your budget forward.

Security: Set Up: Budget General
domain in the Budgets functional area.

(Optional) Access the

Map Award and Award Proposal Plan Structures

task.

Map award proposal and award plan structures to create an award plan template directly from an award proposal budget that already exists.

Security: Set Up: Budget
domain in Budgets functional area.

(Optional) If you select

Use Amendments/Approval

on your plan structure, configure the Plan Event
and Budget Amendment Event
business processes and their security policies:

Edit Business Processes.

Edit Business Process Security Policies.

(Optional) Access the

Maintain Budget Amendment Types

task.

Define your budget amendment types.

(Optional) Assign identification numbers to budget amendments.

Configure your ID Definition on the

ID Generator for Budget Amendment

field on any of these tasks:

Edit Tenant Setup - Financials

Tenant Setup

Financials

, for your tenant.

Edit Company ID Definitions

, for individual companies.

Security:

Set Up: Tenant Setup - Financials
in the System functional area.

Set Up: System
in the System functional area.

Set Up: Company General
in the Common Financial Management functional area.

(Optional) Set up custom validations to run on plan lines in tasks, reports, workbooks, and web service imports.

See Steps: Set Up Custom Validations.

(Optional) Access the

Create Budget Fringe Rate Table

task.

Define tables to store and maintain fringe rates for selection during plan or budget detail entry. Associate the tables with position plan templates to ensure that budget users have access to the most current and accurate rates. Example: Create tables for different fiscal years to populate standard fringe rates into yearly position budgets.

Security: Set Up: Budget General
domain in the Budgets functional area.

(Optional) Access the

Edit Consolidation Details

task.

To plan by and report on company hierarchies, configure these consolidation details:

Fiscal Schedule

Account Set

Default Reporting Currency

Security: Set Up: Consolidation
domain in the Financial Accounting functional area.

Create Plans or Budgets.

Create a plan template to:

Associate the structure with 1 or more companies or company hierarchies.

Build the periods and duration.

For award budgets, Workday automatically builds the periods based on the award schedule.

(Optional) Access the

Create Award Budget Template from Proposal Budget Template

task.

Create plan templates for awards directly from plan templates for award proposals. Workday populates the award template with all of the plan lines from the award proposal budget.

You must create an award from an award proposal before you can create award plan templates from award proposal plan templates.

Security: Set Up: Budget General
domain in the Budgets functional area.

Enter or upload plan or budget details for each period:

Maintain Budget.

Enter plan or budget details manually.

Set Up Inbound EIB and Customize EIB Spreadsheet Template.

Upload details using an Enterprise Interface Builder. Workday recommends that you use the Import Budget
web service operation.

If you select

Use Amendments/Approval

on your plan structure:

Submit a Plan or Budget for Approval.

Amend Plans or Budgets.

Once approved, create amendments to make any changes to the plan or budget.

(Optional) Configure project budgets to use Project
plan type structures.

See: Steps: Set Up Project Budgets.

(Optional) Use budgetary control options to check plans and budgets as part of your business process workflow before approving financial transactions and HR events:

Steps: Configure Budget Checking for Spend Transactions

Steps: Check Position Budgets

Steps: Set Up Position Budgets

Steps: Set Up and Manage Award Proposals

You can now use your plans and budgets to compare plan to actuals when you generate financial statements.

Workday provides a number of standard reports to help you manage your plans and budgets. For a list, access the