Create Plans or Budgets

Define a plan structure that matches the fiscal schedule and account set for the companies and company hierarchies.

For award proposal budgets, create an award proposal.

For award budgets, create an award.

For multicurrency plans, define a currency rate type and conversion rates for currencies used in the plan.

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

After you define the plan structure, you create a template to specify the configuration for your plan or budget. On the template, you configure these options for use on your plan or budget:

Companies. For financial plans, you can also plan by company hierarchies.

Currencies.

Time periods.

You can create many templates from a single structure to maximize efficiency as you build plans or budgets:

Across companies and company hierarchies.

From year to year.

For financial plan structures, you can create a single plan template for multiple companies and company hierarchies. If you plan by companies, Workday also supports plan lines in currencies foreign to the managing company.

Access the

Create Plan Template

task.

As you complete the task, consider:

Option	Description
Plan Structure	When creating child plans or budgets, only top-level parent plan structures are available for selection.
Company	For multicompany financial plan structures, select the related companies that are available for this plan and plan lines. If you don't use an account set on the structure, Workday validates that the companies and companies hierarchies use the same account set.
Plan Name	(Optional) Specify a plan or budget name according to the plan type for the selected structure: Financial or Project : Enter a unique name. Award : Select an award for the selected header company. For parent and child plans or budgets, the name you enter automatically populates any linked children. You can change these names using the Edit Plan Structure Hierarchy Name task.
Plan Group	Displays only for parent and child plans or budgets when you enter a plan or budget name. Workday appends Budget Group to that name for the plan group name, which you can change here or on the Edit Budget Group Name task. The plan group groups together all linked members of the plan or budget family -- the parent, child, and associated grandchild plans or budgets. Use the Plan Group report to view and compare all plans or budgets in a hierarchy plan, including the baseline, cost, and revenue plans or budgets for a company.
Default Entry Type	Identifies the entry type for original plan lines for the template.
Default Reporting Currency	For multicurrency financial plans, select a default currency to use on reports. The default currency is usually the company base currency. Workday uses the standard conversion rate defined for the currency rate type to convert the different currencies to the specified default currency. When a report has a Translation Currency prompt, the report returns currency based on the value you entered in the prompt.
Enable Multicurrency	(Optional) For multicurrency financial plans, select this check box to enter plan lines in currencies other than the company base currency. The plan will reflect the same currencies as the actual transactions. You can enable multicurrency if you make a plan using companies only.
Currency Rate Type for Budget	To convert amounts from child level plans to virtual parent level plans with company hierarchies, Workday uses: The currency rate type that you select on these prompts. The default reporting currency on the consolidation details of your company hierarchy. The accounting date on your journal lines for spend conversions.
Currency Rate Type for Budget Spend	To convert company-level spend transactions to company hierarchy currencies on plan lines, Workday uses: The currency rate type that you select on these prompts. The default reporting currency on the consolidation details of your company hierarchy. The accounting date on your journal lines for spend conversions.
Enable for Allocations	(Optional) Select to enable the plan or budget as a source or target when creating allocations. Include only 1 template in allocations for each unique combination of company, plan structure, and fiscal year. To enable allocations for a new template using the same combination of company, plan structure, and fiscal year: Access the Edit Plan Template task. Clear Enable for Allocations . Workday disables this option for plan templates with these configurations: Company hierarchies Multicompany Multicurrency True Child True Parent
Default Balanced Amendment	(Optional) For financial plans, award budgets, and award proposal budgets, select this check box to select Balanced Amendment automatically on all amendments created for this plan or budget. You can change this setting when you create or edit amendments if you have access to the Create Unrestricted Budget Amendment (Segmented) domain.
Validate Expense Account Amendments	(Optional) Select the level of severity that you want to validate expense account amendments when they’re less than the current spend. You can leave this prompt empty. Workday only displays this prompt if you select Use Contextual Amendments on your plan structure. You can change this setting on the Edit Plan Template task. Workday only validates budget amendments that: You create or edit while you have a critical or warning validation configured. Have a ledger account that's marked as an Expense Source .
From To	To define the duration, select the start and end periods. Select the year and either: Period , for entry by period. Summary Schedule , for entry by summary schedule.