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Administrator Guide
Last Updated: 2023-06-23
Create Position Budgets

Create Position Budgets

  • Create a budget for the fiscal year.
  • Set up approved positions.
  • Define approval steps in the
    Create Position
     business process.
  • If you plan to load position budgets into Workday, create the inbound Import Position Budget EIB from the predefined template.
  • Configure the
    Position Budget Event
     business process and corresponding security policy.
You can define the compensation and fringe details for position budgets based on the fiscal year.
You can also define budgets for positions assigned to your organization. Organization roles can manage cost allocations across different organizations at the budget line level.
  1. Access the
    Create Position Budget
     task.
    To create budgets for positions assigned to your organization, access the
    Create Position Budget for Organization
     task.
  2. Enter the control total in the
    Compensation Budget
     field. Workday compares this value to the available budget for this position during budget check processing.
  3. As you complete the
    Plan Lines
     tab, consider:
    Option Description
    Fringe Rate
    Enter a fringe rate for each line, or select a different rate from a budget fringe rate table associated with the position budget. If left blank, Workday calculates the fringe rate based on the compensation and fringe amounts.
    Fringe Amount
    Workday automatically calculates fringe as a percentage of compensation based on a default fringe rate. You can also enter fringe directly on the lines.
  4. (Optional) From the
    Compensation Information
     tab, view the default compensation assigned to the position. This information includes these amounts to assist you in determining values for this position budget:
    • Compensation range maximum.
    • Compensation range midpoint.
    • Compensation range minimum.
The position budget is ready for review and further processing.
You can use these reports to locate existing position budgets:
  • Find Position Budgets
  • Find Position Budgets for Organization
Approve position budgets.