How to Create a Budget Scenario?

To create a Budget Scenario, follow the steps below:

1. Navigate to Maintenance > Administration > Scenario Setup.
2. Click the Add button. The Add Scenario page appears.
3. On the General Information tab, select Budget from the Scenario Type drop-down list.
4. Enter a Scenario Code. 
5. Enter a Scenario Name. This field is optional.
6. Select the Fiscal Year for which the budget is being created. By default, the current fiscal year is displayed.
7. Enter a History Column Name, which is generally a description for the historical periods. When Budgets are prepared, history data may or may not be available. To address this, configure history periods from other scenarios to populate history data.
8. When the data becomes available for history periods, you might want to generate cash flow calculations based on the new data. To allow this, select Enable History Scenario for Cash Flow. This setting allows you to select a scenario and period which will be used as the base to calculate the MTD value for the first period in cash flow reports.
   1. History Scenario - Indicate the source to display comparative data from two (or more different) scenarios. Typically, a full year of prior actuals are not available, you may "plug in" data against open months from other scenarios (i.e. the latest forecast).
   2. History Period - Select the months from which the historical data needs to be displayed in the template.
9. Select source scenario and source period details in which to populate your scenario. By default, History Period selections show data from the Actual scenario's prior fiscal year. However, you may select a Source Scenario and Source Period to seed data if you want to overwrite the default settings.
10. If you are not seeding the Scenario, skip the Data Seeding tab.
    
    

    If you want the current budget version to be pre-populated with prior scenarios or seed data from Predict projections, click the Data Seeding tab on the left and then select Enable Data Seeding. The data can be seeded from any of the following methods:

    1. Seed from Predict Projections: To seed scenarios from the Predict Projections Engine, copy the reference scenario in Scenario Setup to populate the copied template with history-mapped projections.
    2. Seed all from Reference Scenario: To seed a scenario with all templates, notes, dynamic journals, and sublines from another scenario.
    3. Reference Scenario: This option helps to copy data from source to target. The source data might have both open and closed periods. When you have data for closed periods, you can choose whether to include them in the target scenario.
    4. Varying Scenario and Period Selection: Use this seeding option to seed from multiple scenarios and different periods to the target scenario.
    5. Reference Scenario with Overlapping Periods: This seed option can be used when seeding from a reference scenario to a target scenario where overlapping template periods and mismatched template structures exist in the source to target scenarios.
       To learn more about Data Seeding, click here.
       
       
       Notes: 

       • Template seeding is available for the following template types; Global Template – Single Copy, Global Template – Entity Copy, and Line Item templates
       • If you are using the Consolidations, you can seed Dynamic Journals
11. Select the Compare Scenarios tab. Compare scenarios are used to display comparative data from other scenarios such as historical actuals, data from the prior planning cycle, and plans with targets. Click Enable Compare Scenarios and select the desired scenarios. The number of Compare Scenarios is determined during application configuration (Define Budget Parameters in Configuration Task List).
12. Select the Data Trend Setup tab if you are a MyPlan user. Data Trends allow users to use prior, present, or future data points to help them complete a budget or forecast, by looking at data from any given scenario and time period, in order to analyze and benchmark against their working scenario. Users can use this feature to make actionable decisions by knowing how and what should be Planned, knowing where they are going to ultimately Land, and most importantly have a clear picture of where they currently Stand. For more information, see the MyPlan guide.
13. Select the Workflow Setup tab. Click the Enable Workflow for this Scenario checkbox to enable workflow actions like forward and approve. Workflow tasks are generated for roll up members and not all artifacts (templates and entities) associated with the rollup. For example, if Joe has access to the Budget Hierarchy and Denver HQ roll ups, the workflow task is generated only for Budget Hierarchy. If Joe has access to Denver HQ only, Denver HQ becomes the roll up for him and the workflow task is generated only for Denver HQ. To generate tasks for all the artifacts associated with a roll up, select the Generate Tasks for all Artifacts check box on the General tab of the My Settings page. By default, this check box is not selected. Access is based on Approval Role Setup.
14. Click Save and return to the Scenario list page. Now that you have created a Budget Scenario, you can lock the scenario, attach documents to the scenario, create a copy of the scenario, add templates, and so on.
    Note:

    Click the Reload icon to retrieve the up-to-date scenario list.

Scenarios must be in a forwarded state to make them available to budget users. To forward the scenario to budget users, follow the steps below:

1. Navigate to Maintenance > Administration > Scenario Setup.
2. Select the Scenario created, select the three vertical dots, and click Forward Scenario.