You set up financial plan types to define the different types of project budgets and forecasts that you want to plan for (for example, an approved cost budget, an estimate, or a bid).
Note: Oracle Projects predefines a single financial plan type to enable tracking of workplan costs. You cannot manually define a financial plan type for workplan costs.
Before you can create a budget or forecast for a project, you must define a financial plan type and add the plan type to the project. The options and settings that you specify for a financial plan type provide the default options and settings for plan types that you add to a project template or project.
When you define a financial plan type for budgeting or forecasting, you must select a plan class to identify the plan type as a budget or forecast plan type. You can optionally designate a budget plan type as an approved cost budget, an approved revenue budget, or as both an approved cost budget and an approved revenue budget. You can optionally designate a forecast plan type as a primary cost forecast, a primary revenue forecast, or as both a primary cost forecast and a primary revenue forecast.
Note: You can use Oracle Projects function security to control access to budgets and forecasts based on the plan class, and the approved budget or primary forecast designation that you select for a financial plan type. For additional information, see: Function Security in Oracle Projects, Oracle Projects Implementation Guide.
The approved budget and primary forecast plan type designations enable the system to use plan versions you create for these plan types for specific purposes. For example:
On a contract project, the system checks the project funding amount against the current baseline version of an approved revenue budget.
When you create a baseline version for an approved cost budget or approved revenue budget plan type on a project for which a primary cost forecast or primary revenue forecast plan type also exists, the system automatically creates an initial cost or revenue forecast version based on the corresponding approved budget version, if no forecast version exists.
The system uses approved budget and primary forecast plan versions as the default display versions when you view budget or forecast information using shortcuts from the Project Home page, and when you view budget or forecast information using project performance reporting features.
You can set up budget and forecast plan types to enable workflow for budget status changes, and you can specify whether users can directly edit baseline versions. You can also select the change document types and change document statuses that users can include in plan versions for a budget or forecast financial plan type, and you can indicate whether users can partially implement the revenue financial impact of a change order. You can define conversion attributes for converting transaction currency amounts to project currency and project functional currency for all plan types.
Attention: After you add a financial plan type to a project, you can update only the following information for the financial plan type:
Effective dates
Whether to use workflow for status changes
Conversion attributes
Change document types and statuses that can be included and implemented in the plan type
You cannot delete a financial plan type after you add it to a project.
To define a financial plan type:
Navigate to the Create Plan Type page.
Enter a name and, optionally, a description.
Enter an effective from date and, optionally, an effective to date.
Select a plan class to designate the plan type as either a budget or forecast plan type.
For a budget plan type, optionally designate the plan type as an approved cost budget, an approved revenue budget, or both.
For a forecast plan type, optionally designate the plan type as a primary cost forecast, a primary revenue forecast, or both.
Optionally enable the Allow Edit After Initial Baseline option. If this option is enabled for an approved budget financial plan type, then you can edit and submit a working version after the creation of an initial budget baseline. However, if this option is not enabled, then you can update an approved budget only by creating a change order that records the financial impact of the change and by implementing the financial impact of the change order in the budget.
To enable Workflow for the plan type, select the Use Workflow for Status Changes check box.
Optionally, select default conversion attributes for converting transaction currency amounts to project functional currency and project currency.
Optionally, select the change document types and change document statuses for each plan type, and indicate whether partial implementation of revenue impact is allowed for change orders. For more information, see: Change Document Attributes, Oracle Project Management User Guide.