Project Budgets

Project budgets are established via the Budget Detail page. When the Generate Award process occurs, the budget detail from the proposal budget flows through and is available for review finalization. Each row of the budget is then assigned ChartField values that will be used to track and control spending on the Project. Typically, the ChartFields assigned to Project budgets are at a higher level of detail than at which spending will occur. Once all required ChartFields have been entered and the amounts of each budget line have been verified, the budget is ready for posting. Only the budgets for the current budget period of an award are posted. Once the budget is successfully posted, it is active for transactions. Posting project budgets creates entries in both the Commitment Control ledger (KK) and the PROJ_RESOURCE record.

Budget Levels

Budget levels represent a hierarchy that supports budgeting requirements. All items within the same level represent the same kind of information. Two levels of budgets have been established for use within the GRANT project costing business unit. The budget detail level will vary depending on the type of award and/or sponsor.