Transfer project budgets at fiscal year end

When working on a multi-year project, you might have remaining budget at the end of the fiscal year. You can transfer the remaining budget amounts to a future year, and create budget register details for the amounts in the associated general ledger accounts. Before you carry forward the remaining amounts, review and analyze the remaining budget amounts.

Review and analyze remaining budget amounts

Complete the following steps to review the year-end budget amounts for projects, but not carry the amounts forward.

1. Go to Project management and accounting > Periodic > Budgets > Carry forward budgets.
2. On the Project budget carry-forward process page, on the Year-end options tab, verify that Carry forward remaining project budget amounts is not enabled.
3. On the Parameters tab, in the Project budget year field, select the fiscal year for which you want to view the remaining budget amount.
4. In the Opening fiscal year field, select the fiscal year for which you want to view the remaining budget amount.
5. In the From forecast model field, select Remaining budget.
6. To include projects that meet your selected criteria and have no remaining budget, select Show zero remaining.
7. On the Select Budgets tab, select Retrieve all budgets to load all budgets that match your selected criteria, and then select Process.
8. To design a database query that loads a specific set of budgets into the pane, select Retrieve selected budgets.

For more information about a specific line in the pane, select the line, and then select View budget details or View accounts.

Carry forward remaining budget amounts

When you process remaining budget amounts, you can create transactions in the general ledger for the amounts that you are carrying forward. To create general ledger transactions, complete the steps in the section, Carry forward budget amounts and create general ledger transactions.

Note

Budget amounts that are carried forward are transferred to the forecast model that is selected in the Forecast models page as the carry-forward forecast model.

Carry forward budget amounts and create general ledger transactions

1. Select Project management and accounting > Periodic > Budgets > Carry forward budgets.

2. On the Project budget carry-forward process page, select Year-end, and then enable Carry forward remaining project budget amounts and Create budget register entries in general ledger.

3. On the Parameters tab, in the Project parameters field group, select the following:

   • Project budget year: Select the beginning of the fiscal year for which you want to view the remaining budget amounts.
   • Profit and loss: Create profit and loss transactions in the general ledger.
   • WIP: Create Work in Progress (WIP) transactions in the general ledger.
   • Payroll: Create payroll allocation transactions in the general ledger.

4. In the General ledger field group, provide the following information:

   • In the Opening fiscal year field, select the fiscal year that you want to transfer remaining budget amounts to for the projects. The default value is one year after the value in the Project budget year field.
   • In the Carry-forward period field, select the period that you want to create the budget register details for in the general ledger. This is typically the first period in the opening fiscal year.

5. In the Copy from/to field group, provide the following information:

   • In the From forecast model field, select the project budget forecast model associated with the remaining budget amounts you want to transfer for the projects.
   • In the To ledger budget model field, select the ledger budget model associated with the budget amounts you want to transfer to the general ledger.
   • Select Transfer sales currency to use the project's sales currency for the general ledger transactions that are created when you transfer the budget amounts for the projects. When the option is not selected, the transactions use the accounting currency.
   • Select Show zero remaining to include projects that have no remaining budget amounts, but meet the other criteria that you select in the projects displayed in the bottom pane.

6. On the Select Budgets tab, select Retrieve all budgets to load all budgets that match the criteria you selected. If you prefer to design a database query that loads a specific set of project budgets into the pane, select Retrieve selected budgets.

7. For each project that you want to process, select the option at the beginning of the line for the project.

   Tip

   To select all or most of the projects, select the check mark in the top upper-left corner. To exclude processing any project, clear the check mark for that project.

8. To transfer the remaining budget amounts for the selected projects to the selected fiscal year and create budget register details in the general ledger, select Process.

Carry forward budget amounts without creating general ledger transactions

1. Go to Project management and accounting > Periodic > Budgets > Carry forward budgets.

2. On the Project budget carry-forward process page, in the Year-end options field, select Carry forward remaining project budget amounts.

3. In the Parameters group, in the Project budget year field, select the fiscal year for which you want to view the remaining budget amounts.

4. In the Copy from/to group, provide the following information:

   • In the From forecast model field, select the project budget forecast model that is associated with the remaining budget amounts that you want to transfer for the projects.
   • Select Show zero remaining to include projects that have no remaining budget amounts, but that meet the other criteria you selected.
   • In the Select Budgets group, select Retrieve all budgets to load all budgets that match the criteria that you selected. To design a database query that loads a specific set of project budgets into the pane, select Retrieve selected budgets.

5. For each project that you want to process, select the option at the beginning of the line for the project.

6. Select Process to transfer the remaining budget amounts for the selected projects to the selected fiscal year.