Over the summer, TriCore Solutions will be posting tips about Oracle. Read on to learn a tip about tracking project budgets from TriCore's Senior Practice Manager, Srini Nakka.
Tip #1 - Tracking Project Budgets
Oracle Projects allows you to track project costs against project budgets. Project Budgets can be defined in two ways in Oracle Projects.
- Directly via budget screens in Oracle Projects
- Import budgets from external systems via import process
Here are the main project budget features in Oracle Projects:
Multiple Budget Versions: Oracle Projects allows you to create multiple budget versions that include all of the costs for your project, such as engineering costs, item costs, manufacturing costs, and overheads. You can revise your estimate to complete many times during a project. Each project you define can be compared to the current or "baseline" budget with earlier versions for analysis and reporting.
Several Budget Types: Oracle Projects Budgeting Feature allows you to create diverse budgets including cost budgets, revenue budgets, forecasted revenue budget, and approved cost budget.
Time Phased Budgeting: You can create user defined time periods or use existing calendars in Oracle General Ledger or Oracle Projects to establish multiple budgeting periods.
Budget Extensions: Oracle Projects provide you budget extensions that you can use to customize to meet your company's budgeting requirements.
Budget Base lining and Approval: Project Budgets can be base lined and used in a workflow supported approval process for approving your project budgets.
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