Create a budget or forecast

Budget Process Owners can create a budget using multiple strategies, such as importing a budget file or creating a budget line by line. This allows you to define planned expenses and allocate costs efficiently.

Budget Process Owners can create budgets and forecasts from Planning > Budgets and Forecast.

A budget or forecast can be created by:

• Adding items manually

• Importing a CSV file

• Loading values from Cost Transparency

• Creating an empty plan for Budget Contributors to complete

Create a budget

Use a budget to define planned spend for a fiscal year.

Before you begin

Make sure the required financial year is already configured in settings. The application only displays years that are defined as financial years.

Procedure

1. Go to Planning > Budgets and Forecast.

2. Select + New Budget / Forecast.

3. Enter the budget name.

4. Select the budget year.

5. Select Budget as the type.

6. Optional: enable CPI or LPI and enter the percentage.

7. Select Save.

The Budget Details page opens. From here, you can add items manually, import a file, load values from Cost Transparency, or create an empty budget for contributors.

Create a forecast

Use a forecast to estimate expected spend for a fiscal year or remaining period.

Procedure

1. Go to Planning > Budgets and Forecast.

2. Select + New Budget / Forecast.

3. Enter the forecast name.

4. Select the forecast year.

5. Select Forecast as the type.

6. Select the Lock Month.

   

7. Optional: enable CPI or LPI and enter the percentage.

8. Select Save.

The Forecast Details page opens. From here, you can add forecast items manually, import a file, load values from Cost Transparency, or create an empty forecast for contributors.

What is Lock months

When creating a forecast, you can select a lock month. The selected lock month restricts forecast entries from the beginning of the financial year through the selected month.

For example, if the financial year starts in January and you select May as the lock month, entries from January through May are locked.

Add items manually

Use manual entry when you want to create individual budget or forecast line items.

Required fields

Each budget or forecast item must include:

• Expense type

• Cost center

• Account

• Entity

Optional fields

You can also include:

• Vendor

• SKU

• Cost Pool, Sub Cost Pool, Tower, and Sub Tower

• Assumption

• Monthly budget values

Procedure

1. Open the Budget Details or Forecast Details page.

2. Select + New Budget Item or + New Forecast Item.

3. Enter the required item details.

4. Add optional vendor, assumption, or month-wise expenditure details if needed.

5. Select Save.

The item is added to the details page. Use Show Detailed View to view the monthly breakdown.

Import items from a file

Use file import to add multiple budget or forecast items at once.

The Budget Planning template is available from Admin > Data Dictionary.

Before you begin

Prepare a CSV file with the required fields:

• Expense type

• Cost center

• Account

You can also include optional fields such as:

• Entity

• Vendor

• SKU

• Cost Pool, Sub Cost Pool, Tower, and Sub Tower

• Assumption

• Monthly budget values

Procedure

1. Open the Budget Details or Forecast Details page.

2. Select + Import File.

3. Browse for the file or drag and drop it into the upload area.

4. Preview the uploaded data.

5. Select Next.

6. Map the required fields.

7. Select Finish.

After the file is imported, you can edit, delete, or add items as needed.

Load from Cost Transparency

Use Load from CT to create budget or forecast values from existing Cost Transparency data. The source data that Yarken loads depends on whether you are creating a budget or forecast and whether forecast data is available.

After the data is loaded, Yarken automatically populates the monthly values and calculates the relevant columns on the Budget Details or Forecast Details page.

Load a budget from CT

When you load a budget from Cost Transparency, Yarken uses data from the previous year.

Yarken checks for the source data in the following order:

1. If previous-year forecast data is available, Yarken loads the budget values from the previous-year forecast.

2. If no previous-year forecast data is available, Yarken loads the values from the previous-year budget.

If previous-year forecast data is available

When Yarken loads the budget from the previous-year forecast, the calculated columns use the following data:

If previous-year forecast data is not available

When no previous-year forecast is available, Yarken loads the budget from the previous-year budget.

Load a forecast from CT

When you load a forecast from Cost Transparency, Yarken always uses data from the current year.

Yarken checks for source data in the following order:

1. If current-year forecast data is available, Yarken loads values from the current-year forecast.

2. If no current-year forecast data is available, Yarken loads values from the current-year budget.

3. For locked months, Yarken uses the actual spend from Cost Transparency.

If current-year forecast data is available

When Yarken loads data from the current-year forecast:

If current-year forecast data is not available

When no current-year forecast is available, Yarken loads values from the current-year budget.

What happens after data is loaded from CT

After loading the data, Yarken displays the resulting monthly values and automatically populates the applicable calculated columns on the Budget Details or Forecast Details page.

You do not need to manually update these calculated columns. If you update the planning values, Yarken recalculates the applicable values automatically.

For more information, see Understand budget and forecast calculated columns.

Related content

• Configure additional planning items and exchange rates

• Manage budget or forecast items

• Review and submit budget or forecast for approval

• Approve or reject a budget or forecast

• Set a budget or forecast as baseline