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The Budget Accounting Cycle

Typically Budget accounting cycle consist of five steps in oracle.

Step 1 :Defining Budgets And Budget Organizations

Here you can define upto 60 budget periods in your budget; you can define budget organizations at any level - cost center, division and so on and assign passwords to budgets and create new organizations by copying existing budget organizations.

Step 2 :Entering Budgets

You can enter budget data using standard, formula-based and automatic allocations. You can also enter amounts using annual spread, fixed amounts and calculated methods using an individual account layout or a worksheet type screen layout. You can also transfer budget amounts from one a/c to another.

Step 3 :Reviewing and Correcting Budgets

This consist of reviewing budget amounts and variances by period and a/c combination online and compare summary balances of master detail budgets.

Step 4 :Freeze Budgets

This prevent further update to completed budgets.

Step 5 :Reporting on Budgets

This consist of running standard or customized budget reports.