Slide 3 - Oracle Financials Cloud Release 11
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[Hello, my name is Cynthia. Welcome to training for Release 11. In this session we will talk about what’s coming in Oracle Financial Cloud for Budgetary Control’s budget management improvement enhancements. ]
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Slide 4 - Agenda
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[For the enhancements covered in this training, we’ll give an overview, followed by more detail to explain how you can use them, and what business value they bring.
Then we’ll walk you through a demonstration.
Next we’ll explain what you need to consider before enabling these features in your business, and what you need to know to set them up.]
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Slide 5 - Enhancements Overview
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You can now control when periodic budget funds are available for consumption. Use the new future budget spending controls feature to control the release of budget and to prevent spending of funds in future periods.
Oracle Financials Cloud now delivers dashboards that provide instant insight into your business, organize common financial activities and pinpoint issues that require attention. The dashboards assess financial transactions in real time and alert you to potential risks – proactively helping you to prioritize day-to-day activities. Available on the General Accounting dashboard, use the new customizable budgetary control infolets to quickly view and track funds availability and funds consumption on your critical control budgets and budget accounts.
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Slide 6 - Future Budget Spending Controls
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You can now prevent budget consumption in future periods by controlling the release of budget amounts by period.
For summary control budgets, which are control budgets defined with a source budget type of Control Budget, you can determine when to release budget amounts from the detail source control budget into a summary control budget.
Set the new Release Budget for Consumption option to control when budget amounts are released.
• Select Immediately to release budget amounts upon import to the source control budget. This is the default behavior for existing control budgets created prior to this release.
• Select When Source Budget Period Opens to release budget amounts when the period of the specified source control budget is opened.
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Slide 7 - Budgetary Control Infolets: Budget Consumed
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The new Budget Consumed infolet displays the budget consumption for a control budget’s budget accounts of your choosing. The default view provides the overall budget consumption status across all of the budget accounts you chose.
Click the Expand icon in the bottom right corner of the infolet to view the top four budget accounts – those with the highest consumption percentages of the control budget.
While in the expanded view, drill down to the Review Budget Balances page by clicking the budget account. Click Show More to drill down to the Budget Monitor to see the funds available details for all the budget accounts.
Up to 5 different instances of this infolet can be configured by each budget manager to track the status of funds for important control budgets and pinpoint areas requiring your attention.
The new budgetary control infolets are available on the General Accounting Infolets page, which you can access by clicking the pagination control dot at the top of the springboard.
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Slide 8 - Budgetary Control Infolets: Funds Available
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Also available on the General Accounting infolet page is the new Funds Available infolet.
This infolet displays a control budget’s funds available amount and percentage based on the unused portion of the current period budget for a budget account you specify.
You can click the funds available amount to drill down to view additional funds available details for the budget account.
Each budget manager can easily configure up to 5 Funds Available infolets to provide an at-a-glance view of key budget accounts.
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Slide 9 - Budget Management Improvements
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The new budget management improvement features will benefit your organization in many ways.
Now actively control when periodic budget funds are available for consumption therefore preventing spending of budget funds in future periods.
The user configurable budgetary control infolets provide insight into your budget position based on real-time transactions and alerts you to potential risks, proactively guiding you to manage and prioritize day-to-day activities. Pinpoint areas requiring your attention to help make timely decisions, such as a budgetary transfer or implementing a spending freeze. For a budget manager the infolets provide easy access to a quick but comprehensive view of critical budgets.
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Slide 20 - Implementation Advice
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[In this implementation advice section we will go through what you need to consider before enabling these features in your business, and what you need to know to set them up.]
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Slide 21 - Feature Impact Guidelines
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This table depicts key upgrade information for the new features covered in this training. These features are automatically available after upgrade and have setup associated with them. The setup details are covered later in this section. All features can be accessed through existing shipped job roles.
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Slide 22 - Setup Summary: Future Budget Spending Controls
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[The setup for Future Budget Spending Controls is achieved by accessing the Manage Control Budgets task. This task can be found in the Functional Setup Manager under the Financials offering of the Define Budgetary Control functional area. The Manage Control Budgets task can also be accessed in the Budgetary Control work area by using the navigator.
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Slide 23 - Future Budget Spending Controls Setup Detail
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To implement the future budget spending controls feature, the control budget with the summarized periods must be defined with a source budget type of ‘Control Budget’. Typically this control budget will have a budget period at a summarized interval such as quarterly or yearly. Select the source budget name of the budget providing the source of the funds for this control budget. This source control budget should be defined at the budget period interval you will be releasing the budget such as monthly. Finally set the Release Budget for Consumption option to When source budget period opens. This setting will release the budget amounts when the corresponding source budget's period is opened.
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Slide 24 - Implementation Decisions
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When deciding if the future budget spending controls feature should be implemented, consider whether you want to control the release of funds in a budget period.
If so, then the control budget with the summarized funds should be defined with the Release Budget for Consumption option set to When source budget period opens. This setting allows the budget to be released when the budget period of the source detail control budget is opened.
If you prefer not to control the releasing of the funds, then set the Release Budget for Consumption option to Immediately.
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Slide 25 - Setup Summary: Budgetary Control Infolets
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The setup for the budgetary control infolets is achieved by enabling the budget account groups you want to display in your infolets. Budget account groups can be accessed from the Budget Monitor region in the Budgetary Control Dashboard.
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Slide 26 - Budgetary Control Infolets Setup Detail
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To Enable a budget account group to appear in an infolet, click the Display on my infolet checkbox. This is a personalization and therefore must be selected by the individual user.
You can enable any existing budget account groups to display in your infolet that you have access to or you can create addition budget account groups for this purpose. Either way, be sure to specify budget account labels.
Each user can select up to five budget account groups to be displayed in his or her infolets.
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Slide 27 - Setup Best Practices: Budgetary Control Infolet
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Some setup best practices to keep in mind are: Name your budget account group on the Create / Edit Budget Account Group page such that it can serve as a meaningful default infolet title for all users.
Keep the name short because the infolet title is limited to 1 or 2 inches in width.
Even though the centrally named budget account group name is defaulted as the infolet title for all users, the infolet infrastructure allows personalization of infolet titles. But we recommend a meaningful, shared name and do not recommend individual users changing the defaulted Budget Consumption infolet title.
While enabling a budget account group to display in infolets is a personalized choice, the budget account label is shared.
Do not change the budget account label when enabling a budget account group to display in your infolets.
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Slide 28 - Job Roles
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[This table details the shipped job roles that will access the new capabilities covered in this training.]
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Slide 29 - Business Process Model Information
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[The business processes associated with the new capabilities covered in this training are detailed here.
The high level business process is Manage Budgets with Control Budget Setup activity and the related tasks Define Source Budget and Define Control Budget.
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Slide 30 - Associated Release Training
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Other training modules that are related to these new capabilities and are recommended viewing are:
Oracle Project Portfolio Management Cloud Enhanced Financial Management for Controlling Project Costs
and
Oracle Inventory & Cost Management Cloud Budgetary Control and Encumbrance Accounting Enhancements.
If you have the dual responsibilities of budget manager and accounting manager, you may be interested in the General Accounting Infolets for which a separate release training is available.
Also the Oracle Financials Cloud Dashboard and Work Area Guide is available with more information on infolets and work areas in Oracle Financials Cloud Release 11.
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