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    hari puppala
    Project Financial Management Budget Approval SetupAnswered
    Topic posted July 20, 2017 by hari puppala, last edited January 30, 2019, tagged Budgetary control, Financials, Setup / Administration 
    227 Views, 2 Comments
    Title:
    Project Financial Management Budget Approval Setup
    Summary:
    Project Financial Management Budget Approval Setup
    Content:

    Hello,

    Can anyone help me with the project budget approval setups? I am not able to find any project related tasks under BPM work list and read a note that BPEL setup is required, is that true?

    If so how to access BPEL,

    1. Do I need to have specific role assigned?
    2. What is the navigation to access BPEL and the next setups to reach approval rule setup etc.?

     

    Best Comment

    Linda Wong

    Hi Hari,

    Can you please post this question in the Project Portfolio Management forum?  Your question is specific to projects, not financials.  Thank you.

    Comment

     

    • Linda Wong

      Hi Hari,

      Can you please post this question in the Project Portfolio Management forum?  Your question is specific to projects, not financials.  Thank you.

    • MShrini

      Yes Hari, You are right it requires BPEL which is mentioned as follows.

       

      Budget and Forecast Workflow: Explained

      Use Business Process Engineering Language (BPEL) workflows to manage budget and forecast approvals. To do so, select to use workflow for status changes when creating or editing a financial plan type.

      The following is a description of security considerations, approval rules, and the workflow process.

      Addressing Security and Setting Approval Rules

      Project managers and project administrators can create budget or forecast versions and submit them for approval. However, only the designated project manager for the project can approve budget or forecast versions.

      Submitted versions undergo a single level of approval. However, during implementation, you can define approval rules based on the following parameters:

      • Total raw cost

      • Total burdened cost

      • Labor effort

      • Equipment effort

      • Margin percentage

      • Margin

      For example, set rules like the following:

      • If total burdened cost is less than or equal to $50,000, then the project administrator can approve budget versions.

      • If total burdened cost is greater than $50,000, then the project manager must approve budget versions.

      Thanks,

      Srinivasu.