About Budgets
Budgets can be established and tracked in HEAT as part of ITFMInformation Technology Financial Management. Part of the Financial Management capabilities of HEAT. (IT Financial Management). Financial Management consists of the following parts:
- Historical Data Collection: Compile data to be used for the budget plan.
- Budget Plan: Create the budget.
- Cost Tracking: Track actual costs and compare with the budget.
- Analytics: Report the data results.
The lifecycle of the budget follows this model. The following diagram shows more detail.
Historical Data Collection
During this phase, do the following:
- Gather ad-hoc trend analysis based on run-time defined data filter criteria, such as date range, cost driver, service, entity, and price list items.
- Track customer requirements for the next budget year.
- Create budget items from historical data.
Budget Plan
The budget plan consists of various parts:
- Master budget: The overall budget, such as the budget for the current fiscal year. See Create a Master Budget Plan.
- Sub-budgets: Sub-budgets are for specific entities within an organization or services, such as Sales and Marketing, Mobile Communication, or Special Projects. See Sub-Budget Plan Tab.
- Budget items: Budget items are specific items tracked within the budget. See Budget Items.
- Budget Requirements: