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Administrator Guide
Last Updated: 2023-06-23
Steps: Set Up Revenue Driven Budgets for Accounting Journals

Steps: Set Up Revenue Driven Budgets for Accounting Journals

You can use revenue-driven budget rules to automatically increase available spend budget amounts based on the revenue recorded in accounting journals.
Example: A department can spend the amount of collected fees in addition to their approved operating budget. The approved budget for the department is 100,000 USD. The posted revenue recorded on an accounting journal is 25,000 USD. When you use revenue-driven budget rules, Workday automatically increases the budget to 125,000 USD when the journal posts. When you turn on budget check for this budget, the budgetary control amount available for spending is 125,000 USD.
  1. Grant users who can create and maintain revenue-driven budget rules access to the
    Set Up: Revenue-Driven Budgets
     domain.
  3. Access the
    Create Revenue-Driven Budget Rule
     task.
    As you complete the task, consider:
    Default ~Entry Type~
    Workday recommends accessing the
    Maintain Entry Types
     task to create a new entry type specific to Revenue Driven Budgets to use on rules.
    ~Plan~
    Only plans using amendments on approval display for selection.
    Plans must be in
    Available
     status to generate automatic increases to the budget.
    Worktags
    Workday uses worktags to match journals with revenue source on rules. Journals can have many worktags but need to have at least the same worktags as a revenue source or be a subordinate of a hierarchy value on the rule.
  4. (Optional) Access the
    Maintain Revenue Driven Budget Rule Evaluation Order
     task.
    For revenue driven budget rules using hierarchies, assign an order for revenue-driven budget rules. Workday evaluates the ordering of rules from top to bottom set by this task and uses the first rule it finds with matching criteria.
  5. Create a manual journal.
  6. (Optional) Edit rules by selecting
    Revenue-Driven Budget Rule
    Edit
     from the related actions menu of the
    Company
    .
    You can edit rules to change budget values and point to new budgets for subsequent years.
When you record revenue on an accounting journal, Workday automatically creates a new budget line that increases budgets defined by the rule.
You can use these report fields based on the Revenue-Driven Budget Rule business object to create custom reports:
  • Book Code for Revenue Driven Budget Increase
  • Book Code from Source
  • Company or Company Hierarchy for Revenue Driven Budget Increase
  • Company or Company Hierarchy from Source
  • Inactive
  • Ledger Account/Summary for Revenue Driven Budget Increase
  • Ledger Account/Summary from Source
  • Plan for Revenue Driven Budget Increase
  • Revenue Driven Budgets Rule Effective Date
  • Revenue Driven Budgets Rule Name
  • Revenue Driven Budgets Worktags from Source
  • Worktag for Revenue Driven Budget Increase