Clarity
: Manage Financial Plans Using the New Financials Module

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Rita is a Financial Manager. Her key responsibilities include budgeting, projecting cash flows, and determining how to invest and finance projects. Rita wants to figure out how much a project is expected to cost and minimize financial risk. To analyse the financial aspects for a project she can use the New Financials Module for Projects that is based on the
Classic PPM
generic grid. Rita can use the generic grid features to perform actions such as:
  • Customize the grid and save the views. Saved views are shared across the financial modules of different investment types.
  • Filter the data in the grid based on the business requirements.
  • Use the menu option to take quick actions on the cost plans and budget plans.
  • Use the Group By option to segregate related rows view with aggregated subtotals wherever applicable.
  • Use the column panel to show or hide attributes on the layout.
  • Export the various cost plans, cost plan details, budget plans, and budget plan details along with the data in the grid to a CSV file.
  • Edit data associated with cost plans and budget plans directly in the grid or by using the details layout.
The following video describes how to work with financials in projects.

This video will not be available when you download the documentation in PDF format. Click here to watch the video on YouTube.
Rita can also complete the following goals:
  • View all the financial cost plans on the Plan List page.
  • Create, edit, and analyze cost plans.
  • When ready, she can mark the plan of record and send it for approval. (When a cost plan is approved, it becomes the budget plan for a project.)
  • Adjust the cost plan based on the progress of projects and create a new cost plan that either merges with or replaces the existing budget.
01_Create Cost Plan.jpg
This section contains the following topics that help a financial manager perform various tasks using
Clarity
:
3
Prerequisites
Before you implement the feature, ensure that the administrator implements the following configuration details:
  • Ensure that the project is associated with the blueprint in the projects grid view. To do so, add the blueprint column from the column picker and select the blueprint you want to associate with the project.
  • An administrator can decide whether Financial Plans (old financials) or Financials (new financials) module appears when users open a project. You can add the new projects financials module to the default layout for the standard blueprint. To learn more, see Configure Blueprints for Projects.
    01_Create Cost Plan.jpg
  • Ensure that the project is financially-enabled and that an entity with active fiscal time periods is associated with the project in
    Classic PPM
    . To learn more, see
    Classic PPM
    Financial Management
    . To do so associate your project with a department by selecting Department from the Column Picker and then specifying the value in the Department.
  • Ensure that you have one or more of the following access rights:
    • Project - Edit
    • Project Management - Navigate
    • Projects - Navigate
    • Project - Cost Plan - View All
    • Project - Cost Plan - Edit All
    • Projects - Budget Plan - View All
    • Projects - Budget Plan - Edit All
    • Projects - Budget Plan - Approve All
    • Projects - Budget Plan - Reject All
    • Projects - Benefit Plan - View All
    • Projects - Benefit Plan - Edit All
    • Projects - Benefit Plan - Approve All
Work with Cost Plans and Cost Plan Details
You can work with the cost plan and cost plan details as follows:
Create a Cost Plan
You can create multiple cost plans for a project. However, you can set only
one
cost plan as your plan of record (POR). By default, the first cost plan is set as the plan of record for a project.
Follow these steps:
  1. Open a project and click
    FINANCIALS
    .
    The sub-page for cost plans and budget plans appear. To view the existing cost plans for a project click
    Cost Plans
    and the list appears in a grid layout.
  2. Click the (
    +
    ) plus icon. A new line appears in the plan list grid.
  3. Complete the required fields including
    PLAN NAME
    ,
    PLAN ID
    ,
    PERIOD TYPE
    ,
    START PERIOD
    ,
    FINISH PERIOD
    , and GROUPING ATTRIBUTES, and various other fields that are available from the column picker.
    The
    PLAN ID
    field appears only if auto-numbering is turned off for the Cost Plan object in
    Classic PPM
    .
Edit Cost Plan Detail
If the estimates have changed for a project, you can edit and update the associated cost plan details from the Details panel. Alternatively, update the line item details for a cost plan detail by editing the rows in the grid. Double-click the cells in the plan detail to edit the planned cost values.
Follow these steps:
  1. Open a project and click
    FINANCIALS
    . The sub-page for cost plans and budget plans appear.
  2. Open the cost plan from the list that appears in the grid layout. The cost plan details page opens.
  3. Double-click the cell and edit the cost for each attribute as required. The total cost is updated in the cost plan details page and is visible in the cost plan.
  4. If you select the option Populate from Allocations in the Cost Plan List, the cost involved is auto-populated based on preconfigured values. The associated project must have at least one staff member (resource, role, or team) to allow populating from allocations.
  5. If you select the option Populate from Assignments in the Cost Plan List, the cost involved is auto-populated based on preconfigured values. The associated project must have at least one task assigned to allow populating from assignments.
Set the Plan of Record
The plan of record (POR) is the cost plan that you intend to use as the budget plan for a project. If you have defined multiple cost plans for a project, by default, the first cost plan is set as the plan of record (POR). You can set any other cost plan as the plan of record for a project. On the Plan Details page, the PLAN OF RECORD image appears at the top, next to the plan name.
Follow these steps:
  1. Open a project and click
    FINANCIALS
    . The sub-page for cost plans and budget plans appear.
  2. Open the cost plan from the list that appears in the grid layout.
  3. Click the
    ⋮ Actions
    menu and select
    Make Plan Of Record
    . The selected cost plan is now the plan of record for the project.
Copy a Cost Plan
You can create a cost plan from a copy of an existing cost plan. For example, you might copy a cost plan, edit a portion of it, and delete the rest. The copied plan includes the same grouping attributes, currency, and other details as the source plan.
Follow these steps:
  1. Open a project and click
    FINANCIALS
    . The sub-page for cost plans and budget plans appear.
  2. Open the cost plan from the list that appears in the grid layout.
  3. Click the
    ⋮ Actions
    menu and select
    Copy
    .
  4. Complete the required fields including
    PLAN NAME
    ,
    PLAN ID
    ,
    PLAN DESCRIPTION
    ,
    PERIOD TYPE
    ,
    START PERIOD
    ,
    FINISH PERIOD
    ,
    BENEFIT PLAN
    , and
    SCALE BY %.
    Here, Scale By % defines the percentage by which to scale (increase or decrease) the dollar values in the copied plan.
    Example:
    Enter 75 percent to increase the values from the source plan by 75 percent from their original.
    Default:
    0%. No change in values.
  5. The
    PLAN ID
    field appears only if auto-numbering is turned off for the Cost Plan object in
    Classic PPM
    .
  6. Click
    CREATE
    .
    The copied cost plan appears for you and other users to view or edit.
Delete a Cost Plan
You can perform similar steps to delete a cost plan that you no longer need. You can delete the plan of record if it is the only cost plan available for a project. Otherwise, make another cost plan the POR before deleting the current POR.
Grouping Attributes
Group the cost plan data by the available attributes to analyze how the funds are being allocated for each type within a grouping attribute.
Follow these steps:
  1. Open a project and click
    FINANCIALS
    . The sub-page for cost plans and budget plans appear.
  2. Open the cost plan from the list that appears in the grid layout.
  3. Specify the Grouping Attributes from the cost plan. Alternatively, you can specify the grouping attributes from the Details panel. The attributes are also visible from the filter. The Grouping Attributes you specified in a cost plan are listed as attributes (columns) in the cost plan details page. The attributes let you group and aggregate the cost for a specific attribute.
Collaboration Using Conversation From Cost Plan and Cost Plan Details Page
You can coordinate with your team for a project using the Conversations panel. Team members and managers can reply and mention other team members in the conversation. The conversation attribute is available in grid view to indicate with a check that there is conversation associated with a specific cost plan or cost plan detail. You can only communicate using the Details panel.
Follow these steps:
  1. Open a project and click
    FINANCIALS
    . The sub-page for cost plans and budget plans appear.
  2. Open the cost plan from the list that appears in the grid layout. The Details tab appears.
  3. Click the Details tab and start your conversation. You can use
    @
    to look for a specific team member. The recipient receives a notification
Add/Delete Rows
You can add rows in the Cost Plan List and Cost Plan Details.
Follow these steps:
  1. Click the (
    +
    ) plus icon
    Add Row
    or right-click on a row and select
    Insert Row Below
    .
  2. Type in or use the lookup menu to specify the grouping attributes for the new line item.
To delete a row in the grid, right-click any cell in that row and click
Delete Row.
Work with Budget Plans
When a cost plan is approved, it becomes the budget plan for a project. You can submit a portion of a cost plan for approval by varying the start and end dates for the submission. Only the portion between the new start and end dates is submitted for approval. When a cost plan is approved, it becomes a budget plan with a new version number. If there is a previous budget, it is saved separately and can be viewed but not edited.
When submitting a cost plan as a budget plan, remember these rules:
  • If a budget plan exists, the submitted cost plan must include the same grouping attributes to merge the submitted cost plan data with the existing budget plan data. If the grouping attributes are not the same, replace the existing budget plan or cancel the submission.
  • You can only submit or approve one budget plan at a time.
  • When a submitted budget is approved, the budget plan becomes the POR.
  • You can edit a submitted budget, but you cannot edit an approved or rejected budget.
  • If an approved budget exists, the submitted cost plan data can be either merged with or can replace the approved budget.
Submit Cost Plans as Budget Plans
Submit a cost plan as a budget plan to create a new approved budget, or to update the budget after updating the cost plan. A cost plan must be designated as the POR before you can submit it for approval. If an approved budget plan exists, and you create or update a cost plan as the new POR, you can submit the POR to merge with the approved budget plan or to replace the budget plan.
Follow these steps
:
  1. Click
    Projects
    .
  2. Open a project and click
    Financials
    . By default, the cost plan that is designated as the Plan of Record appears.
  3. Click the
    ⋮ Actions
    menu and select
    SUBMIT FOR APPROVAL
    .
    To submit a budget plan, click
    Plan List
    and select the
    ⋮ Actions
    menu associated with the POR.
  4. Complete the following fields:
    • PLAN NAME
      Enter the name of the budget plan
    • PLAN ID
      Defines unique ID for the budget plan
    • PLAN DESCRIPTION
      Provide a brief explanation of the budget plan.
    • PERIOD TYPE
      (Non-editable)
      Displays the period type associated with the cost plan.
    • START PERIOD
      Displays the start period of the budget plan. To submit a portion of the cost plan rather than the whole plan for the budget, select a different start period.
    • FINISH PERIOD
      Displays the end period of the budget plan. To submit a portion of the cost plan rather than the whole plan for the budget, select a different end period.
    • BENEFIT PLAN
      Associate a benefit plan with the budget plan. If you have associated a benefit plan with the cost plan, the same benefit plan will get attached to the budget plan.
    • SUBMIT OPTION
      • Replace
        : Selected by default when you are creating a new budget plan.
      • Merge
        : Available when you revise a budget plan. Allows you to merge the changes with the existing budget plan.
  5. Submit the cost plan for approval.
Approve or Reject Submitted Budget Plans
Follow these steps
:
  1. Click
    Projects
    .
  2. Open a project and click
    Financials
    . By default, the POR appears.
  3. Click 
    Plan List
    and click
    BUDGETS
    to review the list of budgets.
  4. In the
    Search
    bar, enter the name of the budget or the
    PLAN ID
    to identify the budget you want to edit.
  5. To approve or reject the budget, click the
    ⋮ Actions
    menu and then select
    APPROVE BUDGET
    or
    REJECT BUDGET
    .
  6. To edit a budget, click it.
    The budget opens.
  7. Add an additional row or remove a row from the budget.
  8. Edit the amounts in the
    BUDGET
    column.
  9. After you have finalized your changes, click the
    ⋮ Actions
    menu and select
    APPROVE BUDGET
    to approve the budget.
  10. To reject a budget, select the
    REJECT BUDGET
    option.
Budget Plan Changes
  • Combination Already Exists
    : If a
    Combination Already Exists
    error message appears, it means you added a new row to a budget plan with the same grouping attributes as a previous entry. In this situation, you can delete the unnecessary row.
  • Cannot Edit an Approved Plan
    : After you submit a cost plan for approval, it becomes the submitted budget plan. You can edit the submitted budget plan; however, you cannot edit the budget plan after it is approved.
Create a Budget Revision
An approved cost plan becomes the budget plan for a project. Since projects are dynamic and continuously change, you can revise various parts of the budget, or can replace the budget entirely. You can make two types of revisions to an approved budget plan:
Merged Budget Plan Revision
  • Submit a cost plan with new line items and merge the changes with the existing budget plan.
  • Submit a portion of a cost plan by varying the start and end dates for the submission, or update the field values in specific time periods. You can submit only the changed time periods and can merge them with the budget.
Replacement Budget Plan Revision
  • Submit a cost plan with deleted line items and replace the budget to remove those line items from the budget plan.
  • Create a cost plan, using different grouping attributes or time period types, and replace the budget.
Both revision types provide approval history. However, the replace feature enables you to delete line items that are no longer needed, and to revise grouping attributes and fiscal time periods.
When you submit a cost plan that revises an existing budget, you specify whether to merge or replace using the Submit Options pull-down list. This field appears only when there is at least one approved budget. If the new cost plan has a different structure than the existing budget, Replace is the only option.
When your cost plan is approved, it becomes the revised budget plan with a new version number. You can view the previous version of the budget, which is saved separately. You cannot edit either previous budget plans or the currently approved budget plan.
Another simple example where you might want to replace a budget is when you no longer need a line item in the budget plan. If you want to remove a line item from the budget plan, delete the line item in the cost plan. Submit the revised cost plan as a replacement for the budget plan.
Work with Benefit Plans
The Financials module in Projects supports benefit plans. Creating a benefit plan and associating it with a cost plan allows you to estimate the benefit from the investment or Net Present Value (NPV) on an investment.
The cost plans follow the approval process to become a formal budget, however, there is no need to approve benefit plans. A benefit plan can be associated with multiple cost plans, however, a cost plan can have only one associated benefit plan. To manage benefit plans, create a benefit plan to associate with cost plans or update existing plans.
You cannot delete a benefit plan that is associated with any cost or budget plan.
Remember that the saved views are shared across the financial modules of different investment types. For example, if you save a view in the Benefits Plan grid for a project, the same view is available in the Benefits Plan grid for ideas and custom investments.
Create a Benefit Plan:
  1. Open a project and click the FINANCIALS module.
  2. Follow these steps:
    1. Click Benefit Plans, and click the (+) plus icon.
    2. Complete the following fields:
      1. Name: Enter a name for the benefit plan.
      2. Period Type: Defines the time period unit that appears on the benefit plan, such as Monthly, Quarterly, or Annual.
      3. Start Period: Defines the first time period to include in the plan.
      4. Finish Period: Defines the last time period to include in the plan.
      5. ID: Enter an ID for the benefit plan.
    3. Save the changes.
Edit Benefit Plans Details
Use these steps to add line item details to a new benefit plan. The details that you add appear under the Detail field on the benefit plans details list page. You can only define details for the time periods that are applicable to the benefit plan.
Follow these steps:
  1. With the benefit plan open, click the (+) plus icon.
  2. For each benefit detail, complete the following fields in the Benefit Details section:
    1. Benefit Class: Select an option in the Benefits Class field.
    2. Benefit Subclass: Select an option in the Benefit Subclass field.
    3. Description: Enter a brief explanation of the plan.
  3. Review the following fields for each benefit detail line item:
    1. Benefit: Defines the planned benefit amount for the time period.
    2. Actual Benefit: Defines the actual benefit amount for the time period.
    3. Variance: Displays the difference between the actual and the planned benefit for the time period.
Associate Benefit Plans with Cost Plans
Use these steps to associate a benefit plan with a cost plan.
Follow these steps:
  1. From the Cost Plan list, select a cost plan.
  2. In the Benefit Plan field, select a benefit plan.
Associate Benefit Plans with Submitted Budgets
The benefits plan that is associated with a cost plan carries over to the submitted budget. This association can only be changed while the budget is in a submitted state. Once approved, the benefit plan association cannot be changed.
Follow these steps:
  1. From the budget plan list, select the budget plan.
  2. In the Benefit Plan field, select a benefit plan.
Organize Columns on the Grid
You can organize the financial grids by using the grid controls described in this section.
Follow these steps:
  1. On the grid, you can hover on any column header and view more options. You can pin columns to the left or right. You can also auto-size or reset column width. The following image shows an example of the columns menu.
  2. You can show and hide columns on the cost plan. Hover on any of the row headers and click . Select the columns that you want to see on the view. In the following example, the Planned cost is displayed only under the Totals section but not under 2018-02.