Clarity: Manage Idea Financials

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HID_newux_ideafinancials
Nicole, a project manager observes that some of the ideas have substantial potential and can be converted into projects to add value to their organization. However before the ideas are converted Nicole needs Rita's financial expertise to project the estimated cost of the ideas before she can submit the ideas for approval.
Rita develops various cost plans for the shortlisted ideas. Rita also plans to show the cost breakdown for each cost plan and hence creates the cost plan details. Since the Financial module is enabled, it saves Nicole's time to view the cost plan and cost plan details for ideas that already have the financial estimates in
Classic PPM
.
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 the idea)
  • Adjust the cost plan based on the progress of ideas and create a new cost plan that either merges with or replaces the existing budget.
  • Ideas that have cost plans in
    Classic PPM
    , are automatically included in the Cost Plan List view in
    Clarity
    .
  • The Cost Plan List and Cost Plan Detail views support custom attributes in both the grid and Details panel. Configure once and the attributes are available in Ideas.
  • You can link a Benefit Plan with a Cost Plan List in the grid view or through the Details panel in
    Clarity
    . However, you can create Benefit Plans only in
    Classic PPM
    .
  • Since Idea uses the common grid component, the Grid Status Bar displays Average, Count, Min, Max, and Sum for the selected cells in the grid. For example, you can select multiple rows from the Cost column in a cost plan detail and see the total and average planned cost for those attributes for an idea.
This section contains the following topics that help a financial manager perform various tasks using the Idea Financials in
Clarity
2
Prerequisites
Before you begin using the feature, ensure that the following configuration details are implemented by your administrator:
  • Ensure that your administrator has configured the financials module using blueprints.
  • Ensure that your idea is financially-enabled and that an entity with active fiscal time periods is associated with the idea in
    Classic PPM
    . To do so associate your idea with a department. Select Department from the Column picker and then specify the department value in the row for the idea.
  • Ensure that you have one or more of the following access rights:
    • Idea - Cost Plan - Edit All
    • Idea - Cost Plan - View All
    • Idea - Cost Plan - Edit
    • Idea - Cost Plan - View
    • Idea - Budget Plan - Edit All
    • Idea - Budget Plan - View All
    • Idea - Budget Plan - Edit
    • Idea - Budget Plan - View
    • Idea - Financial Plan - Submit All for Approval
    • Idea - Budget Plan - Approve All
    • Idea - Budget Plan - Reject All
    • Idea - Benefit Plan - View All
    • Idea - Benefit Plan - Edit All
    • Idea - Benefit Plan - Approve All
Work With Cost Plan 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 an idea. 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 an idea.
Example:
Rita develops cost plans for the idea Email Archival Repository for the fiscal year 2020, and 2021 for New York and London to determine the operating and capital costs in each of these locations.
 
Follow these steps:
  1. Open an Idea and click
    FINANCIALS
    . The cost plan list appears in grid layout.
  2. Click the (
    +
    ) plus icon. A new line appears in the plan list grid.
  3. Complete the required fields including
    Plan Name
    ,
    Start Period
    ,
    End Period
    , and
    Grouping Attributes, ID
    ,
    Period Type
    and various other fields that are available from the column picker.
The values in the
ID
field only appears if auto-numbering is turned on for the Cost Plan object in
Classic PPM
. You can select one or more predefined grouping attributes.
Associate a Cost Plan With a Benefit Plan
You can link a Benefit Plan with a Cost Plan List in the grid view or through the Details panel in
Clarity
. However, you can create Benefit Plans only in
Classic PPM
.
Follow these steps:
  1. Open an Idea and click
    FINANCIALS
    . The cost plan list appears in grid layout.
  2. Navigate to the Column picker, select Benefit Plans. The Benefit Plan column is added in the Cost Plan grid.
  3. If there are multiple Benefit Plans for a Cost Plan, click the drop-down list from the row and select a Benefit Plan. The Benefit Plan is now associated with the Cost Plan.
Edit a Cost Plan
If the estimates have changed for an idea, you can edit and update the associated cost plan from the Details panel. You can also update the line item details for a cost plan by editing the rows in the grid. Double-click the cells in the plan to edit the planned cost values. You can copy planned costs from the same grid or an excel sheet and paste it elsewhere in your grid.
Example:
Rita receives feedback that she must update the cost plan Period Type in Email Archival Repository for the fiscal year 2020 to be monthly instead of quarterly, add specific details in the description, and then submit it for approval.
 
Follow these steps:
  1. Open an Idea and click
    FINANCIALS
    . The cost plan list appears in grid layout.
  2. Make in-line edits. Alternatively select a cost plan, click
    DETAILS
    . The Details panel opens.
  3. Click the details icon.
  4. Edit the necessary details.
The edits are immediately visible in the cost plan.
Create a Cost Plan Detail
You can create Cost Plan Details for a specific Cost Plan List to view the cost allocation breakdown. You can drill into a Cost Plan List to review the Cost Plan Detail view. You can also add Cost Plans Details through in-line edit.
Example:
Nicole asks Rita to show the cost plan details for the various cost plans to view the cost breakdown for the entire period.
 
Follow these steps:
  1. Log in to
    Clarity
    .
  2. Navigate to
    Ideas
    from the main menu.
  3. Open an Idea and click
    FINANCIALS
    . The cost plan list appears in grid layout.
  4. Select a cost plan. The cost plan details page opens.
  5. Click the (
    +
    ) plus icon. A new line appears in the cost plan details grid. The Grouping Attributes that you have set in a cost plan appear as columns in the cost plan details page. The grouping attribute helps you find the aggregate cost for a specific grouping attribute.
  6. Specify the values for the attributes and the cost involved.
You can copy and paste the cost values in the grid.
  • If you select the option
    Populate from Allocations
    in the Cost Plan List, the cost involved is auto populated based on preconfigured values.
  • When you save a view in the Cost Plan grid, the same view is applied to all cost plan details for the idea.
Edit Cost Plan Details
If the estimates have changed for an idea, 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. You can copy planned costs from the same grid or an excel sheet and paste it elsewhere in your grid.
 
Follow these steps:
  1. Open an Idea and click
    FINANCIALS
    . The cost plan list appears in grid layout.
  2. Open a cost plan. The cost plan details page opens.
  3. Select a cost plan detail, click
    DETAILS
    , and then click the details icon.
  4. 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.
Set the Plan of Record
If you have defined multiple cost plans for an idea, by default the first cost plan is set as plan of record (POR). You can set any other cost plan as the plan of record for an idea. The Plan of Record can be configured using either the grid action menu, grid or Details panel.
Example:
Rita sets the cost plan for the FY2020 New York as the plan of record (POR) so that she can submit it to her stakeholders for approval.
Follow these steps:
  1. Open an Idea and click
    FINANCIALS
    . The cost plan list appears in grid layout.
  2. Right-click a cost plan and select
    Make Plan Of Record
    . The selected cost plan is now the plan of record for the idea.
  3. Right-click the cost plan and select
    Submit for Approval
    .
Grouping Attributes
Group the cost plan data by the available attributes to analyze how the funds are being allocated for each type of labor for a specific attribute. If you select Resource and Role attributes from the Grouping Attributes column in a cost plan. The cost plan detail page displays the cost involved for the resources you specified and the role the resources pertain to. This helps determine the amount estimated to be spent on a specific role, and amount spent on individuals for an idea. If you select Department and Location attributes. This helps you determine the amount estimated to be spent on a specific department in a specific location.
Example:
Rita wants to group the cost allocation department wise and thereby groups the cost plan detail using the Department attribute. This helps stakeholders understand the cost breakdown for each department.
Follow these steps:
  1. Open an Idea and click FINANCIALS. The cost plan list appears in grid layout.
  2. Specify the Grouping Attributes from the cost plan. Alternatively you can specify the grouping attributes from the Details panel.
  3. The attributes are also visible from the filter. The Grouping Attributes you specified in a cost plan are listed as attributes in the cost plan details page.
  4. The attributes let you group and aggregate the cost for a specific attribute.
Idea Collaboration Using Conversation From Cost Plan and Cost Plan Details Page
You can coordinate with your team for an idea using the Conversations panel. Team members and managers can reply and mention other team members in the conversation. If the conversation column is enabled in the idea grid a indicates that an idea has conversation associated with it. The Details panel lets you start the conversation.
Example:
Rita determines that the idea Email Archival Repository for the fiscal year 2020 is now ready and can be submitted for approval, she notifies Nicole through the Conversation panel to review the idea before it is submitted for approval. Nicole receives a notification, opens the cost plan. She verifies the cost plan list and cost plan details and confirms to Rita through the Conversation panel that the idea can be submitted for approval.
Follow these steps:
  1. Open an Idea and click
    FINANCIALS
    . The cost plan list appears in the grid layout.
  2. Select a Cost Plan. The Details tab appears.
  3. Click the
    Details
    tab and start your conversation. You can use
    @ resource name
    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.
Generic Grid Capability
Rita has created new cost plans for the shortlisted ideas and updated existing ones. Let’s see how she can quickly use the ideas financials page and use some features of
Clarity
generic grid. Some of the actions she can perform are:
  • 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.
  • Customize the grid and save the views.
  • Filter the data in the grid based on the business requirements.
For more information on how you can leverage the generic grid capability of
Clarity
, see Common Components.
Ideas Effort Task
You can use the Administration, Project Management, and Settings page in
Classic PPM
to select the Allow Effort Task Creation option. If this option is selected, an effort task would be created on the idea, when a Staff Member is added to the idea. In
Classic PPM
and
Classic PPM
XOG when staff members are added to Ideas, the Effort Task is
always
created.
View Actuals Posted
Nicole would like to view the actual costs posted during the fiscal period for the Ideas, which helps to compare the Planned to Actuals for the Idea.
Follow these steps:
  1. Team members must submit a Timesheet, or create a manual transaction entry, or add a transaction through the XOG.
  2. The administrator must then execute the following jobs in
    Classic PPM
    .
Method for Posting Actuals
Jobs
Timesheet Entry
Transaction Entry
XOG
Follow these steps:
  1. In the main menu, click
    Ideas
    .
  2. Open an Idea, and click
    FINANCIALS
    . The cost plan list appears.
  3. Click the cost plan name. The
    Actuals
    are now displayed in the cost plan details page.
  4. The following time-scaled values (TSV) fields for cost plan details are available for selection from the PER-PERIOD METRICS field:
    • Cost
      : Displays the planned cost.
    • Actual Cost
      : Displays the aggregated actual cost for a given fiscal period that is calculated as Actual Units * Cost.
    • Actual Revenue
      : Displays the actual billing rate for a given fiscal period that is calculated as Actual Units * Rate.
    • Actual Units
      : Displays the aggregated actual unit for a given fiscal period.
    • Cost Variance
      : Displays the delta between Cost and Actual Cost.
    • Revenue
      : Displays the planned revenue.
    • Revenue Variance
      : Displays the delta between Revenue and Actual Revenue.
    • Units
      : Displays the planned units.
    • Units Variance
      : Displays the delta between Units and Actual Units.
Actuals_for_Ideas.png
You can adjust your view of the Idea grid to show fiscal or calendar per-period metrics (also known as time-scaled values, or TSVs). The selected TSV fields you selected are listed as attributes (columns) in the cost plan details page. Now, the financial date is in-sync with the latest posted actuals.
Work with Budget Plans
Idea Financials module supports budget plans. For example, an idea can be submitted with a high-level budget or a more detailed cost-benefit analysis. As work is executed, actual costs are captured and forecasts are revisited to track performance against the budget.
When a cost plan is approved, it becomes the budget plan for the idea. 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 Current Budget.
  • You can edit a submitted budget, but you cannot edit an approved or rejected budget.
You can manage your budget plans as follows:
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. In the main menu, click
    Ideas
    .
  2. Open an Idea, and click
    Financials
    .
  3. Select the cost plan from the list.
  4. Click the
    ⋮ Actions
    menu and select
    Submit For Approval
    .
  5. Complete the following fields:
    • PLAN NAME
      Enter the name of the budget plan
    • PLAN ID
      Defines unique ID for the budget plan. The values in the ID field only appears if auto-numbering is turned on for the Cost Plan object in
      Classic PPM
      . You can select one or more predefined grouping attributes.
    • 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. However, for an idea, you can create Benefit Plans only in
      Classic PPM
      .
    • 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.
  6. Submit the cost plan for approval.
Approve or Reject Submitted Budget Plans
Follow these steps
:
  1. In the main menu, click
    Ideas
    .
  2. Open an Idea, and click
    Financials
    .
  3. Click
    Budgets
    to review the list of budgets.
  4. Click the budget plan that must be reviewed.
  5. To approve or reject a 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
    Budgeted Cost
    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
    an error message appears it means you added a new row to a budget plan with the same grouping attributes as 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 modify the budget plan after it is approved.
Create a Budget Revision
An approved cost plan becomes the budget plan for an idea. Since ideas 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, select
Merge
or
Replace
from the
SUBMIT OPTIONS
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.
Actual Transactions
In the Financials modules, along with the Cost Plans, Budget Plans, and Benefit Plans, you can now see the Actual Transactions grid. This grid is non-editable and displays the actual costs posted through transactions for an investment by transaction date, quantity, cost, and currency information.
With the Actual Transactions grid, a financial manager can:
  • Better understand an investment’s financial visibility.
  • View the list of transactions that are posted and an overall summary of all the transactions associated with the investment in a single place.
  • Compare transaction currency amounts to converted currency amounts by task and resource.
Clarity displays actual transactions by using the generic grid and inherits all the generic grid capabilities. You can see the Details panel when you select a row in the grid. However, you cannot perform these generic grid capabilities.
  • Edit a row in the grid
  • Add or delete a row
  • Right-click context menu
More information about Actual Transactions grid:
Access Rights
Ensure that you have the following access rights to access the Actual Transactions grid:
  • <Investment> - Cost Plan – View
  • <Investment> - Cost Plan - Edit
  • <Investment> - Budget Plan – View
  • <Investment>- Budget Plan – Edit
Source for Actual Transactions
The data in the Actual Transactions grid populates after the following jobs are executed in Classic PPM:
Method for Posting Actuals
Jobs
Timesheet Entry
Transaction Entry
XOG
Here’s what you can view on the Actual Transactions grid
  • Transaction Date:
    Displays the date of the transaction.
  • Resource:
    Displays the resource name that is associated with the transaction. Click a resource name to view the resource properties.
  • Task:
    Displays the task name that is associated with the transaction. Click a task name to view the task properties.
  • Transaction Class:
    Displays the transaction class that is associated with the transaction (for example, Internal Labor or External Labor).
  • Input Type Code:
    Displays the input type code that is associated with the transaction.
  • Cost Type:
    Displays the cost type that is associated with the transaction.
  • Values:
    Capital, Operating
  • Resource Location:
    Displays the location of the resource associated with the transaction.
  • Charge Code:
    Displays the charge code that is associated with the transaction.
  • Resource Class:
    Categories financially enabled resources and roles for financial processing.
  • Role:
    Indicates the role of the resource.
  • User Value 1:
  • User Value 2:
  • Currency Code:
  • Resource Department:
    Displays the location of the resource associated with the transaction.
  • Units:
    Displays the planned units.
  • Unit Cost:
  • Actual Cost:
    Displays the aggregated actual cost for a given fiscal period that is calculated as Actual Units * Cost.
Organize Columns in the Grid
You can organize the financial grids by using the grid controls.
 
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.
  2. You can group by columns to view the aggregate cost for a specific attribute.
  3. You can show and hide columns on the cost plan. Hover on any of the row headers and click the column menu. Select the columns that you want to see in the view.