Budget calculation methods

Note: Not applicable if you are using Infor Learning Management.

Budget calculation methods let you determine the basis on which an initial budget is calculated. Organizations may differ in the components that they include in the budget calculations.

  • Some may include only the work assignment pay rate.

  • Some may include the work assignment total pay rate (which includes the work assignment pay rate plus any allowances or other pay rates flagged as included in the total pay rate).

  • Some may include a combination of the work assignment pay rate and one or more other pay rates and/or allowances.

  • Some may include a combination of the work assignment total pay rate and or more other pay rates and/or allowances.

Your organization may include a mix of resources with hourly, monthly salary, or annual salary pay rate types.

Note: The pay rate type refers to the basis on which a resource's compensation is calculated, not how frequently a resource is paid.

For each pay rate type that your organization uses, you must define at least one calculation method which includes, for each component included in the method, the multiplier to be used to convert to an annual amount. You can also specify a percentage increase if you know that the salaries will increase by the time the budget is in place.

For example, if your component for a monthly calculation method is work assignment pay rate and the resources are paid 13 months per year, you would specify a multiplier of 13 units. If you also include an "other pay rate" component, such as an annual bonus, you would specify a multiplier of 1.