Defining budget calculation methods

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

You must define at least one budget calculation method for each pay rate type used by your organization (hourly, monthly salary, or annual salary). You can define more than one calculation methods per pay rate type. Each budget can be calculated using different calculation methods.

  1. Select Development Planning > Set Up > Budget Components > Budget Calculation Methods.
  2. Click New > Create Hourly Budget Calculation Method.

    or

    Click New > Create Annual Budget Calculation Method.

    or

    Click New > Create Monthly Budget Calculation Method.

  3. Specify this information:
    Effective Date

    Required. Specify the effective date.

    Calculation Method

    Required. Specify the name of the budget calculation method.

    Description

    Specify the description of the budget calculation method. If you leave this field blank, the budget calculation method name defaults.

    Active

    Select this check box to make the budget calculation method active. Inactive budget calculation methods do not appear in lists.

  4. Click Save.

    The Calculation Components region appears.

  5. In the Calculation Components region, click Create, and select the type of component to define.
    Note: You can define multiple components for a calculation method.
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