Updating an Existing Annual Budget

The annual budget may need to be updated on occasion to account for exceptions such as new store openings, existing store closings, and natural disasters. In such cases, if approval is not required, the new data is updated in the budget and remains locked for viewing only. However, if an approval process is required for new stores or stores for which the data was updated, the root budget manager unlocks the budget and releases the numbers to a specific store. This is done manually in the Worksheet.

For the Monthly Adjustments to Budget (updating a budget) workflow, you can import only those locations with changes; and if an additional approval process is required after the update, the approval process must be started manually by the root budget manager, who can then release the numbers to the required locations only.

If only the numbers have changed (the actual location hierarchy remains unchanged), the updated import can be performed through Budget Management; you do not have to update the location hierarchy in LFSO. However, if new locations, such as new stores, have been added, or if locations have been removed, such as stores that were closed, changes in the location hierarchy must be manually updated in LFSO before an import. See LFSO Locations.