PeopleSoft Finance - Budget Check Errors
The budget check process in PeopleSoft Finance verifies that the cost center listed on each line of the voucher, requisition, purchase order or general ledger journal can sufficiently cover the expense amount listed on each line.
Every expense account (5xxxx) rolls up to a budget node, also known as a budget account.
The budget check process examines the budget balance available (BBA) for the budget node the expense rolls up to for each cost center listed.
In other words, the budget check process does NOT check the BBA against the total cost center BBA.
The budget check process does NOT apply to lines with revenue accounts (4xxxx) or revenue budgets; only expenses.
If there is enough BBA in each budget node by cost center for all lines on the voucher, requisition, purchase order or general ledger journal, then the budget check process will produce a budget check status of valid, which will be displayed as “Valid” or “V”.
If there is NOT enough BBA in any budget node by cost center for any line listed on the voucher, requisition, purchase order or general ledger journal, then the budget check process will produce a budget check error status of error, which will be displayed as “Error” or “E”.
Ideally, a voucher, requisition, purchase order or general ledger journal is initiated with knowledge of current budgets and BBAs for cost centers involved via latest 1063 or 1074 reports, and any budget check error received does not come as a surprise.
If a budget check error is received, please confirm the following are correct on the lines:
- Expense account(s)
- Chartfield value combination for the cost centers listed (i.e. fund, department, program and project).
- Budget reference (i.e. BP2026)
Types of budget errors
No Budget Exists
The document failed the budget check process because the expense is attempting to post to a budget node in a cost center in which a budget has yet to be established in the current fiscal year.
The Budget Office cannot override a “No Budget Exists” budget check error. A budget journal must be submitted by the department to establish a budget, OR at minimum, a zero-dollar ($0) budget.
For regular instances, typically at the start of November, establishing an actual budget amount is preferred, since a $0 budget will require a submission of another budget journal to establish an actual budget amount.
If a $0 budget is posted, the document will have to be budget checked again and will produce an “Exceeds Budget Tolerance” budget check error, which the Budget Office will be able to override in PeopleSoft Finance.
Exceeds Budget Tolerance
The transaction failed the budget check process because the expense amount attempting to post exceeds the available budget in the budget node of the cost center.
The Budget Office can override an “Exceeds Budget Tolerance” budget check error, if necessary.
Spending Authority Over Budge
The transaction failed the budget check process because the expense amount attempting to post exceeds the authorized spending limit for the budget. Typically produced when an expense credit is attempting to post.Bottom of Form
The Budget Office can override a “Spending Authority Over Budget” budget check error.