What is budget in SAP PSM-FM-BCS - Budget Control System?

SAP Term: budget

• Component: PSM-FM-BCS

• Component Name: Budget Control System

• Description: For a specific fiscal year, a plan of expenditures or outlays, containing detailed information on the funds to be provided to specific organizations within a particular timeframe. The budget is defined by using a budget structure, which contains funds centers and commitment items. A balanced budget occurs when total receipts equal total outlays for a fiscal year.

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• Key Concepts: 
  Budget Control System (BCS) is a component of SAP’s Public Sector Management (PSM) module. It is used to manage and control the budgeting process for public sector organizations. BCS allows users to create and manage budgets, track spending, and analyze budget performance. It also provides tools for forecasting and reporting on budget performance. 
  
  How to use it: 
  BCS can be used to create and manage budgets for public sector organizations. It allows users to define budget categories, set budget limits, and track spending against those limits. BCS also provides tools for forecasting and reporting on budget performance. 
  
  Tips & Tricks: 
  When creating a budget in BCS, it is important to consider the organization’s goals and objectives. This will help ensure that the budget is aligned with the organization’s strategic plan. Additionally, it is important to consider the organization’s financial resources when creating a budget. This will help ensure that the budget is realistic and achievable. 
  
  Related Information: 
  For more information about BCS, please visit the SAP website at https://www.sap.com/products/public-sector-management/budget-control-system.html