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

SAP Term: budget memo

• Component: PSM-FM-BCS

• Component Name: Budget Control System

• Description: Text-based description of budgeting rules, for example, cover eligibility or revenues increasing the budget. A budget memo is always linked to a specific rule that can be used in Funds Management in general. For a given budget address, several budget memos may exist in parallel, for example: One budget memo for automatic cover eligibility Two budget memos for revenues increasing the budget

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• Key Concepts: 
  A budget memo is a document used in the Budget Control System (BCS) component of SAP’s Project System Management (PSM) module. It is used to record and track budget information for a project, such as the total budget, budget allocations, and actual costs. It also serves as a communication tool between project managers and other stakeholders. 
  
  How to use it: 
  The budget memo is created in the BCS component of PSM. It can be used to enter budget information for a project, such as the total budget, budget allocations, and actual costs. The budget memo can also be used to track changes in the budget over time. 
  
  Tips & Tricks: 
  It is important to keep the budget memo up-to-date with accurate information. This will help ensure that the project stays within its allocated budget and that all stakeholders are aware of any changes in the budget. 
  
  Related Information: 
  The BCS component of PSM also includes other features such as cost planning, cost allocation, and cost monitoring. These features can be used in conjunction with the budget memo to help manage a project’s budget more effectively.