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

SAP Term: budget type

• Component: PSM-FM-BCS

• Component Name: Budget Control System

• Description: Customer-defined budget specification in the BCS. The combination of budget type and budgeting process represents a customer-specific definition of budget values. There is a special budget type used for released budget.

Smart SAP Assistant

• Key Concepts: 
  Budget type is a classification of budget that is used in the Budget Control System (BCS) component of SAP. It is used to define the purpose and characteristics of a budget, such as whether it is a planning or actual budget, and whether it is a revenue or expenditure budget. 
  
  How to use it: 
  In order to use budget type in SAP, you must first create a budget type in the BCS component. This can be done by navigating to the “Budget Type” tab in the BCS component and selecting “Create”. From there, you will be able to enter the details of the budget type, such as its name, description, and whether it is a planning or actual budget. 
  
  Tips & Tricks: 
  When creating a budget type in SAP, it is important to ensure that all of the details are accurate and up-to-date. This will help ensure that the budget type is properly classified and can be used for its intended purpose. 
  
  Related Information: 
  For more information on how to use budget type in SAP, please refer to the official SAP documentation on Budget Control System (BCS).