Migrating from Spend Plans to Budgets

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Migrating from Spend Plans to Budgets

Kion offers two modes of financial management: budgets and spend plans. Budgets are more flexible, giving you the option to plan on a monthly basis with less restrictive guardrails. Spend plans are more rigid, and are useful if you are planning your spend based on limited funding sources, such as contracts or grants. We recommend migrating to budgets at your earliest convenience.

Migrating will preserve your financial history for reporting and planning. When you migrate, Kion creates two budgets: one for your historical spending and one for your current/future spending. For every project in the system, we will take the existing spend plan and divide it into a historical and a active budget.

Budgets mode introduces new API endpoints. This may require you to update your automation flows. For more information and a complete list of endpoints, see Swagger/OpenAPI Documentation.

To migrate from spend plans to budgets:

  1. Navigate to Settings > Application Settings > Financial Settings > Financial System Settings.
  2. Click Begin Switch to Budgets.
  3. Select how you would like to migrate your data. There are two options for determining the split date between your historical and active budget.
    • Automatic (Recommended). Kion automatically determines the split date for you. To do this, we look at the currently active funding sources within the spend plan. The split date will be the start date of the currently active funding source with the earliest start date. If there is a funding source that spans the split date, it will show in both budgets. With this option, the split date is determined on a project by project basis.
    • Custom. Set a specific month to split the budgets. With this option, all projects in the system use this date.
  4. Click Migrate Now.

If you switch back to spend plans after migrating to budgets, all budgets and thresholds will be lost along with any enforcements associated with them.

What Next?

 

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