---
sourceDocument: Xanadu Strategic Portfolio Management
sourceDocumentLink: https://www.servicenow.com/docs/r/xanadu/it-business-management

 Release :

    - xanadu

ft:locale :

    - en-US

ft:publication_title :

    - Xanadu Strategic Portfolio Management

ft:clusterId :

    - itbm

bundleId :

    - itbm

workflow :

    - Technology


---

# Manage budget of your planning items in Portfolio Planning

# Manage budget of your planning items in Portfolio Planning {#ariaid-title1}

* Release version: Xanadu
* 
* Updated August 1, 2024
* 
* ![](https://www.servicenow.com/docs/portal-asset/ico-clock) 1 minute to read

Allocate, manage, and approve budget for your planning items. Lean budgeting enables you to allocate budget for short planning cycles for different fiscal periods such as monthly, quarterly, or yearly breakdown level rather
than allocating the budget to the complete duration of the planning item.

## Before you begin

* As an Admin, enable the property to work on budgeting. For more information, see [Enable financial budget allocation for planning items in Portfolio Planning](https://www.servicenow.com/docs/gKhNxI~a_C3ncImQVBHQvw "Enable allocation property after migrating to Next Experience to work on budget allocation for your planning items using Portfolio Planning.").
* As an Admin, configure the attribute to allocate and approve budget by cost type or expense type. For more information, see [Configure budget attribute at instance-level to allocate budget](https://www.servicenow.com/docs/I6BHtQ9mKIZ5Sw7U4F1ORQ "Configure the budget attribute by expense type or cost type as an instance-level to work on budget allocations for your planning items using Portfolio Planning.").
* Role required: it_portfolio_manager
{#fin-manage-budget-ppw__ul_y3z_4yh_dcc}

## Procedure

1. Navigate to WorkspacesPortfolio Planning Workspace and open a planning item.
2. Select the Financials tab.
3. Enable the Budget allocation toggle (![Budget allocation toggle enabled to view budget.]()).
4. You can manage the budget by one of the following ways for the selected time scale at monthly, quarterly, or yearly level.
   * Double-click each cell in the Budget column to manually enter the value.
   * Select Copy cost as budget from the Budget column options to copy the EAC as budget.

   {#fin-manage-budget-ppw__choices_twf_c52_ccc}  
   You can always reforecast the budget for each cost type using the in-grid editing feature even if the EAC is copied as budget.  
   Note:  
   Unapproved budget values are indicated with ![Tick mark in a circle representing the unapproved budget]() icon.
5. Select Approve budget (![Approve budget button.]()).  
   Approve budget confirmation window is displayed. The Create a financial baseline for this budget approval option is enabled by default which captures the latest budget and financial estimates.  
   Tip:  
   The financial baseline created while approving the budget can be compared with the future baselines once the actual expenses are captured to track financial performance.
6. On the confirmation window, select Approve (![Approve button.]()).

## Result

Budget widget is updated to reflect the latest approved budget. Project Manager can view the approved budget and compare it with the planned costs using the budget vs cost view by cost type.

*[\>]: and then