Departments across McMaster are now able to create an adjusted budget within Hyperion in addition to the original budget – allowing for more accurate forecasting, and a better ability to manage spending.

The adjusted budget allows users to update their plans outside of the regular five and eight month reviews. At the end of each month, any adjustments made in Hyperion will be sent to the general ledger and included in the Mosaic OPS reports alongside the original budget.

With the new functionality, budgets can be adjusted at any time mid-year to make quarterly updates, correct errors or account for changes and any unforeseen circumstances.

This means users can take their actual year-to-date expenditures and re-forecast the remainder of the year to have a better understanding of how they’re tracking against the original and revised budgets.

This ultimately leads to better decision making and expense management.

“Users have been eagerly awaiting this feature to have a more accurate understanding of their budgets and financial position, says Lou Mitton, Director Budgeting Services. “We’ve received very positive feedback so far and anticipate high adoption.”

Approximately 50 users have received training on Adjusted Budget and the reporting tools to support it. Additional training will be offered later this fall, and a notice will be sent to all Hyperion users to register.

A Quick Reference Guide is available to support users, and any additional questions can be sent to your Budgeting Services representative.