Event Budget Planning and Financial Tracking Process

Start of the Workflow/Process.

Create a new entry in the Event Budget Data Model with initial parameters like Event Name and Event Date.

Create a new entry in the Budget Line Items Data Model for a specific expense category (e.g., Catering, Venue).

Retrieve all existing entries from the Budget Line Items Data Model associated with the specific Event ID.

Sum the 'Estimated Cost' property of all retrieved Line Item entries.

Sum the 'Actual Cost' property of all retrieved Line Item entries.

Calculate the difference between Total Estimated Cost and Total Actual Cost (Variance = Estimated - Actual).

Subtract the sum of Actual Costs from the total Approved Budget amount.

Create a task for the Procurement Officer to contact vendors and finalize quotes.

Create a task for the Finance Manager to review and approve the budget allocation.

Update the status field of the main Event Budget entry to 'Approved', 'In Progress', or 'Completed'.

Update the 'Actual Cost' field in a Line Item entry once an invoice is received.

Send an email to the Event Planning team with the finalized budget summary.

Send an automated email to the Finance Department if the Budget Variance calculation results in a negative value.

Create a visual report summarizing spending trends across all active event budget entries.

Delete a Line Item entry from the data model if a vendor contract is terminated or a service is no longer required.

End of the Workflow/Process.