Use of 'Cost Budget - Needs Approval' Budget Type? Change of Status?

Hi Experts
Could you please explain me whats the use of budget type 'Cost Budget - Needs Approval' ? And is it possible to use workflow to change this to 'Approved Cost Budget' after due approval?
Requirement is to create a initial draft budget which is yet to be approved, so at this time the budget type required is 'Cost Budget - Needs Approval'. Once this is submitted for approval and approved theh this should be shown as 'Approved Cost Budget'.
Please let me know if this is achievable and how?
Thanks & Regards

Hi,
Budget types are mainly used to classify your Project budgets, there can be different types of budgets for your project cost and Project Bill. The Cost Budget type is designed in such a way to keep a track of your expenses with some pre-estimation of your Project expenditures.
Whatever you create initially, This can be treated as Initial draft budget, once after the manager approves the budget then the status changes to "baselined" there is a field to enter the description, where you can give the case as Intial draft budget or Approved draft budget or you can use the Version name for the case, "Version 0" is the Intial draft budget and "Version 1" is the approved cost budget.
but functionally, for one project cost budget there cannot be two different budget types.
Lavanya

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