"Submit Plan of Record for Approval" actually just copies the cost plan into a new budget plan. The budget plan sits in a "Submitted" status until someone goes to the budget plan page and clicks "Approve". This is not really a workflow. The budget plans provide a way to capture snapshots of cost plans and lock them to maintain a running record of approved costs. If you look at the project financials you'll see "Planned Cost" and "Budgeted Cost". Planned cost comes from the current cost plan of record; Budgeted cost comes from the current approved budget plan.
If you want to start a process related to a cost plan, your choices are:
- Start process on creation of a new plan
- Start process on update of an existing plan
- Both of the conditions above - create and update
These options are visible when you create a new process, associate that process to the cost plan object, and click the "Start Options" tab:
I hope this clarifies things!