The Revenue Forecast screen allows you to edit some of the data and also allows for different sorting/grouping of the data. Changes can be made and saved prior to sending the Forecast to Account Managers for review, update and approval. The data in the Revenue Forecast can be grouped by Type (as seen here), Client, Account Manager or Office. Additionally, the financial data can be displayed by Gross, Net or Profit dollars. Other options on this screen are the standard options in the grid to add, delete, approve print, collapse or expand groups. Use the pencil icon to edit a specific line. If data has been changed for any line item, select that line then click "Regenerate Items" and Save the changes. The Notify Account Manager will send selected lines to Account Managers identified on a transaction that their review and approval is required. Once the Revenue Forecast lines have been updated/approved, the Create Budget button will allow you to create a Financial Budget.
NOTE: If using Multi-Currency, all projects in a Foreign Currency will be revalued to the Home Currency. There is an option to filter based on a foreign currency. At that time, the forecast will only display those foreign currency projects and the amounts will be displayed in that currency.
Viewing And Editing A Revenue Forecast
Forecasted amounts are placed into monthly buckets based on the selected date range. Any amounts that fall before or after this date range will be in the Prior and Next 12 Months columns.
NOTE: The Revenue Forecast will include Non-billable projects. It will only include costs, however, no revenue (gross). The costs would still need to be a component in the Forecast since the costs would still apply.
NOTE: Total column = Prior column + All Month columns. Prior column = Any money outside the time-frame of the report data.
The forecast amounts can be viewed based on Gross, Net and Profit.
- Gross is the billable gross amount in the Current Total Budget. Gross Expenses are determined based upon the Include/Exclude option selected.
- Net is the Net costs in the Current Total Budget. The Net Labor is based only upon the Hourly Cost listed in the Services, not from the Employee’s Hourly Cost. The Net Expense is the Net cost within the expense line of the Budget and will be based upon the Include/Exclude option selected.
- Profit is Gross amount - Net amount
Net Labor costs are derived from the Estimate and the Hourly Cost field within the Services. This is generally a blended cost.
This button will pull any changed budget data for the line items. However, if you want to pull all current data (that is not listed in the current forecast worksheet) it may be best to create a brand new forecast worksheet to pull all data.
Net Labor costs are derived from the Estimate and the Hourly Cost field within the Services. This is generally a blended costNet Labor costs are derived from the Estimate and the Hourly Cost field within the Services. This is generally a blended cost column displays Regenerate? YES/NO: When a forecast is opened, the system will review each line for any changes made to the Project estimate or Retainer/Opportunity forecast detail. If a change is found, the Regenerate will set that Line to YES and an Update Forecast is needed. Once the Update Forecast is complete, this column will be reset to NO.
This allows you to create a Financial Budget based upon the information contained in the forecast.
Notify Account Managers
This will send out an email to all Account Managers associated with the Project included in the forecast. They will be allowed to review/update the included line items (i.e. Budgets).
Security Rights will limit users to only be allowed to edit lines that are assigned to them as the Account Manager of the Project.
In reviewing their projects within the forecast, if the Account Manager updates the Budget information, the forecast will need to be updated. After the Account Manager selects "Mark as Reviewed", the Forecast will set the Regenerate field to "YES".
The Finance person will review the forecast to determine if the Forecast needs to be Updated by reviewing the Regenerate column. If the Regenerate = Yes in any of the projects, then the Finance person will need to update the forecast to reflect the changes made by the Account Manager in the budget. Click on the More > Update Forecast.
In the line details, you can add new items, such as new projects created after the initial generation of the forecast, or removing a project that no longer needs to be included in the forecast.
The main edit options are as follows.
You can also edit the existing lines by clicking on the edit icon for that line. Then depending on what type of item (Opportunity/Project/Invoice/Retainer) it is, you will then be shown one of the following screens. Here you can modify the amounts to fall more in line with expectations.
OPPORTUNITY / PROJECT EDIT
NOTE: Changes to the Opportunity Owner is for this Forecast only if a permanent change is required, it must be made on the Opportunity itself.