Finance forecasting (measured against budgets)
Finance forecasting is the highest level of forecasting available within Project Works. It is primarily aimed at the Finance team and management as they will be interested in monitoring forecasts against budgets which have been set.
The screen provides key information on the progress against a budget for a given month. It includes forecasts per GL Code, forecast and invoiced amounts for each GL Code and the total (for all GL Codes) for budget, forecast and invoiced. The "all up" metrics are presented on a graph, with key totals called out.
A fundamental part of the Finance Forecasting screen is the budget. The budgets are set up for a financial year and include a monthly budget for each GL Code that applies. Each budget can be linked to one or multiple offices within Project Works, and multiple budgets can be created. Linking a budget to an office means that forecast and invoiced information can be measured versus the budget (forecasts and invoices apply to projects, and projects belong to an office).
The budget amounts are static throughout the year and are shown as the orange line on the graph..
Forecasts are entered against modules of projects and as each module has a GL Code associated with it, forecasts can be grouped to a GL Code level.
The forecast amounts for each GL Code are updated as forecasts are entered or edited on a project which allows real time monitoring against the budgets. The graph shows the total forecast (all GL Codes) as the purple line, with a snapshot of the forecast plotted for each day of the month to show forecast changes throughout the month. Each forecast data point on the graph has a hover to show the value for that date. A final metric is a comparison of the total forecast against the total budget The data table below the graph shows the % forecast vs budget for each GL Code, and the donut graph shows the % of the total forecast vs the total budget.
Adjusting to take into account accruals or inter-company GL codes
There are two options available which allow the figures to be presented slightly differently, by either including or excluding inter-company GL codes, and or accruals.
|inter-company GL Codes||
With forecasts potentially being changed at any time it is important to see what changes have been made. If the total forecast has changed "since yesterday" the amount of the change is shown as the "Forecast change" to the right of the graph.
A change log is available which shows details of what forecasts have been changed for a GL Code. This is accessed by clicking the forecast amount for the desired GL Code. A Forecast change log will be displayed, with details of each change shown. The total change for a day is also shown
The invoiced amount shows the revenue associated with each GL Code (from the module of each invoice line). Invoiced amount updates throughout the month as invoices are created, based on the Invoice Date.
The graph shows the total invoiced (all GL Codes) as the "green" area on the graph - the invoiced line raises up the graph as the invoiced total increases. Just like forecasts, the invoiced amounts are measured against the budget, with the data table showing the % invoiced vs budget for each GL Code, and the donut graph shows the % of the total invoiced vs total budget.
- Options to include or exclude Inter Company GL codes and Accruals
- Forecast change log can be accessed by clicking the forecast amount for a GL Code in the table