Create Budget/Forecast Types
Explanation
This activity is used to create budget/forecast types which can be used to group
project budgets and forecasts. The purpose of budget/forecast types is to distinguish between
budgets and forecasts created for different reasons.
Each budget/forecast type will be assigned a unique budget/forecast version series which will
impose that every budget/forecast version created for a particular budget/forecast type
inherits a version prefix and version start number as defined on the budget/forecast
type.
Budget/forecast types are also used to regulate which budgets can be set as
the active budget and which forecast type is set as periodic review. For any
project, only one forecast of any forecast type which has the Periodic Review
checkbox selected can be created for a particular accounting period
Prerequisites
N/A
System Effects
Creates budget/forecast types which will be made available through a List of
Values for connection to new budgets and forecasts for grouping purposes.
Window
Forecast Type
Related Window Descriptions
Forecast Type
Procedure
Use the following procedure to create a budget/forecast type:
- Open the
Forecast Type window.
- Click New (F5) to
create a new record.
- In the Forecast Type ID field enter a unique value by which the
budget/forecast type can be identified.
- In the Description field enter the description of
the budget/forecast type to further explain the forecast type ID.
- Select the Set As Budget check box, if required, to ensure that only
budgets,
created for the budget type being defined, can be set as active budgets
for the project.
- Select the Periodic Review check box, if required, to select this
forecast type as the type to be used for tracking periodic changes of the
project.
- In the Version ID Prefix field enter a value which versions, of
the budget/forecast type being defined, should inherit in front of the rest of the
version ID.
- In the Version ID Start Value field enter the number with which a
budget/forecast version, of the forecast type being defined, should start. This
value appears after the version ID Prefix.
- Select the Periodic Review field, if you want to impose that the
particular forecast type can have only one forecast version created for it.
- Optionally, for a forecast which has the Set as
Budget check box selected you can decide if the budget should use net
change budget control by selecting either
Accumulated or New Version in the Net Change Budget Control
field. When net change budget control is
used the budget can only be modified by connecting/disconnecting approved
contract change orders and resource forecasts. A budget that uses net change
budget control does not need to be approved and set to active again after the
changes as only already approved contract change orders or resource
forecasts can be connected to this budget.
Accumulated will enable you to add all these changes to the same budget version (it will keep the same
budget version ID all the time). In New Version you will have to
create a new budget version if the budget should be changed by
connecting/disconnecting contract change orders or resource forecasts.
- Optionally, select the Allow Assignment when
Approved check box if it should be allowed to do assignments (e.g. move
amounts from a higher level to a lower level or to other cost elements) even
when the budget is approved or active.
- Click Save.