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

Project Basic

Related Window Descriptions

Project Basic/Forecast Type

Procedure

Use the following procedure to create a budget/forecast type:

  1. Open the Project Basic window, and click on the Forecast Types tab.
  2. Click New (F5) to create a new record.
  3. In the Forecast Type ID field enter a unique value by which the budget/forecast type can be identified.
  4. In the Description field enter the description of the budget/forecast type to further explain the forecast type ID.
  5. 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.
  6. 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. 
  7. 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.
  8. 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.
  9. Select the Periodic Review field, if you want to impose that the particular forecast type can have only one forecast version created for it.
  10. Click Save.