New Project Budget/Forecast Versions

Explanation

This activity is used to create a new budget/forecast version for a project.

Prerequisites

• A project must exist.
• A budget/forecast type must be setup in Project Basic/Forecast Types.
• The Cut-Off Date to be specified on the project budget/forecast version should reside on an accounting period that exists for the user's company.
• When copying a budget/forecast version from a project the project you are copying from should not have any mandatory code part demands.

System Effects

• A budget/forecast version of the specified type is created.

Window

Project Forecasts
Project Forecast Info
Projects
New Project Forecast

Related Window Descriptions

Project Forecasts
Project Forecast Info
Projects
Project
New Project Forecast

Procedure

Use the following procedure to create a new budget/forecast version using the Create Project Forecast Version dialog box:

1. Open the Projects or Project window and query for the project on which you want to create a budget/forecast.
2. Right click on the window and select Create Forecast. The Create Project Forecast dialog box opens up. Note: This dialog box can also opened from the IFS/Navigator in which case the project for which the budget/forecast should be made should be selected using the List button for the Project ID field.
3. In the Forecast Type field of the New Forecast group of fields, use the List button to select a predefined budget/forecast type.
   
   Note: If the budget/forecast version being created is of the same budget/forecast type as an existing version, the record of the existing budget/forecast version will be inherited into the From Forecast group of fields.
    
4. In the Version Description field of the New Forecast group of fields, enter a description of the version you plan to create.
5. In the Copy area select the appropriate From Forecast or From Project check box to specify how you want to copy data. If the Copy check box is not selected, an empty forecast will be created.

If the From Forecast option was selected:

• You can modify the budget/forecast version from which you want to copy by using List button on the the Forecast Type field.
• In the Forecast Version field of the From Forecast group of fields, use the List button to modify, if required, the budget/forecast version from which you want to copy.
• Clear the Copy Approval Routing check box if it is required that the approval steps defined on the approval routing of the source budget/forecast not be copied to the new budget/forecast.
• Clear the Copy Cost Spread check box if it is required that the cost spread on the source budget/forecast should not be copied to the new budget/forecast. If selected, decide whether it should be the Complete spread or From Cut Off Date.

If the From Project option was selected:

• Select what type of Cost (Estimated, Planned or Baseline) that should be copied and on what Level (Project, Sub Project or Activity).
   

6. In the Cut-Off group of fields, enter a valid Accounting Period and Cut-Off-Date. These values will be referenced later on when creating snapshots on a particular project forecast version.
7. Select the Create Snapshot check box, if it is required to create a snapshot of the forecast version. Depending on the need for monitoring the data it can be created as a snapshot without or without details or linked to the project connected objects. Click the relevant Snapshot With Details, Snapshot Without Details or the Live View option according to your requirement.
8. In the Snapshot Matching area, select the default option for the calculation rule on the new forecast when connecting and matching snapshots. It can either be EAC Recalculated or ETC Recalculated option.
9. In the ETC Based On Previous Forecast area, select one of the three options, based on your requirement:
• Leave ETC Empty: No values will be inserted into the ETC field of the new forecast version.
• Set ETC Based on Previous EAC: The EAC of the previous version is copied as the EAC of the new forecast version. The ETC will then be calculated to be the difference between the EAC and the cost until the snapshot date and time.
• Set ETC Based on Previous ETC: The ETC of the previous version is copied as the ETC of the new forecast version. The EAC will then be calculated to be the sum of the EAC and the cost until the snapshot date and time.
10. In the Note field, enter a note, if required, about the budget/forecast version being created.
11. Click OK.

Use the same procedure to create a new budget/forecast version using the Project Forecast or Project Forecast Info windows. You can also create a new budget/forecast version from the Project window. Query for project and open the Project Forecasts or Project Forecast Info windows. You can also create a new budget/forecast version by opening the Project window. Query for the project and select the Project Forecasts menu option to open the Project Forecasts window.