Adding a forecast
To add a forecast, proceed as follows:
Procedure
1. Go to the Budget details > Forecast step.
2. On the action panel, click Add.
3. Complete the fields in the data panel.
5. Click Save.
Multiple forecasts can be added to a single budget. The sum of active forecasts is treated as main forecast on the budget. Forecasts are only calculated if the budget is in the Active status. A forecast becomes inactive once the budget is closed.
Example: for constructing a building, a budget of 10,000 Euros is allocated for material. Forecast for the material is 5000 Euros. Purchase order is 3000 Euros. If the budget is in Open status, the balance budget is 10,000 - (5000+3000) = 2000 Euros.
A forecast assignment is the cost-related assignment on a budget via a forecast.
Forecast assignments can be done by applying a status transition on the forecast.
Forecast assignments can be done by applying a status transition on the forecast.
Forecasts can have the following statuses: Inactive, Active, Committed and Paid. Forecasts in the Inactive and Active statuses are used as estimations on the budget. Forecasts with Committed and Paid statuses are used as quick orders on the budget. These status transitions generate journal entries and the budget is updated accordingly. The following table shows the effect of different forecast statuses on the budget.
Forecast status | Influence on budget |
|---|---|
Inactive | No influence on the budget. |
Active | The forecast will not update the budget but the available budget is influenced. |
Committed / Paid | The forecast will update the budget and journal entries will be generated. The budget is updated with the value in the field Forecast amount hard (see CapEx budget data fields). |
 | A forecast can only influence a budget if the budget is in the Open status. |