Activity Create/ Update Forecast Lines

Explanation

Use this activity to update percentage of completion and accumulated simulated cost for each period created based on revenue recognition forecast profile and forecast accumulated revenue and costs to recognize for each project. It is possible to add new forecast lines and remove unnecessary forecast lines.

Prerequisites

Revenue recognition forecast need to be created.

System Effects

Window

Revenue Recognition Forecast, Revenue Recognition Forecasts

Related Window Descriptions

Revenue Recognition Forecast, Revenue Recognition Forecasts

Procedure

Update forecast lines connected to a project having Revenue Recognition Method POC Income First or POC Revenue First:

  1. Open the Revenue Recognition Forecast window.
  2. Enter POC in the POC field and enter simulated cost in the Simulated Cost Accumulated field against each accounting period.
  3. Save the record.

Update forecast lines connected to a project having Revenue Recognition Method Event Based:

  1. Open the Revenue Recognition Forecast window.
  2. Update estimated revenue, estimated cost and POC of each event against each accounting period.
  3. Save the record.

Modify forecast lines connected to a project:

  1. Select the forecast line and modify accumulated recognize revenue and/or accumulated recognized cost of a project having Revenue Recognition Method POC Income First.
  2. Select the forecast line and modify accumulated recognize revenue of a project having Revenue Recognition Method POC Income First.
  3. Select the forecast line and modify estimated revenue, estimated cost, and POC of each event of a project having Revenue Recognition Method Event Based.

Note: If you want to forecast for a period not created by the period profile, you can create a new forecast line and update the until year-period and other required amounts.