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
- When you update POC and Simulated Cost Accumulated for projects having
Revenue Recognition Method POC Income First or POC Revenue
First, all revenue and
costs recognition amounts in the Accumulated Amounts and Period
Amounts tab will be calculated based on the revenue recognition method
connected to project upon saving. For periods not having POC and simulated
cost, previous period values will be copied.
- If Accumulated recognized revenue is modified for projects having
Revenue Recognition Method POC Revenue
First, accumulated recognized cost will be recalculated accordingly.
- If you modify accumulated amounts of the project, difference between original amount and modified
amount will be applied to subsequent periods.
- The status of the forecast line/(s) will be Under Review as soon
as the forecast line is created.
- If revenue and cost cannot be recognized due to missing/ wrong
information, an error will be updated in the Update
Error field.
- The 0% Margin Rule Applied from field will be updated if 0%
margin rule applied when forecasting amounts. This field is not applicable
for projects having Revenue Recognition Method Event Based.
- Graphs will be updated when amounts are calculated for forecast lines.
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:
- Open the Revenue Recognition Forecast window.
- Enter POC in the POC field and enter simulated cost in the
Simulated Cost Accumulated field against each accounting period.
- Save the record.
Update forecast lines connected to a project having Revenue Recognition
Method Event Based:
- Open the Revenue Recognition Forecast window.
- Update estimated revenue, estimated cost and POC of each event against each accounting period.
- Save the record.
Modify forecast lines connected to a project:
- Select the forecast line and modify accumulated recognize revenue and/or
accumulated recognized cost of a project having Revenue Recognition Method
POC Income First.
- Select the forecast line and modify accumulated recognize revenue of a
project having Revenue Recognition Method POC Income First.
- 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.