Budget Forecasting

Financial Management > Annual Budget Processing > Budget Processing > Budget Forecasting

Budget Forecasting allows the user to create sample scenarios to help them understand the effect that different percentage changes will have on the overall budget.

The defaults for budget forecasting are set on the Annual Budget Settings tab on Company FM Settings.

Sort

The sort attribute gives users the ability to view budget scenarios by revenues and expenses for a particular fund. The sort icon is a toggle that alternates the view between information by Fund > Account Type > Account Class > Account, and Account Type > Revenue Type.

  1. Select the Budget Year on which you want to base your forecast. All open budget years are available as options.
  2. Select a Baseline value for the budget. The options are the budget levels defined in Company FM Settings. This will serve as the starting point for your forecast.
  3. Select up to four scenarios for your forecast. The scenarios are defined and can be maintained in Budget Scenario Maintenance. Based on the percentages defined for the funds displayed, the totals are updated for that fund in each scenario. Each fund can be expanded to show forecast details down to the G/L account level.

View

The View option provides a graphical presentation of the budget scenarios set up on the Sort page. The Apply icon is a toggle that alternates the display between a numeric presentation of data, pie charts, and a line chart.

The information is charted by Organization by default; the other Chart By option is Classification. Each option shows a line graph. Pie graphs do not include the Chart By field.

From this view, returning to the Sort option presents the comparison as a pie graph.

Scenario Maintenance

See Budget Scenario Maintenance for details.

Apply

The Apply workflow page gives users the ability to apply a budget scenario to an the forecast should be applied. This value is required. The options are the open budget years.

  1. The Budget Year selected on the Annual Budget Settings tab on the Company FM Settings page is displayed by default. All open budget years are available for selection.
  2. The Baseline that should be applied to the budget is required. The options are the budget levels defined in Company FM Settings.
  3. The Scenario that should be applied to the budget is required. The scenarios are defined in Budget Scenario Maintenance.
  4. In the Level to Apply Scenario To field, select the budget level to which budget levels defined in Company FM Settings. The Available Organizations field is populated based on this selection.
  5. At least one Organization must be selected for the budget level selected.
  6. Click Apply to apply the budget scenario to the selected organizations.