Expense Forecasting Enhancement
As part of this enhancement, we have provided functionality for project forecasting expenses based on the project expense estimations, which include category, total cost, and sales for each expense estimation line.
When the forecasting version is created, Expense estimation lines will be created with estimated costs and revenues. The Actual Cost and revenue will be updated upon updated forecasting.
Forecasting Expense Section
A new section is introduced with Category, date, cost, revenue, etc., fields in the Forecasting to date tab. Details can be seen by filtering on the Cost and Revenue buttons.
Lines will be grouped based on the Transaction categories, and total cost and revenue will be cumulative amounts based on a category from the Project expense estimation tab.
Field Descriptions
| Field | Description |
|---|---|
| No. | Serial number/Auto numbering |
| Category | Categories are default from the project expense estimation tab (grouped by categories) |
| Start date | Lines will be created grouped by categories, and the earliest date will be defaulted from the expense estimation tab |
| Planned Cost | Total cost will be grouped by categories and defaults from Project expense estimation tab |
| Actual Cost | Total cost will be grouped by categories from Actuals. Chargeable and non-chargeable cost will be updated. |
| Cost Consumption % | Total Actual cost/Planned cost*100 |
Field Descriptions
| Field | Description |
|---|---|
| No. | Serial number/Auto numbering |
| Category | Categories are default from the project expense estimation tab (grouped by categories) |
| Start date | Lines will be created grouped by categories, and the earliest date will be defaulted from the expense estimation tab |
| Planned revenue | Total revenue will be grouped by categories and defaults from Project expense estimation tab |
| Actual revenue | Total revenue will be grouped by categories from Actuals. Transaction type must be Billed sales, and Billing method must be Chargeable to consider Actual revenue |
| Billable revenue % | Total Actual revenue/Planned revenue*100 |
Generate Forecasting
When a user clicks on the ‘Generate new version’ button, additional lines will be added, removed, or modified in the forecasting expense section based on the project expense estimate tab.
Lines will be created by grouping based on transaction categories and updating the respective fields in the forecasting expense tab.
Below are the fields that will be updated on respective cost and revenue filters:
- Cost – No, Category, start date, Planned cost
- Revenue – No, Category, start date, Planned revenue
Update Forecasting
Actual Cost and Actual revenue will be updated on click on ‘Update forecasting’ button. Cost consumption % and Billable revenue will be calculated based on Actual cost and Actual revenue update.
Based on below filters Actual cost and revenues will be calculated:
- Document date = till forecasting date
- Transaction Class = Expense
- Transaction type = Cost
- Billing Method = Chargeable / Non-Chargeable
- Group by Category
- Extended amount = Cumulative amount based on grouping
Actual Revenue:
- Document date = till forecasting date
- Transaction Class = Expense
- Transaction type = Billed sales
- Billing Method = Chargeable
- Group by Category
- Extended amount = Cumulative amount based on grouping
Is Forecasting Valid Validations
The ‘Forecasting valid’ will be updated as No (not valid version) on changes of Project expense estimation tab.
User needs to generate a new version to get the latest expense details in forecasting.
Validations Triggered:
- When a new line is created or deleted
- When values are modified on existing lines, such as Category, Cost, sales, total cost, and total sales field values on the Project expense estimation tab
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