Create/ Copy Forecast Version

Explanation

Use this activity to create a revenue recognition forecast for selected project/(s). It is also possible to create revenue recognition forecast based on an existing forecast.

Prerequisites

• Revenue Recognition Forecast Type and Revenue Recognition Period Profile must be defined.
• At least one project must have Revenue Recognition Method POC Income First or POC Revenue First or Event Based.

System Effects

As a result of this activity:

• Revenue recognition forecast for selected projects will be created according to the selected Revenue Recognition Period Profile (Note: If the Add Period for the Expected Date of Completion check box is selected in the period profile, a period will be created for the valid until date of the project irrespective of the selected period profile. If not, period will be created based on the selected period profile).
• Forecast lines will be generated from the period next to cut off accounting period according to the connected period profile.
• Status of the revenue recognition forecast will be Preliminary.
• All Projects Included check box will be selected if all projects having Revenue Recognition Method POC Income First or POC Revenue First or Event Based have included in the revenue recognition forecast.
• If actual costs related the project exist in the general ledger, balance will be fetched to Actual Cost to Date field. This field is not available for projects having Revenue Recognition Method Event Based.
• Accumulated recognition amounts will be updated for each period according to the expected completion date of the events connected to projects having Revenue Recognition Method Event Based.
• If actual revenue recognition amounts available for the project, details will be displayed in the Latest Revenue Recognition Information section in the head of the revenue recognition forecast.
• If revenue recognition forecast is created based on another revenue recognition forecast, details of the forecast you copied data from will be displayed in the Previous Forecast section in the head of the revenue recognition forecast.

Window

Revenue Recognition Forecast, Revenue Recognition Forecasts

Related Window Descriptions

Revenue Recognition Forecast, Revenue Recognition Forecasts

Procedure

To create a new Revenue Recognition Forecast:

1. Open Revenue Recognition Forecast or Revenue Recognition Forecasts window.
2. Right-click in the window and then click Create Revenue Recognition Forecast to open the Create Revenue Recognition Forecast dialog box.
3. Select forecast type in the Forecast Type field.
4. Enter the Version Description to identify forecast version.
5. Select the ledger type and ledger ID. By default the ledger type will be All Ledgers.
6. Select the cut off accounting period. By default the current period will be selected.
7. Default period profile ID is selected in the Period Profile field. Change the period profile ID using List of Values if needed.
8. Select projects based on the identity of the project, project group or project manager.
9. Select Run in Background check box, if the forecast need to be created as a background job.
10. Click OK to save the changes and create revenue recognition forecast/(s).

To create a new Revenue Recognition Forecast based on another Revenue Recognition Forecast:

1. Follow steps 1-6.
2. Select Copy from Forecast option.
3. Select forecast type in the Forecast Type field.
4. Select the type of the forecast from which you are going to copy data.
5. Select version ID from the List of Values.
6. Select Run in Background check box, if the forecast need to be created as a background job.
7. Click OK to save the changes and create revenue recognition forecast/(s).