Real-Time Project Cost and Revenue Updates for Project Forecasts

Automatically incorporate real-time project costs and revenue data into forecast versions. This provides an efficient and accurate forecasting process so users can quickly review the current working version of the forecast, knowing that it contains the latest actual cost and revenue numbers.

Project managers and administrators can choose to include actual costs and revenue during initial creation of the forecast or when costs are incurred or revenue is generated. Previously, they had to manually refresh actuals or create a new forecast version to incorporate the latest project costs and revenue: This is no longer necessary, as any new actual cost or revenue is automatically reflected in the forecast, providing the latest financial data in real-time.

Separate planning options let you choose a combination of the following:

  • Costs and revenue are incorporated into your forecast when you create it as a copy of another version or create forecast lines manually.
  • Costs and revenue are continuously updated in your forecast version, as costs are incurred and revenue is generated.

Forecast Class Financial Plan Type

Financial Plan Type Plan Class: Forecast

Manual Created Forecast Version

Manually Created Forecast Version

Generated Forecast Version

Generated Forecast Version

Edit Forecast Version ETC Start Period Enables to Edit Current Period

ETC Start Period Enables Editing of Current Period

The business benefits are:

  • The latest financial data ensures that forecasts are based on the most current information, reducing the risk of outdated assumptions.
  • An updated forecast using current information for both planned and actuals values allows for rapid analysis and decision-making.

Steps to Enable

Use the Opt In UI to enable this feature. For instructions, refer to the Optional Uptake of New Features section of this document.

Offering: Project Financial Management  No Longer Optional From: Update 26C

Tips And Considerations

  • Update existing financial plan types to enable options for including project costs and revenue in the current working version of the forecast, both during initial creation and continuous updates, ensuring these are set as defaults in the version’s planning options.

  • This capability applies only to new forecast versions and can't be used with existing ones.

  • The planning option to include actual costs and revenue during project creation is set to Yes by default when a version is created using the Generate from Another Source method, regardless of the selection at the financial plan type level.

  • The ETC Start Period on the Edit Forecast page is set by default only when actual project costs or revenue exist.

  • Project managers or administrators can toggle the default 'ETC Start Period' from 'current period +1' to 'current period', allowing users to plan within the current period. 

ETC Start Period

ETC Start Period

Key Resources

  • Related Help:
    • Edit Budgets and Forecasts in the Defining and Managing Financial Projects guide.

Access Requirements

No new access requirements.