Project forecast

On project financials tab you have the possibility to forecast billing and expense related figures. The forecasts are calculated based on fees and advanced resourcing. When you click the Update forecast a prompt is shown to select what forecasts to update. Before confirming, you can also see if some previously entered values are going to be overwritten.

⚠️ Update forecast calculates figures for current and future months (never backward).

How advanced resourcing works as a basis of the calculations?

• Revenue forecast: price of the user's default work type * hours allocated to the user during the given month.
  • If there is a default work type set for the project or the phase with the resource allocation, that work type is used instead of the user's default work type.
  • If there is a phase-specific exception in pricing, that exception price is used in the calculation.
  • If an allocation spreads over several months, the division between months is based on workdays.
• Billing forecast: same logic as with revenue forecast, but will only be calculated if the specific work type has Bill selection in the price list.
• Labor expenses forecast: cost per hour defined in the user's work contract * quantity of hours allocated to the given month.
  • If there are project-specific cost per hour exceptions defined for the user, those are used in the calculation.

How fees work as a basis of the calculations?

• The first month is determined based on the Start date selection.
• Repeat every defines the frequency of occurrences after the start date.
  • Recurrence end after X times: as many occurrences are created as the user has defined in the Times field.
  • Recurrence end on date: fees are created into the forecast until the month of the end date.
  • Never: occurrences for 12 months forward are created.

When revenue recognition add-on is enabled, it is not possible to enter revenue forecasts manually for projects in project financials tab.

If forecasts need to be updated for several projects at the same time, you do not need to go to each project's project financials tab separately. With the mass update function in the Projects view, you can update forecasts for all selected projects at once. Go to the view from the page navigation's Projects section:

1. Select the projects to be updated by ticking them in the checkboxes on the left side of the list.
2. From the list's mass update functions, select Update forecast.
3. Confirm the action in the confirmation dialog.

Mass update calculates revenue forecast, billing forecast and labor expenses forecast for all selected projects at the same time. You cannot select the forecast types to be updated separately, as you can on the project's own project financials tab. The same rule for the calculation direction applies here as well: forecasts are calculated for the current month and forward, never backward.

The function is only visible for projects whose financials you have permission to view. If you do not see the Update forecast option in the mass update menu, check your permissions to view project financials with your administrator.

Keywords: project financials, update forecast, revenue forecast, billing forecast, labor expenses forecast, advanced resourcing, fees, default work type, cost per hour exceptions, revenue recognition, forecast mass update, project forecast update, mass update

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