Managing Non-Resource Forecasts

Forecasts are used to estimate non-resource costs that a project is expected to incur over time. These forecasts help PMOs and project managers plan budgets, track expected financial commitments, and ensure sufficient funding is allocated for project completion. By maintaining accurate forecasts, organisations can manage cash flow effectively, compare planned costs with actuals, and make informed financial decisions.

In this article, we will walk through the process of adding, editing, and managing non-resource forecasts within a project. You will learn who can edit forecasts, which forecasts can be updated, and how to use the Manage Forecast page to input and adjust financial data. Additionally, we will explore advanced functionalities such as Full-Year Forecast View, Delta View, and Fiscal Year Navigation, which help project managers and PMOs track spending more effectively and make informed financial decisions.

Who Can Edit Non-Resource Forecasts?

• Project Administrators can edit non-resource forecasts for all projects within the portfolio.
  
  
• Project Managers can update forecasts for the projects they manage.
  
  
• Other users do not have permission to edit forecasts. However, all users require the Financial Access role to view project financials.

However, all users must have the Financial Access role to view or edit project financials. Without this role, project financial data will not be visible, regardless of other permissions.

Which Forecasts Can Be Edited?

• Project Managers and Project Administrators can update the forecasts directly from the project workspace. Forecasts can only be updated for open months, meaning months that are after the financial lock date.
  
  
• Project administrators who also have the Financial Administrator role can adjust forecasts for closed months using the Financial Forecast Bulk Edit functionality from the Financial Administration page. You can learn more about this functionality here.
  
  
• Please note that forecasts recorded before the capitalisation lock date cannot be modified, as they are part of the finalised financial records.

Adding Non-Resource Forecasts to a Project

Step 1: Open the Manage Forecast Page

1. Navigate to the Financials section of the project workspace.
2. Click on the Edit Forecast button. This will open the Manage Financial Forecast page.

Step 2: Add or Edit Forecast Entries

The Manage Forecast page allows you to add and edit forecast records.

• To update an existing forecast, directly modify the values in the financial grid.
• To add a new forecast entry, click on Add New Line and complete the required fields:
  
  
  • Expense Category – Select the appropriate category from the dropdown.
  • Expense Type – Choose the specific cost type within the category.
  • Currency – Select the currency for the forecasted amount.
  • The following fields are optional but can enhance tracking and reporting:
    • Financial Reference – Enter a unique identifier for tracking purposes (e.g., purchase order number, budget code).
    • Description – Provide details to clarify what the forecast represents.
  • If custom financial properties have been set up in your instance, they are also be displayed here for additional data entry.
  • Click Add to save the forecast entry.

Step 3: Enter Forecasted Amounts

1. Once a forecast entry has been added, the financial grid automatically updates to display the new record.

2. Enter the forecasted cost for each month. You can also add a comment using the field below the amount input. A chat icon next to a monthly forecast amount indicates that a comment has been added for that month.

3. Click Save once done.

Additional Functionality on the manage forecast page

Several additional functionalities are available on the manage forecast page to help project managers and PMOs review, adjust, and refine financial plans with greater accuracy. These tools allow for better comparison between planned and actual costs, easier navigation across fiscal years, and more effective budget tracking.

• Fiscal Year Toggle – Navigate between different fiscal years to view or edit forecasts from previous or future years.

• Show Data Fields Button – Displays the financial custom properties, for review and updates. 

      Click Hide Data Fields to return to the standard view.

• Full-Year Forecast (FYF) View – Displays actuals for closed months alongside forecasts for open months, providing a clear view of project financials. This allows project managers to see the updated full-year forecast and make informed reforecasting decisions. If actuals exceed the forecasted amount, the value is displayed in red; if actuals are under, it appears in green, making it easy to identify variances at a glance.

• Delta View – Compares actuals with forecasts in closed months by displaying the difference for each month. This helps quickly identify areas of over or under-spending, enabling better financial tracking and adjustments.

• Expand/Collapse View – Toggle between expanded and collapsed views to see the forecasts at the expense type level or the expense category level. The below screenshot shows the concise view with forecasts displayd at the expense category level.

• Edit / Reset / Close / Delete a Forecast Record  – You will find a set of 4 icons at the end of each forecast row. Use them to:
  1. Edit a forecast record to update its financial reference, description or custom property values. Please note that the financial reference can only be updated if the forecast record does not have any forecast in locked months.
  2. Reset a the forecast values for open months to 0.
  3. Close a forecast record - Use this option to remove a forecast record from view, particularly if it is no longer needed for previous financial years. You can always restore it by clicking the 'Show Closed Records' button. 
  4. Delete a forecast record. Please note that you can only delete a forecast record if it does not have any forecast amount in closed months.