Forecast Journal
Use the Forecast Journal page to create forecast transactions for Resources. This forecast identifies utilization (Employee Rate) and the ability to estimate revenue for the Resource's time. The Resource Forecast can be entered in directly from the Resource Card. An alternate method of creating a forecast is to manually enter a Forecast Journal for Resources or copy the Resource Forecast from other Resources and adapt the start and end dates.
Resource Forecast
Resource performance can be measured in two different ways, Client Rate, Earnings Rate. Forecast of Client Rate and Earnings Rate can be set up from the Resource Card. Create a Resource Forecast by navigating to the Role Center > Resources > Resources. Select a Resource from the Resource List and navigate to the Resource Card. Expand More Options > Reports > Planning > Resource Forecast.
Each Resource Forecast entry refers to a specific period. The periods determine the detail level for the forecasts. Start and end dates can be entered which specifies the period to measure the forecast. This can be on a daily, weekly, monthly, quarterly, yearly or a self-selected customized period. Usually, forecasts are measured monthly as the administrative workload in follow-ups and registration would be too heavy, choosing daily or weekly basis.
Create a New Forecast Journal Batch
Navigate to the Role Center > Journals > Forecast Journal.
Select the Forecast Journal Template from the list, then select Edit Journal and complete the fields to create a Resource Forecast batch. For more information on creating a Forecast Journal Template, see: Create Forecast Journal Templates
| Field Name | Description |
|---|---|
| Resource Code |
Specifies the Resource to use for the Forecast Journal transaction line. |
| Start Date | Specifies the Date to assign to the journal line for the Starting Date of the Forecast Journal transaction. |
| End Date | Specifies the Date to assign to the journal line for the Ending Date of the Forecast Journal transaction. |
| Base Unit of Measure Code | Specifies how each Unit of the Resource is measured. This populates Qty. per Unit of Measure. By default, the value in theBase Unit of Measure field on the Resource Card is used. |
| Qty. per Unit of Measure | Determines the Quantity of the Base Unit of Measure. |
| Norm Time (Base) | Displays the Norm Time for the Resourcefor the period. |
| Unit Expected Price (Base) | Enter the the Billable Rate (Example: $250.00 Price) per unit for the Resource. |
| Client Rate | Enter the factor (percentage) that indicates how much of the Norm Time is expected to be spent on customer activities. For example, if a Resource has a Norm Time of 40 hours for a period and the Client Rate is set to 70 (equal to 70 percent) the Resource is expected to spend 28 hours on customer related activities. |
| Client Total (Base) | The number of hours the Resource will be working on client related activities. Norm time multiplied by Client Rate (40 x 70 = 28). |
| Earning Rate | Enter a percentage (factor) of the Norm Time that is expected to generate revenue. If a Resource has a Norm Time of 40 hours in the time period and the Earning Rate is 60 percent, the Resource generates revenue on 24 hours, which is the calculated revenue of 40 hours x .60. |
| Earning Total Amount | System calculated revenue the Resource is expected to generate for this period of time. The Earning Rate of 60 is multiplied by the Norm Time of 40 hours, multiplied by the Unit Expected Price of $250.00 (24 x 250 = 6,000). |
Copy Resource Forecast to a Different Resource
From the Role Center, select Journals > Forecast Journal.
Select a Journal Template Name that contains the Resource Forecast to copy.
Resource Code: Select a Resource which has a Resource Forecast to copy.
Select Related > Function > Copy Forecast.
The Forecast Copy From Resource page opens.
| Field Name | Description |
|---|---|
| From Resource Code |
Specifies the Resource Code associated with the Resource Forecast being copied. |
| To Resource Code | Specifies the Resource Code to where the Resource Forecast should be copied. |
| From Date | Specifies the beginning Date used to select the Resource Forecast being copied. |
| To Date | Specifies the ending Date used to select the Resource Forecast being copied. |
| Adjust dates with | Specifies a formula by which the copied Resource Forecast dates should be adjusted. For example, +1D will adjust the new Resource Forecast Journal Entry by increasing one day from the copied Forecast. |
View Previously Posted Forecast Journal Entries
To view previously posted Resource Forecast Entries:
Navigate to the Role Center > Resources > Resources > select a Resource from the Resource List.
The Resource Card opens.
In the Resource Card menu, select Reports > Planning > Resource Forecast.
The Resource Forecast page opens and displays posted Resource Forecast Entries for the selected Resource.