Issue/Symptom/Question

How often does a project need to be forecasted?

Applies To

PENTA for Windows

Project Management > Forecast and Completion Information > Forecast Entry

Resolution/Fix/Answer

• When using forecasted cost in your revenue recognition calculation, you should forecast new projects during the first month the project was awarded
• Typically, when a job is first awarded, the forecast cost at complete, at the end of the first money, is the same as the estimate.
• For this situation its recommended to use the estimated cost default method to avoid data entry (see below)
  
  
• For revenue recognition purposes, you will not need to enter/post an additional forecast until the forecast changes. The revenue recognition process will use the previously posted forecast, even though it may be a couple months behind