Load and Enter a Forecast for a Job

Overview:

The Forecast Entry process is used to review and update the Forecast in PENTA.  By Default, each Cost Type requires a forecast calculation method to be used during revenue recognition, in case a forecast is not posted for a period.  The window provides a forecast to be loaded under various methods, and once loaded, each costcode estimate can have a forecast posted, if needed.

Benefits:

• Provides ability to see all costcodes or limit to specific costcodes that need to be updated to streamline forecast effort

  • Review Costcodes that are X% complete based on Estimate

  • Review Costcodes that had activity in:

    • Actual Cost

    • Estimates

    • Commitments

    • Completion %

    • Costcode Status

• Various Forecast methods:

  • Use prior forecast

  • Use the system calculation rules

  • Forecast based on maximum of:

    • Actual Cost

    • Estimated Cost

    • Commitments

    • Anticipated Cost

    • Prior Forecast

• Allows multiple forecasts to be posted during a period.  Revenue Recognition uses the most recent posted forecast

• Forecast at Complete or Forecast to Complete methods can be used

Roles:

• Project Manager/Coordinator

• Controller

Additional Content

• For best results, ensure the following information is current in PENTA before entering a forecast:

  • Actual costs

  • Estimates

  • Subcontracts

  • Purchase orders

  • Anticipated costs

  • Change requests

• Review forecast transactions in PRFE

Location:

• Project Management > Forecast Completion Information > Forecast Entry

• Project Management > Inquiries > Project Review & Forecast Entry - Forecast Entry button

Video: