In this guide, we show How to Use Budget Forecasting.
Access: The minimum permissions required to Use Budget Forecasting are found in the Finance Module section of Config > Setup > Roles & Permissions.
Pre-requisites: In order to Use Budget Forecasting, a number of Forecasting Scenarios need to be in place within the Finance Module. In addition, Forward Financial Years will only appear if they have been configured in the system. That is, if only two years have been configured, only two years will be available to forecast into.
Related guides:
This Guide is part of the Budgeting Module User Guide
The previous guide in the Budgeting Module User Guide is: How to Amend Budget Variances.
The next guide in the Budgeting Module User Guide is: How to Use the Budget Projections Report.
To begin, go to Modules > Finance > Finance Home Page > Budgeting > Budget Forecasts.
The Layout of the Budget Forecasting Report
The Budget Forecasting Report is presented as an AG Grid, a highly-configurable table that repays the amount of time invested in understanding its flexibility.
If there is more than one Forecast Scenario in place, choose which one to work with from the drop down.
The Budget Forecasting Report shows a number of years along the top row.
The Toggle at the top right of the page adds %/£ Columns to the Report, or removes them, as required.
The Green Column is Actuals, taken from the previous year. The Blue Column is the Original Budget for the current Financial Year.
Columns can be removed to make the Report more manageable, or added to make it more detailed, by clicking on Columns on the right of the screen.
Filters can be applied to filter information and reduce the number of rows by clicking on Filters on the right of the screen.
Filters can also be applied directly to the Columns.
Selected Parameters can be Saved and will be applied when reopening the Report until they are Reset.
Columns can be ordered according to value.
Clicking on the Hyperlink displays the Ledger Enquiry Details for that Ledger Code.
The information contained within the Ledger Enquiry Details Pop-Up can be exported by clicking on the relevant Grid Action. The Columns can be sorted by clicking on the Column Header. Totals are displayed at the bottom of the table.
Column Totals are also displayed at the bottom of the Report.
How to Manually Enter a Forecast
Manually Entering a Forecast is a slow but accurate way of adding annual increases or decreases to Cost Centres.
Double-clicking on the line under the required year allows a figure to be manually added to a Ledger Code. An Assumptions Narrative can also be added.
How to Apply a Forecast Factor
Apply Forecast Factor allows for a Percentage or Value increase or decrease to be applied to all or a number of selected Cost Centres or Ledger Codes. The Forecast Factor is applied to a future Financial Year based on a selected Financial Year. Assumptions Narratives have to be added manually. This is a cruder but far quicker tool to adjust Cost Centres and Ledger Codes in future years than Manually Entering a Forecast.
Click on Actions and select Apply forecast Factor.
Choose a Financial Year to base the Factor on.
Choose a Financial Year that the Factor is applied to.
Choose which Cost Centres the Factor is applied to. There is the option to Select All.
Or choose which Ledger Codes the Factor is applied to. There is the option to Select All.
Decide whether to Increase by Value, Increase by Percentage (%), Decrease by Value, or Decrease by Percentage (%), and whether to Apply Individually or Distribute Evenly.
Then either add the Percentage or Value.
Finally, click Apply.
The screenshot below shows the 3% Forecast Factor applied to 2026-2027, the result of the process outlined above. The Red Arrows draw attention to the increase.
Forecasts into future Financial Years can easily be completed by adapting the above process, as required. For example, the screenshot below shows a 5% Forecast Factor applied to 2027-2028 based on 2026-2027. Again, the Red Arrows draw attention to the increase.
How to Copy a Forecast to Future Years
To make a straight copy of a Forecast into a Future Financial Year, follow the How to Apply a Forecast Factor process outlined above, setting Increase by Percentage (%) to Zero.
The screenshot below shows the 0% Forecast Factor applied to 2028-2029. The Orange Lines indicate no change from the previous Financial Year.
How to Reset a Forecast
The data in a Forecast can be Reset (deleted) by clicking Actions and choosing Reset.
How to Publish a Forecast as a Budget Scenario
Click Actions and choose Publish as Budget.
Choose the Financial Year.
Give the Budget Scenario a Name and a Code, paying attention to naming conventions.
Click on the Checkbox if the Budget Scenario is to be an Original Budget.
Decide whether to Copy Default Profile.
Click Save.
Cost Centre Allocation will then open in a new tab, displaying the new Budget Scenario.
How to Make a Copy of a Forecast
A Forecast can be copied in the same way as a Budget Scenario. See: How to Add and Manage Budget Scenarios.
The next guide in the Budgeting Module User Guide is: How to Use the Budget Projections Report.