Maintain budget versions
What would you recommend as best practice to maintain different budget versions:
- through different models
- through a timeline generic item (Budget, Forecast 1 , Forecast 2, Actual)
- through a category (Budget, Forecast 1 , Forecast 2, Actual)
Typically, we have a Budget for the year, which we update with 2 or 3 Forecasts during the year. For instance, Forecast 1 will be done in April once Q1 Actuals are known. We want to keep track of each Budget and each Forecast. Then the budget for the following year should be based on the most recent forecast for the current year.
So what would be the best way of handling this?
Thanks a lot
The question you ask is easily answered using Quantrix.
Step1,
I recommend exporting your budget version by the means of DataPush to a DataBase. Upon the DataPush setup you can assign a version.
Step2,
I recommend using DataLink to connect to the Database table where you have pushed your budget version in step 1. You can specify in your SQL Statement which version of the budget you wish to import. Or if the file is not too large you could just import all versions.
Step3,
In the matrix where you want to build out your forecast add a category and give it maybe 3 items: actuals, Previous Forecast, New Forecast
Actuals = however your actuals are coming in.
Previous Forecast = a simple SELECT and/or “USING AS” statement to pull in or link to a specific version from step 2.
New Forecast = the Previous Forecast that has some logic applied to it.
Step 4
Begin at Step1 again.
This is highlevel how you do it. It really is as simple as having correct structure for dataexport/import and a basic using as and/or select statements.
Happy to answer any clarifying questions you may have.
To QuantrixAuthority: thank for your answer, this is helpful.