Overview
Saving a Budget or Forecast in Castaway takes a snapshot of your current Projected data and locks it in place for reporting and variance analysis. This article covers the recommended process for saving a Budget or Forecast.
For an explanation of the difference between Budget, Forecast and Projected, refer to: Key Terms: Projected, Budget and Forecast
Saving your Budget
- Ensure your Active Actuals Month (AAM) is set to the month before the start of the financial year of your budget.
- Go to your main reports and view them in Projected mode. Confirm the numbers match your expectations - these are the numbers that will be saved as your Budget.
- Go to Manage Budgets in the report toolbar and click Save Budget.
- You can now move your AAM forward forward. Variance reports are now available.
Saving a Forecast (Reforecasting)
Reforecasting part way through the year captures your projections with more accurate opening balances from actuals data to date, giving you a more reliable view of the remainder of the year than your original Budget.
- Set your Active Actuals Month (AAM) is to your most recent actuals period.
- Go to your main reports and view them in Projected mode.
- Consider the changes you need to make to your modelling of projections.
- Confirm the numbers reflect your latest expectations - these are the numbers that will be saved as your Forecast.
- Go to Manage Budgets in the report toolbar and click Save Forecast.
For guidance on making bulk changes to your projected data, refer to: Uploading Forecast Data
If you need any assistance please contact our support team at: support@castawayforecasting.com