Forecasting process - better way?

Patty Auger

We use FE NXT (and database view for some actions) and our normal account structure includes Fund-Account- Dept plus project codes for all transactions. We budget and forecast down to the Project level. We have about 8 Program / budget managers who would be working on their specific depts & projects for forecasting.

I am just getting ready to produce the forecast documents for our budget managers after Q1 closed. Currently my process is:

• In Database view, go into Records – Budget – APP (approved budget for current fiscal) – open budget
• Budget – Budget tools – Copy Forecast Budget (Step 1)– Filter by Dept (excl salary accounts – Step 2) – Step 3 (destination scenario set up for each Dept; see selections below) – Copy Forecast

• Save the budget scenario file created for each dept. Then return to FE NXT and export each dept budget intto excel for each budget manager to update the forecast months remaining (pre-populated with original budget for ease).
• Once done, I then copy and paste back into one large excel file and use the FE Budget Creator Add-in to create the new Budget scenario = Q1 + remainder of year Forecast.
• I also have to ensure that any projects with actual account balances that were not in the original budget, I add to the APP budget scenario first before running this process.

We are wondering if there is a better way to improve our process!!!


thank you.