What is the difference between Budget project and Forecast project?

What is the difference between Budget project and Forecast project?

There are 2 processes in Rapidstart Forecast project, which are the Budget project and the Forecast Project. Both are using the same data input process, however, there are several differences for both project. The differences are:



1. Project Name and Dashboard
The Budget project will have your project name ended with Budget (for example, ABC Group 2019 Budget), and the Dashboard will show the Current Version as Budget. For Forecast project, your project name ended with Forecast (for example, ABC Group 2019 Forecast), and the Dashboard will show the Current Version as Current Forecast.

2. Update frequency
Budget project is used when you want to create your Annual Budget for the budget year(s). This is usually done one time every year. Forecast project is used when you want to do the Forecast Rollover process, which involves importing the actual data, and update the Forecast data for the remaining periods. This rollover process can be done by monthly, quarterly, or semi-annually. 

3. Import Actual Data 
The Budget project will only allow you to import the TB for the current fiscal year. The Forecast project allows you to import the TB data for any period, as long as you have done the rollover for that period.

4. Version
By default, Budget project has only 1 working version called Budget which will be the working version. However, you are able to create a copy/clone of your Budget version for comparison purposes. In the Forecast project, you are only provided with 3 versions, which are Current Forecast as the working version, Historical Forecast as the copy of the previous current forecast version, and Budget which is the copy from the Budget project. 

5. Report
The Profit & Loss YTD and Monthly Variance report only exist in the Forecast project. 

6. Annual Rollover Process menu
The Budget project has a menu that will allow you to Rollover to Forecast project, and Forecast project has a menu to Prepare Budget project

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