Marking Time Periods as Closed for Revenue Forecasting

Warning:

As a regular part of your Revenue Forecasting process, when you complete revenue recognition for a monthly time period, you must then select the Closed for Forecasting field on the related time period record for Revenue Forecasting to work correctly.

To mark a time period as closed for forecasting, you must have been assigned the relevant Revenue Forecasting permissions. For more information, see Revenue Forecasting Permissions.

To mark a time period as closed for Revenue Forecasting, perhaps because the corresponding financial period is marked as closed in your Accounting system:

  1. From the Time Periods tab, open the time period record.
  2. Set the Closed for Forecasting checkbox to true.
  3. Save the record.

Revenue Forecasting assumes that if a time period is closed, all preceding time periods of the same time period type, such as Month, are also closed. This means there is no need to go back and mark old time periods as closed.

Tip:

When you mark a time period as closed for Revenue Forecasting, the Date Marked as Closed for Forecasting field on the Time Period object is automatically populated. You can also manually enter a date and time in the past. You can use this field to create a report to identify records that have been changed after the time period was closed.

For information on how project revenue forecast calculations work with closed time periods for the different recognition methods, see the following topics: