Video - InEight Control - Fiscal Calendar Settings

TRANSCRIPT

Welcome to InEight Control.

This video demonstrates how to define the fiscal calendar settings for your organization and projects.

The fiscal calendar is only for administrative users who have the appropriate permissions to access settings at the organization or project level. Depending on at what level you need to configure the calendar.

To access the fiscal calendar set at the organization level, click here and select all projects and organizations.

Click on the organization tab and select the organization you are working on.

In the organization homepage, on the organization tile, select settings.

Once in the organization settings, click on the physical calendar tab Under this tab, you can define the end of each week and fiscal calendar year if needed.

The period end section provides settings for your monthly financial period month end day.

You have several options including first day of the month, last day of the month, last weekday of the month, and any day of the month you specify.

Your financial period closing day setting allows you to end your financial month on a day different than the actual month end.

For example, you may need to select the same as month end plus days, and then select seven days or one week before the financial period closes.

During that seven day period after month end, your live forecast values will exclude any actuals that occur in the new period.

So that reporting can be finalized for the prior month.

Therefore, any new actuals accumulated during the plus days will be suspended.

Not impacting the forecast until the seven extra days are over.

You can also input in a financial period, closing time, and time zone.

In control workspaces on your live forecast data block, the current live forecast reflects period end settings you just defined in the fiscal calendar organization settings.

Once a financial period completed.

The actuals that accumulated during your financial billing period between month end and the financial period end will automatically update the forecast equations to be current.

So once the closing period is complete, The forecast equations will be automatically updated to be current. To bring in the actuals that were accumulated during the suspended seven day closing period.

The date of when the last actual data was imported is shown here on the forecast data block and the live forecast data block headers.

This data will also be shown in the cost categories forecast data block.

And in the audit log.

You may need to override the organization's fiscal calendar when you need more flexibility for project fiscal time period activities.

For example, let's say you need to shorten the financial period to five days after month end to keep tighter control of claims being posted.

By making changes to the project fiscal calendar, you'll be able to shorten the time period and override the closing day for month end.

To modify the physical calendar, someone with access would need to navigate to the project settings and select fiscal calendar.

Changes to the project fiscal calendar override the organization fiscal calendar settings, and no updates are inherited from the organization settings.

Let's change the month and close to five days at the end of the month.

Notice, Haywood changed the fields in each section.

Any changes to the project fiscal count will influence temporal activities like time phase forecasting, budgeting, and claims.

Once finished, click save.

Back in Control, The fiscal period will now be updated for this project, overriding the original organization level settings.

Well, That's a quick overview of managing the fiscal calendar settings in Control. Thanks for watching.