About

Managing a project is all about ensuring that the project is being delivered successfully with the expected budget and cost. Through the life of a Project the Revenue and Cost may fluctuate making it difficult to understand where we stand and where we plan to stand at the end of the project.With Revenue Management (please see Revenue Management in Precursive for more information), you can capture Snapshots of the Phase Period Snapshot Forecast at any point in the project; this could be when the Forecast Project is Confirmed to set a Baseline, at Project Kick-off, as a change request is applied or simply at the start of every month. Each of these snapshots will enable comparison with each other or the current Forecasts, which are recalculated overnight. 

Precursive takes a snapshot of the current actuals and forecasts when Reporting Period is closed each month (please see How to Close a Reporting Period for more information). Alternatively Snapshots of Revenue Forecast can be captured from a Phase manually at any time, which will copy the current forecast. Phase Period Snapshots may also be automated using a Salesforce Flow to have them taken based on other activity within Precursive or Salesforce. For example to take a screenshot of the Project 'Baseline' when an Opportunity is Closed Won or a Project is marked as Active.

When you take a Snapshot of Revenue Forecast, a record is created for every month of the entire duration of the project with a breakdown of Forecast or Actual project financials including totals for that Period
as well as:

• Cumulative to Period = the progress to date
• Plan to Complete = what is left planned to complete the project
• Planned Actual Complete = the forecast totals at project completion considering the current/forecast progress and what is left planned to be delivered

How to Take Snapshots of Revenue Forecast

To take snapshots of Revenue Forecast manually, navigate to the Project and specific Phase you want to take the snapshot for. Then:

1. Select a Revenue Recognition Method for that Phase - on the Phase Details page. Precursive supports 3 RevRec Methods. Please see Revenue Management in Precursive to learn more. 
2. Recalculate Revenue Forecast from the Financials tab
3. Take Snapshots of Revenue Forecast by clicking the 'Snapshot Revenue Forecast' button.
4. Enter a Name and click Next.

You can now find and access your new Snapshots from the Related tab of your Phase: That allows you to compare the original Baseline with the Actual progress for that month and see how that has affected your forecast. You can also visualise your progress and have a quick Revenue Summary: Or use Snapshot data to forecast Revenue and report on Project Financials to review your progress and take the necessary actions to make sure you hit your Revenue targets.

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