In this article, you will learn how to plan an event’s budget by trade and how the Event Planner calculates the forecast.
REQUIREMENTS
- Trades under Planning › Settings › Trades
- Permission to edit the planning
CREATE A BUDGET
- In the event, open Planning › Budget.
- Click Add trade and select a trade.
- Click the trade to open the flyout.
- In the Budget section, enter the planned amount and confirm the change.
The table shows the budget, commissioned amount, actual costs, forecast, and variance for each trade. In the flyout, you will also find the trade’s quotes, costs, documents, and tasks.
HOW THE FORECAST IS CALCULATED
| Situation | Forecast |
|---|---|
| No quote commissioned | The budget, or the invoices if they are higher |
| Quote commissioned | The full quote amount; invoices exceeding the quote are included at the higher amount |
| Final invoice recorded | Only the invoices for the quote |
Example: A quote for €58,000.00 has been commissioned, and a partial invoice for €30,000 has been recorded. The forecast remains at €58,000.00. If the final invoice is €55,000.00, the forecast decreases to €55,000.00.
If the forecast exceeds the budget, the table shows “Over budget”.
You will receive a notification and a task in the event cockpit.
| Note: Trades without a budget do not trigger an “Over budget” warning. |
MANUAL FORECAST
If you know more than the Planner, overwrite the forecast in the trade’s flyout and optionally add a reason. Click Use calculated forecast to return to the automatic calculation.
RESERVE AND COST CENTRE
Under ⋯ › Finance and reserve, you can set a reserve as a percentage of the total budget or as a fixed amount. Savings in one trade are offset against overruns in others. In the same dialogue, you can enter the event’s cost centre, which new receipts will use.
APPROVE THE BUDGET
Under ⋯ › Approve budget, you can save the current status as an unchangeable version with a note. Under ⋯ › Versions, you can compare the forecast with an approved version.
| Note: The budget and forecast are always net amounts. |
DO YOU HAVE ANY QUESTIONS?
If you have any questions, our Customer Service Team will be happy to help.