Any Estimate or Job you create in FP has an associated Revenue Schedule available in its own tab for your use. The Revenue Schedule allows you to forecast money you expect to earn from the work each month. It can also be used as a point of reference to confirm the accuracy of your invoices.
Please review this article to learn how to set up a Revenue Schedule, as well as how to access the Gross Revenue Forecast report.
Adding a Revenue Schedule
A new Revenue Schedule is most easily set up as part of your work estimation process.
In this example I've estimated hours and dollars to get this proposed work done. Also, because I noted a Delivery (due) Date for this work, I now have access to the Auto Revenue Forecast button. By clicking this button it will tell the system to pre-populate my Revenue Schedule with values from the Estimate.
Note: If you do not have a Delivery Date on your Estimate, you will not have access to the Auto Revenue Forecast button. Please add a Delivery Date to your Estimate for this feature to appear.
Save any of your work on the Services tab, and navigate over to the Revenue Schedule tab.
The Revenue Schedule has been populated with one line showing:
- The Delivery Date of the Estimate.
- The total value of any External Expenses, Internal Expenses, and Internal Services.
- If you are expecting a lump payment of this amount on that Delivery Date, you can leave the schedule as is and click Submit.
- If you are expecting this amount to be paid incrementally over weeks or months, you will want to break it down accordingly.
Click Add Revenue Schedule Line for however many rows you need.
Add Lines to the Revenue Schedule
As you add lines, divide the total estimated amount over to the expected dates that you will receive these payments. When done, the Total row should match the estimated amounts on the left.
Note: that there is an option to mark this Revenue Schedule as "approved." This is an optional step. You do have the option to search for Estimates by virtue of the approved state of Revenue Schedules. Implement marking the Schedule as approved if that is part of your workflow.
Click Submit to save your work.
Can the Revenue Schedule be added later?
You are not obligated to generate the Revenue Schedule at the time you create the Estimate. Any Estimate in the system can have a Revenue Schedule added. On any Estimate navigate to the Services tab and click the Edit Services button.
The Auto Revenue Forecast button will appear in the bottom left so long as the Estimate has a set Delivery (due) Date. Click this button and then Save when done.
You can also create a Revenue Schedule when there is no Delivery (due) Date in place, but doing so will mean that you will not have access to the Auto Revenue Forecast button, and that the "Review Estimated Amounts" fields will not be available for your easy reference.
Navigate to the Revenue Schedule tab. and add lines as needed. Again, the Total row should match the estimated amounts on the left. Click Submit to save this Revenue Schedule.
Viewing Revenue Schedules within a Report
Information from the Revenue Schedule(s) pulls to the Reports area of your system, under the Plan tab. The specific report to look for is the Gross Revenue Forecast.
Please note that access to the Reports is permission based.
Select your preferred parameters for this report as you see fit. Required parameters are marked in blue - Office being the only one.
The report will output as XML and is best opened using a program such as Excel.
The Gross Revenue Forecast report will allow you to check the accuracy of your invoices, by comparing the invoices in the current month, to the revenue in the current month. You will also be able to forecast the revenue you expect to receive for planning purposes.
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