Date rollover and extending forecasts
Once the actual data is available for a particular forecasted period, you can update the report with the actuals and close the forecast. You can then extend the forecasting period, performing a rolling forecast. We will look into these steps below.
The image below illustrates that we have closed 2024 with actuals, while 2025 still has open forecast measures.
We have received the actuals for 2025 Q1 and Q2. Let's see how we can close the half-year forecast and then roll over the date. To close a forecast period, click on Plan > Time > Close Period.
The Close Period dialog box has the following options:
1. Select measure
You can create more than one forecast in the planning sheet. From the dropdown, choose the forecast measure for which you want to close the period.
2. Close period till
You can choose when to close forecasts based on the actual data received. You have options such as the previous month/quarter/half-year/year and the current month/quarter/half-year/year. You can also set a custom period until which to close the forecast.
In this example, we received the data for 2025 Q1 and Q2, so we can select the 'Previous Half Year' option to close the forecast up to June 2025. If we have data up to the current month, we can select 'Current Month'.
3. Selected Period
This field shows the exact period up to which the forecast will be closed, based on the option selected in the Close Period drop-down.
4. Extend forecast range
When you close a period, you can choose to extend the forecast. The forecast can be extended to one year/half-year/quarter/month.
4.1. Duration
If you select the Extend Forecast Range checkbox, the duration dropdown becomes active. Let's extend the forecast to one quarter (from January 2026 to March 2026).
Discard
If you do not wish to close the period, you can cancel by clicking on the 'Discard' button.
5. Preview
Click on the Preview button to open the confirmation dialog box. You can review the period that is being closed as well as the open forecast period.
6. Save
Click Save and the selected forecast period is closed. Notice the first half-year forecast is greyed out and has been closed with actuals. The forecast is also extended up to March 2026.
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