Part A - Accessing and Utilizing the Sync and Update Tools in Forecast+
The Sync and Update tools are located at the top-right side of your Operating Model, below the scenario selector, and next to the year dropdown. These vital functions keep your financial data in line with your accounting software, ensuring you always work with the most current information.
Here's how you can access and use these features:
Locate the Dropdown Arrow: On the Operating Model page, look at the top right side. You'll find a button and dropdown arrow next to the year selector. Click on this arrow to reveal the Sync and Update tools.
Choose a Function: Clicking on the dropdown will present two options: Sync and Update.
The sync function is designed to re-align your data with any changes made in your accounting software over the past 12 months of actuals. This is particularly useful when changes have been made in your accounting software after the daily automatic sync (which happens at 9 AM UTC every day) and you wish to see these updates in Forecast+ immediately. This function ensures that your financials in Forecast+ are always current.
The last sync details are visible at the bottom of the page
The update is used to roll forward your actuals by one month. This function becomes useful when your accounting team has confirmed that the books are closed for the previous month and you're ready to incorporate this data into Forecast+. By selecting "Update," you're instructing Forecast+ to pull in your most recent closed books for the subsequent month. This keeps your actuals up-to-date and accurate.
The Update option will always indicate which month's data will be loaded upon execution. For instance, if your last actuals are up to June, the Update button will display the text "Bring in your most recent closed books for July.”
Notification that your Books were closed
3. Select and Apply: Choose the function you wish to perform by clicking on it. Doing so will change the name displayed on the dropdown button to the function you selected - either Sync or Update. Now, simply click on the button displaying the name of your selected function to initiate the process.
The Sync function is selected by default, but you can switch between Sync and Update as needed. Always remember to apply these functions appropriately to ensure the most accurate and reliable financial forecasts. With Forecast+, you can confidently navigate your financial planning, knowing you're always working with the most current data.
Part B - Utilizing the Reimport Function in Forecast+
In addition to the Sync and Update tools available on the Operating Model, Forecast+ also offers a comprehensive Reimport function. However, due to its extensive nature, the Reimport function is not located on the Operating Model but instead can be accessed via the Settings menu.
Here's a step-by-step guide on how to utilize the Reimport function:
Go to Settings: On the Forecast+ interface, locate and click on the 'Settings' tab.
Access Connections: Within the Settings tab, find and click on the 'Connections' option.
Initiate Reimport: Here, you will find the 'Reimport' button. Clicking on this will trigger a warning message, indicating the extensive nature of the operation you are about to perform.
Clicking Reimport triggers a warning
The Reimport function serves as a total data reset. This means it fetches the full dataset anew from your accounting software, including information that may have been modified more than 12 months ago, or in rare cases where data might have been imported incorrectly. Due to its extensive reach, the Reimport function is a powerful tool for ensuring complete data synchronization.
However, given its comprehensive nature, we advise you to use the Reimport function with caution. Always make sure you understand the consequences of this action before proceeding. If you are unsure or need further clarification, please do not hesitate to get in touch with us for assistance. Forecast+ is here to ensure you have the most accurate and reliable data for your financial forecasting.
To summarize:
In order to derive accurate and insightful financial forecasts, it is crucial to ensure that the underlying data feeding into Forecast+ is reliable and up-to-date. This process works on the principle of "garbage in, garbage out." In other words, the accuracy and quality of your financial forecasts depend significantly on the correctness of your input data: your actuals and drivers.
To manage the actual input effectively from your accounting system, Forecast+ offers three core functions: Sync, Update, and Reimport. Each function plays a pivotal role in maintaining the accuracy of data being pulled in from your accounting software.
🔄Sync when you have made changes to your accounting data within the past 12 months and want these changes reflected in Forecast+ immediately.
📅Update when your books for the previous month have been closed and you're ready to roll your actuals forward by one month.
♻️Reimport when you need to adjust data from more than 12 months ago or correct an erroneous data import.
These data synchronization functions ensure that your Forecast+ operating model is always working with the most accurate and up-to-date information, providing reliable forecasting and strategic business planning.