How to approve a forecast or budget in PMI
How to send in/submit your budget/target or forecast in PMI Planning module. NB! Moved from Submit to Status in tools box.
Summary
When your budget/target/forecast work is completed and you wish to send in/freeze these figures to become a selectable version in PMI Planning, follow the instructions below. This process is formerly know as “submit” also in PMI Planning but is now found in Tools as “status”. It is the actual approval process that is described in this section. Depending on your user rights you are only allowed access to your departments in Planning and only allowed to approve or “submit” your part to forecast or budget/target.
Intended Users
Budget/Target and Forecast owner, Controllers, General Managers, Head Office Controllers.
Requirements
The appropriate user rights.
Instructions
The approval process flow is as follows:
When in the accounts view in PMI Profit and Loss, find “status” in the tools box. First choose Budget/Target or Forecast to submit at the top.
- The forecast/budget/target owner should when the forecast/target/budget is done go into Status under Tools and set the department to Ready. The plus sign allows you to open and see the latest saved versions, who updated and when.
- When all departments are set to Ready the responsible with Controller user rights should either set the department to Locked or Rejected (if the department should redo the forecast/budget/target).
- When all departments are set to Locked the Submit button at the bottom will be green. It is then possible to submit the entire property. Choose a period to submit in the Submit part above and write a comment if needed. If you only lock part of year and keep that locked, rest of year will have status Live. You need to press the + sign in front of the department in Status to get an overview of what is locked. You are also able to view this in the account plan.
- After the forecast/budget/target has been submitted it will be displayed at the top as Report Versions. You will see the date the forecast/budget/target was submitted, which user completed it and for what period. When submitted, the forecast/budget/target will have the status Pending.
- The responsible person with Controller user rights is then able to set forecast/target/budget version from Pending to Approved or Rejected in the top section of the status page.
- When all is submitted and approved the responsible person with Controller user rights needs to set all departments to Live – until then all live forecasts/targets are locked for the individual department owners to work with.
You are able to set all departments to different status simultaneously by clicking the heading tick box.
After submitting you will see that the accounts are locked and there is a message telling you the status along side the lock icon. Please note that this version is a snap shot of figures only, it does not contain any formulas or connections and cannot be altered. If you for some reason detect this version is not correct, please just re-submit another version following the steps 1-6 above.
Lock PMI R&P Budget/Target figures
It is possible in the Status module to also Lock PMI R&P Budget/Target Revenue and Hours separately. This to avoid accidental change to the budget/target figures in PMI R&P.
Recommendations
It is recommended to set up a good internal work procedure so all forecast/target owners know exactly the timelines to follow each month.
Note
Note that even if the Status tool is available in the Report module and Account Summary module, the Submit option will only be available from the Accounts module.
Approve Several
As a Head Office Controller you might want to approve multiple hotels simultaneously, within a group or all hotels. To avoid having to do this one by one, use the Approve Several feature in the Tool menu.
You will only get hotels you have P&L user access to on the list.
Only last submitted forecast/budget/target with status Pending can be Approved. The list will display all hotels in the group you choose and you can see by whom and which date it was last approved. If the tick box is enabled, a new submitted forecast/budget/target is ready to be approved.
Troubleshooting tips
This section provides additional troubleshooting advice for readers experiencing specific issues. While it’s packed with useful insights, you may skip it if you’re not facing any related problems.
Troubleshoot data in the Import Status view
Accessing the Import Status View:
- Navigate to the main menu and select Import Status.
- Choose your desired chain, property, status, and interface filters.
- The view will display detailed import information for the selected property.
Troubleshooting Missing or Delayed Data:
If Interface Status is “In progress”: This indicates that data is actively being imported and is currently in the ingestion queue. It will soon “arrive” and be visible within PMI.
If data appears to be missing:
- Use the search (magnifying glass) to drill down into the details.
- Compare the data received with what’s displayed in PMI to ensure alignment.
- Check for potential issues like unmapped accounts or ignored figures that may prevent data from appearing.
- If discrepancies persist, consider performing a new import to refresh the data.
How to Resubmit a Forecast
If you need to resubmit a forecast in PMI, follow these steps:
- Locate the Approved Version: Go to the relevant section in PMI (e.g., Status page or Planning module) and find the currently approved forecast.
- Reject the Approved Version: Change the status of the approved forecast from “Approved” to “Rejected.” This allows you to make changes.
- Make Adjustments: Edit the forecast as needed once it becomes editable.
- Submit the Updated Forecast: After making your changes, submit the forecast again for approval.
Tip: If you encounter issues during this process, ensure you have the necessary permissions to reject and edit forecasts. Contact your system administrator if needed.
Glossary of Terms
Stuck on a term or abbreviation? Check out our PMI Glossary for quick definitions and insights into common terms and abbreviations. Simplify troubleshooting by understanding the language behind the processes!
Generate reports in the Timesheet
If you have trouble to generate (make or create) a report in the timesheet, one common solution to try is checking your view settings. Specifically, make sure you've included all necessary parameters, such as "Include Period-End" in your report criteria. This step is often overlooked but crucial for generating comprehensive reports that match your expectations. If you're still encountering difficulties, you might need to look into more detailed settings or permissions that could be affecting your ability to generate the report.
Forecast discrepancies in cockpits
If the forecast data in the cockpit does not match the actuals, showing discrepancies in the Monthly To Date (MTD) usage, a potential cause is that a cost driver was not forecasted, leading the system to calculate zero forecast and only display actuals.
Steps to Resolve:
1. Verify Cost Drivers: Ensure all relevant cost drivers have been forecasted for the period in question.
2. Update Forecasts:
• Navigate to the forecast module.
• Ensure all cost drivers are included.
• Resubmit the forecast for the affected month(s).
3. Verify Correction: Check that the cockpit now displays the correct forecast and actual hours.