Configuring Time Sets

Time Sets allow budget input at a selected time period frequency in a Capital template. By default, the Planful system assumes a one fiscal year (12 period) configuration, which is equal to months. But, you can create Custom Time Sets with varying frequencies. You'll associate the time set when you set up the finance mode.

Configuration of time sets starts with the Configuration Task called Define Budget Parameters. Access the Configuration Task List page by navigating to Maintenance > Configuration Tasks. Then, select the Define Budget Parameters task.

The number of years selected for Budget Input Years determines the number of applicable years for the time set definition.

Let’s say you select 5 Budget Input Years. You could then select to have a time set defined to budget at the month level, which leaves you with 60 periods for budget input in all templates with the All Months time set selection. Or, perhaps you want to have the first 2 years at the month level and the remaining years at the quarter, which leaves you with 36 periods (24 input periods for the first 2 years and 12 input periods for the remaining 3 years at the quarterly time set).

Adding Time Sets

Once configuration is complete, you can add time sets by following the steps below.

1. Navigate to Maintenance > Templates > Template Setup.

2. Under the More list-box, select Define Time Sets.

3. On the Define Time Sets page, click the Add button.

4. On the Add Time Sets page, enter a code and name to identify the time set.

5. Select the number of years in which the time set will apply.

6. Then select Month, Quarter or Year for period frequency, which determines the finance mode template column structure for allowed budget input periods.

For example, let’s say you have 6 Budget input years. The template is defined with the following time set definition:

Year 1 - Month = 12 periods

Year 2 - Year = 1 period

Year 3 - Quarter = 4 periods

Year 4 - Quarter = 4 period

Year 5 - Year = 1 period

Year 6 - Year = 1 period

The template will have 23 Budget input periods (assuming 12 month periods in a fiscal year). Or you can have the template defined for any number of years such as 1, 2 or 4 and up to 6 fiscal years with any granularity (Month/Quarter/Year) for budget data input.