Time Sets - Everything You Need to Know

When you add templates, you have the option to select the Default Time Set or define a Custom Time Set. So, its important to set the Default Time Set prior to adding templates.

What Are Time Sets?

Time Sets allow budget input at a selected time period frequency in a budget template for each budget input year. This flexibility allows you to create templates with accurate operational plans and provide a means for long term strategic planning.

Time period frequencies include Year, Quarter and Month. A time set definition (i.e. Month, Quarter, Quarter, Year, Year, Year) determines the template column structure for allowed budget input periods.

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.

Configure Time Sets

Configuration of time sets starts with the Configuration Task called Define Budget Parameters.

1. Access the Configuration Task List page by navigating to Maintenance > Admin > Configuration Tasks.

2. Select the Define Budget Parameters task.

3. Enter the number of budget input years, which determines the number of applicable years for the time set definition.

4. Click Save.

In Practice

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. 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).

The time sets you create may have varying frequencies. Once created, you may map the time set to a template.

Define Time Sets

1. Access the Template Setup page by navigating to Maintenance > Template > Template Setup.

2. Click More > Define Time Sets.

3. Click the Add button on the Define Time Sets page.

4. Enter a name and code to identify the time set.

5. Select the number of years and the time period frequency for each year.

6. Click Save.

Set the Default Time Set

1. Access the Template Setup page by navigating to Maintenance > Template > Template Setup. Click More > Define Time Sets.

2. On the Define Time Sets page, select the time set that you want to be the default. This means that when you add a template and select the Default Time Set option (shown below), it is applied unless you select Custom Time Set. 

3. Click Set Default. It displays in a red color.

Copy a Template and Add Time Sets

When you want to copy a template and change the time set of that template, complete the following steps:

1. Access the Template List page by navigating to Maintenance > Templates > Template Setup.

2. Select the original template you want to make a copy of.

3. Click the Copy button. The Copy Template dialog page is displayed.

4. Enter a new template code and name to identify the template and select the template type.

5. Select the Change Time Set checkbox, which will enable the Use Default Time Set and Custom Time Set options.

6. Select the Custom Time Set option, which enables the Time Set Settings fields.

7. Select the appropriate time set settings.

8. Click Copy.

The copy actions copies template lines, account mappings, approval role details, entity mappings, global fields, attribute and summary column details only! No formulas are copied.

The table below provides detailed information on what is copied from the original template to the copied template for line detail, line formatting, attributes, and summary columns.

Make the Copied Template with the Time Set Available for Budgeting

In order to make the copied template available for use in the forecast/budget process, map the templates to the respective plan (scenarios) and provide permission for users to perform budget input.

If you want to unmap an existing monthly plan (template) and use the time set based template in your current plan, it's important to be aware of the following:

• The time set template will not have any sublines defined in the source as it is a newly created template. You must manually input the Subline data as needed.

  When you map the time set based template to your running plan (scenario), there will be a Varying Scenario and Period Selection data seed, which will display aggregated data for the budgets based on account mapping when multiple history lines exist or when the same account combination is budgeted from multiple sources. To work around this functionality:

  • Delete all history mapping lines from the time set template to eliminate the possibility of input for the same accounts from multiple sources (including data loads in non-shared mode).

  • Map the templates to the plan scenario.

  • Run the Simulation process for the newly mapped time set template.

  • Re-map the history lines as needed. Post data from other sources (like data load rules) if required.

  • Run the Simulation process again for the new template and any dependent templates.

Data Allocation with Time Sets Recommendations

Data input made at the Quarter / Year level in input templates will be allocated to the month level based on the account type (Balance | Flow) and the account normal data input type configuration (MTD | YTD).

For Accounts with Balance, YTD type:

• Quarterly input will be allocated to the first period of the quarter and the same YTD number will be populated for all the remaining periods of the quarter.

• The Yearly input will be allocated to the first period of the year and the same YTD number will be populated for all the remaining periods of the year.

• Typically applicable for the Asset and Liability type Balance Sheet accounts.

See the following data input and allocation cases:

For Accounts with Flow, MTD type:

• Quarterly input will be allocated equally for all the periods of the quarter.

• Yearly input will be allocated equally to all the periods of the year.

• Typically applicable for the Input and Expense type Income statement accounts.

When you have a mix of Flow YTD or Balance MTD, the allocation is determined by YTD/MTD data input setup. But, the Flow and Balance account type setup influence how the balances are carried over.

For certain statistical or special types of account (such as customer attrition rate, taxes, headcount), it's important to review the allocation behaviors while configuring your templates for data input.

If closed periods exist in the allocation periods, the data will be allocated to the available budget periods only. For example, let's say the first two periods are closed in a quarterly input scenario. In this case, data posted will be allocated to the open period available.