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What Are Time Sets?
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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.