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Jun 16, 2017 at 07:25 AM

Financial Forecast

668 Views Last edit Feb 11, 2019 at 01:21 AM 2 rev


I hit an error while trying to do GR. Error is as per below:

"Forecast Posting Scheme Purchase Order, Acc. Xategory Cash Account: Acc. Det. Group Missing."

After searching in Help Center, I found out that the error is relevant to financial forecast. However, I don't quite get the configuration and the posting logics behind it. The explanation provided is vague.

"Financial posting schemes are used in automatic processes as well as in budget queries to enable comparison of forecast with actuals, for example, in theCost Centers – Plan/Actual/Forecastreport.'

Could anyone help to explain:

1) The concept of financial forecast.

2) The financial forecast double entry.

3) The business transaction that will trigger posting of financial forecast document.

I would like to understand in detail to ensure my set up and explanation to the users are correct.