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Versions Overview

A version represents a particular financial scenario.  For example, a version can be current-year actuals, next year's budget, a three-year plan, or a what-if plan for evaluating the effects of a business transaction.

There are two types of versions: actuals and plan versions. When you're viewing actuals, you're looking at actual numbers of sales, costs, and so on, that have already happened. There can be more than one sub-version of actuals. For example, you may have a sub-version of actuals that slices the data into smaller segments, based on levels, dimensions or attributes.

Plan versions, on the other hand, are data that has been or is being forecasted or budgeted. These are estimates of the future. An instance generally has more than one plan version. For example, you may see a Budget, a Forecast, a Working Budget as well as an Approved Budget. Plan versions may also be further broken down by year, level, dimension or attribute.

 

Most companies use versions to cover one calendar or financial year. The structure of your accounts, organization, dimensions, and other hierarchies and tags generally stays the same between versions, but the data is different.

How Versions Work

When you create versions, you set how your team interacts with the version using the Control Access settings. These settings hide the version, lock it (to make its data view only), or make it visible and editable to all users.

Once your versions are set, use Level settings to indicate the availability of the version for each level. 

Then, you assign levels to each team member.

When team members log in, they choose available versions from the drop-down. The availability depends on the version settings and the level the user has chosen or is assigned to.

Version Types

With different versions, you can:

  • Upload root actuals.
  • Slice actuals data with sub-versions.
  • Maintain actuals as a source of truth and use journal entries (if you have consolidation).
  • Create any number of plan versions and organize them with folders.
  • Use virtual versions to enable constant currency reporting.

See Version Types and Create Versions.

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