Revenue Projection Tool Users' Guide. (for version 5)
|
|
- Dominic Sims
- 6 years ago
- Views:
Transcription
1 Revenue Projection Tool Users' Guide (for version 5) FEBRUARY 2016
2 REVENUE PROJECTION TOOL USERS' GUIDE CONTENTS Executive summary Revenue projection tool rationale and basis for calculations. 2 Rationale Who should use the tool and for what purposes? Basis for calculations Moving averages Elasticities Application to statutory allocation, VAT and IGR Version control and data set Using the revenue projection tool Structure of the Excel file Macros Instructions tab User Interface tab Reset data Base data requirements Macroeconomic-mineral assumptions Recurrent revenue estimate Revenue graph
3 Executive summary With a few exceptions, state and local governments rely on transfers from the Federal Allocation Accounts Committee (FAAC) for their recurrent revenue. More specifically, statutory allocation and value added tax (VAT) (and excess crude) make up a significant part of the revenue budget. Within the context of budget realism, it is important that estimates for these revenues are based on all available information/data and use rigorous forecasting techniques. The revenue projection tool, developed by SPARC based on its experience in 10 states, uses the basic principles of forecasting (moving averages and elasticities) with a set of historical data from the FAAC pack to forecast the revenues which will accrue into the FAAC for a given macroeconomic (oil) scenario. The tool then uses the sharing ratios to estimate the individual allocation for any state or local government. The tool also allows users to forecast their internally generated revenue (IGR) based on several types of moving average. REVENUE PROJECTION TOOL USERS' GUIDE Finally the tool allows for these estimates to be plotted on a bar graph. The tool can be used by any stakeholder in the public financial management (PFM) system government officers, civil society, the private sector, donors and aid agencies. It should be used as a 'reference point' and should support, but not be used instead of, a rigorous top-down budget process. This guide explains the principles behind the forecasts and how to use the Excel-based tool. 1
4 REVENUE PROJECTION TOOL USERS' GUIDE Revenue projection tool rationale and basis for calculations In this section, a rationale is provided for using the revenue projection tool. The basis for the calculation is explained generally, in terms of the techniques and then in terms of its application to the recurrent revenue sources usually budgeted for within state and local governments. Rationale Realistic revenue projections are a core building block not only for the annual budget process, but also for the purposes of medium-term strategic planning. As part of the medium-term expenditure framework (MTEF) process, ministries, departments and agencies (MDAs) should be given indicative three-year ceilings in order to develop and cost their medium-term sector strategies (MTSSs). The issues that arise from unrealistic revenue projections are numerous and include: Insufficient funds to maintain capital assets Significant contractor liabilities Increased borrowing requirements. The forecasting of aggregate resource envelopes is the first stage in the annual budget process and should be based on sound macro-fiscal assumptions and fiscal rules. For state and local governments, a large part of the resource envelope will come from recurrent revenues sources, such as statutory allocation, VAT and IGR, and hence accurate forecasting is critical. Forecasts should be made using all relevant historical data for the purposes of statutory allocation and VAT, there are significant data available in the monthly FAAC pack. For IGR, data are available at the individual state and local government level. Through its work supporting 10 state governments in Nigeria, SPARC has supported the development of simple forecasting techniques for finance, planning and budget ministries to help them estimate their annual envelopes. Since all state and local governments share the statutory allocation and VAT revenue pool, the forecasting techniques used in the current SPARC states can be directly applied to all other states and local governments. The same principles can be applied to IGR, albeit with data required from an individual state or local government. The revenue projection tool has been developed based on the above rationale and its use is described in the following sections. Who should use the tool and for what purposes? The revenue projection tool can be used by anyone together with this guide it is available for download from 2
5 When downloading the guide users will be asked to provide their names, organisations, and contact details (mobile phone numbers/ addresses). This information is requested so that when an updated version of the tool is available users can be contacted. As noted above, SPARC has supported several states to develop more comprehensive top-down budgeting processes. This support has involved implementing a more rigorous estimation of aggregate resources and development of 'Fiscal strategy papers', which provide thorough analyses of historical trends in revenue and expenditure performance and form the basis for forward projections/forecasts 1. The revenue projection tool does not replace the need for such a process and should be used by central planning, budgeting and finance ministries and other PFM stakeholders as a 'reference point' for the state/local government's own forecasts. All available information should be used by the state and local governments, including communications from the Federal Government, etc. SPARC has developed a number of key resources for PFM stakeholders that serve as excellent reference points, including the Government Resource Estimation and Allocation Tool, which is can be found on the SPARC website and in the SPARC PFM Suite. REVENUE PROJECTION TOOL USERS' GUIDE Basis for calculations The revenue projection tool uses two standard forecasting techniques: Moving averages Elasticities. The underlying concepts of these two forecasting techniques is explained below, followed by their practical application to forecasting recurrent revenues within state and local governments in Nigeria. Moving averages Moving averages can be used to forecast growth rates for a revenue aggregate based on historically observed growth rates. The basic principles behind moving averages can be split into two components: Moving when forecasting a variable for multiple time periods, this refers to the rolling forward of the average used for the forecast Average refers to using more than one piece of data to forecast. The revenue projection tool allows for the use of three different types of moving average: 1. Simple three-year moving average uses the three preceding years' observations (e.g. growth rates) to forecast the subsequent year 1 As of October 2013, SPARC is producing a Guide on Budget Realism which will provide more details on the top-down and bottom-up budgeting processes. This guide will also be available from in due course. 3
6 REVENUE PROJECTION TOOL USERS' GUIDE 2. Five-year moving average excluding outliers uses three of the five preceding years' observations (e.g. growth rates), excluding the highest and lowest observations 3. Four-year weighted moving average - uses the four preceding years' observations (e.g. growth rates), but applies more weight to the more recent observations 2. The revenue projection tool allows the user to select which of the above moving averages to use. Elasticities The dictionary definition of 'Elasticity' is the responsiveness of one variable (dependent variable) to changes in another variable(s) (explanatory variable[s]). Essentially it is the ratio of growth rates between one variable and another, with the relationship between the two being based on some economic or fiscal theory. For example, if a dependent variable grows by 10% and the explanatory variable grows by 20%, the elasticity is 2. Elasticity is a number, it has no units: If the elasticity is greater than one we say that the dependent variable is 'relatively elastic' An elasticity equal to one, known as 'unitary elasticity', means that the dependent variable changes in the same proportion (or percentage) as the independent variables If the elasticity is less than one, but greater than zero, we say that the dependent variable is 'relatively inelastic' An elasticity equal to zero means the variations in the dependent variable are in no way linked to those of the explanatory variable If the elasticity is less than zero then the variables have an inverse relationship, i.e. positive growth in one variable will be associated with negative growth in the other. By combining the historically observed elasticities between revenue items and macro-mineral items, the future forecasts for the macro-mineral items can be used as the basis for forecasts of the revenue items 3. Application to statutory allocation, VAT and IGR The forecasting techniques above can be applied directly to the three primary sources of recurrent revenue. Statutory allocation. Statutory allocation can be forecast using either the moving average methodology (any of the three moving averages as described 4 2 For the revenue projection tool, the following weightings have been used: year t 40%, (t 1) 30%, (t 2) 20% and (t 3) 10%, where t is the most recent year of actual observations. 3 Macro-mineral is an easy way of referring to the key drivers for revenue in Nigeria; specifically real GDP growth, inflation, NGN:USD exchange rate, benchmark oil price and benchmark oil production.
7 above), or by elasticity. For moving average-based forecasts, the revenue projection tool estimates the aggregate statutory allocation 'pool' of collections into the FAAC account based on the historical moving average growth rates. It then uses the sharing ratios to determine the value of the allocation to an individual state or local government unit. For elasticity-based forecasts, it is necessary to disaggregate the FAAC revenue collections into mineral (primarily oil) and non-mineral (Federal Inland Revenue Service [FIRS] and Customs and Excise). For mineral revenue, the revenue projection tool calculates the elasticity of the mineral-based receipts to the oil price, oil production level, and NGN:USD exchange rate using data provided in the FAAC pack. For non-mineral revenues, the revenue tool calculates the historical elasticity of non-mineral receipts to the combined growth in real gross domestic product (GDP) and inflation (effectively, the nominal GDP growth). The moving average of these elasticities (five-year moving average excluding outliers) is then calculated and used in combination with the forecasted real GDP growth, inflation, NGN:USD exchange rate, and the benchmark oil price and production rates to provide an estimate of the total receipts accruing to the FAAC account. The revenue projection tool then uses the sharing ratios to determine the value of the statutory allocation to an individual state or local government unit. REVENUE PROJECTION TOOL USERS' GUIDE Value added tax. VAT can be forecasted using either the moving average methodology (any of the three moving averages as described above), or by elasticity. For the moving average-based forecasts, the revenue projection tool estimates the aggregate VAT collections at FIRS based on the historical moving average growth rates and then uses the sharing ratios to determine the value of the allocation to an individual state or local government unit. For the elasticity-based forecasts, the revenue projection tool first estimates the historical elasticity of VAT growth to the combined growth in real GDP and inflation (effectively, the nominal GDP growth). This elasticity is calculated over a five-year period and a moving average (five-year average excluding outliers) is used for estimation purposes. To perform the forecast, the user is required to enter the forecasted real GDP growth and inflation estimates over the forecasting period. These are then combined with the elasticity to provide the VAT estimate. As with the moving average technique above, the elasticity-based forecasts are at the aggregate level, and the sharing ratios are then used to determine the value of the allocation to an individual state or local government unit. Internally generated revenue. IGR forecasts are restricted to moving average-based forecasts only. This is because of a lack of state- or local government-level macroeconomic data and forecasts, which make elasticity- 5
8 REVENUE PROJECTION TOOL USERS' GUIDE based forecasting impossible. Since the revenue projection tool does not hold a database of historical IGR for all states, the user is required to enter the historical data (four to six years' worth of data depending on which moving average method is used) in order to generate the forecasts. Version control and data set This guide accompanies the published version of the revenue projection tool, v 5, which was developed using historical receipts data, up to and including December 2015, and the state and local government sharing ratios as of August The tool will be updated periodically (approximately every three to six months) and the updated version will be posted on the SPARC (or an alternative) website. An or text message will be sent to those persons who registered when downloading the tool in the first instance, informing them when a newer version is available. This guide will only be updated if there are substantial changes to the structure/content of the tool. Using the revenue projection tool Structure of the Excel file The spreadsheet is saved as a Microsoft Excel macro-enabled workbook (.xlsm) and will only work with M icrosoft E xcel versions a nd later. If opened in Microsoft Excel some of the formulas will not work, nor will the conditional formatting hence, the interface will not function and the revenue estimates will be wrong. The spreadsheet contains three tabs for users Instructions, User Interface (for creating a forecast) and Revenue Graph (which presents the outputs of the revenue forecast in a bar chart). Macros The revenue projection tool uses several macros in order to clear the contents and execute calculations. Depending on your version of Excel, you may be prompted to enable (or disable) macros when you open the file. If this prompt is given, please accept the option 'Enable Macros'. If this option is not given, please use the Microsoft Excel help menu and search for 'Enabling Macros' and follow the instructions given. Instructions tab The instructions that follow are summarised on the Instructions tab. 6
9 User Interface tab The User Interface tab is the second tab in the Microsoft Excel file. As its title suggests, it is the main tab where the user can generate the revenue estimates. Reset data If this is not the first use of the tool, or if you wish to start again, please click on the 'Clear Contents' button in the upper centre of the screen (cell C7). Base data requirements The user interface employs a series of drop-down boxes. Cells that require a choice or where data has to be entered directly will be highlighted automatically in yellow. Click on the cell and either select the appropriate drop-down box option, or enter data. The base data should be entered on the left-hand side of the screen. 1. Identify whether the forecast is for a state or local government (cell C9). Select the appropriate option from the drop-down box 2. Select state, or if forecasting for a local government, select the state within which the local government unit (LGU) falls (cell C10) 3. If local government, there will be a prompt to select your LGU the list of local government areas (LGAs) will be those within the state selected above (cell C11) 4. Select the three-year time period for which you wish to forecast (cell C13). For example, if preparing the budget for 2015 (during 2014), select the ' ' option 5. Select the revenue items you wish to forecast (statutory allocation, VAT, IGR) by selecting yes or no (cells C15, C16, C17) 6. If statutory allocation and/or VAT have been selected for forecasting, select Forecasting methodology for statutory allocation and VAT (macro-fiscal, or moving average) (cell C19) 7. If IGR was selected as an item to be forecasted, select the moving average basis for your IGR forecast (cell C20) 8. Three-year simply moving average 9. Five-year moving average excluding outliers 10. Four-year weighted moving average 11. If moving average is selected as the basis for forecasting statutory allocation and/or VAT, choose moving average basis (same three options as for IGR above) (cell C21) 12. If IGR is to be forecast, enter historical data as required (this will be between four and six years historical data depending on what moving average method is used). The cells with indication of years will automatically appear (cells C23 to C28 depending of the average chosen). In the circumstance where historical data are not available, please use the most recent forecasts. Please enter data in full Naira (not in billion or million Naira). An example is shown opposite (see table). REVENUE PROJECTION TOOL USERS' GUIDE 7
10 REVENUE PROJECTION TOOL USERS' GUIDE Historical IGR data required Enter data below 1,500,000,000 1,600,000,000 1,700,000,000 1,800,000,000 1,900,000,000 2,000,000,000 Macroeconomic-mineral assumptions As noted in the section relating to the basis for the calculation, the tool allows for a macro-fiscal-based forecast for statutory allocation and VAT. If macrofiscal forecasting was selected as the basis for the statutory allocation and/or the VAT forecasts, there will be a prompt to insert macroeconomic and mineral benchmark assumptions for the years of the forecast (cells F10 to H15). There is an option to use a 'default' scenario, the basis for which was explained above: 1. If you selected a macro-fiscal-based forecast for statutory allocation and/or VAT, insert your macroeconomic-mineral assumptions (national real GDP and inflation forecasts, benchmark oil production, benchmark oil price and NGN:USD exchange rate) 2. If you wish to use the default macro-mineral scenario (based on the latest International Monetary Fund macroeconomic projections and the federal fiscal strategy paper for mineral benchmarks), click the button (cell F7). The cells for entering the macroeconomic and the macro-mineral scenarios have been restricted to accept only forecasts within a certain range. For example, an oil price benchmark of USD 500 cannot be entered. Recurrent revenue estimate The recurrent revenue estimate will be provided at the bottom-right side of the screen. The entire data entry and forecast can be printed using the usual print options in Microsoft Excel. Revenue graph The forecast produced in the 'User Interface' is shown graphically (as a bar chart) on the 'Revenue Graph' tab. As above, this can be printed using the standard Microsoft Excel printing options. 8
11
12 State Partnership for Accountability, Responsiveness and Capability (SPARC) For more information or at Join us on Facebook: The opinions expressed in this booklet are those of the authors and do not necessarily represent the views of the Department for International Development.
Public Financial Management Database Users' Guide
Public Financial Management Database Users' Guide FEBRUARY 2015 CONTENTS Executive summary.............................................1 The public financial management database...........................2
More informationHertha Longo, CSA Matt Wade
Hertha Longo, CSA Matt Wade Census and financial forecasting tool to assist religious institutes in decision-making and planning for the future Available on CD for purchase by religious institutes only
More informationYobe State Government. Executive Summary for Economic and Fiscal Update, Fiscal Strategy Paper and Budget Policy Statement To Cover Period:
Yobe State Government Executive Summary for Economic and Fiscal Update, Fiscal Strategy Paper and Budget Policy Statement To Cover Period: 2015-2017 May 2014 Document Control Document Version Number: EFU-FSP-BPS
More informationPRODUCING BUDGETS AND ACQUITTAL REPORTS from MYOB and spreadsheets
Appendix 1 PRODUCING BUDGETS AND ACQUITTAL REPORTS from MYOB and spreadsheets Explanation of Budgeting and Acquitting This appendix outlines the process of preparing budgets and reports so that you can
More informationREGIONAL WORKSHOP ON TRAFFIC FORECASTING AND ECONOMIC PLANNING
International Civil Aviation Organization 27/8/10 WORKING PAPER REGIONAL WORKSHOP ON TRAFFIC FORECASTING AND ECONOMIC PLANNING Cairo 2 to 4 November 2010 Agenda Item 3 a): Forecasting Methodology (Presented
More informationForm 155. Form 162. Form 194. Form 239
Below is a list of topics that we receive calls about each year with the solutions to them detailed. New features and funds have also been added. Note: Some of the topics have more than one question so
More informationSpreadsheet Directions
The Best Summer Job Offer Ever! Spreadsheet Directions Before beginning, answer questions 1 through 4. Now let s see if you made a wise choice of payment plan. Complete all the steps outlined below in
More informationForm 162. Form 194. Form 239
Below is a list of topics that we receive calls about each year with the solutions to them detailed. New features and funds have also been added. Note: Some of the topics have more than one question so
More informationInstructions for Completing the Budgeted Required Local Effort and Budgeted Required Local Match Template for Mandatory Standards of Quality Programs and Optional School Facilities and Lottery Programs
More informationProcedures Guide for Accruals
Procedures Guide for Accruals Users The procedures outlined in this booklet are suggested when using the Paxton package for accruals accounting. They have been designed to facilitate consistency of transaction
More informationFINANCIAL MODELING IN EXCEL
Title Heading Here FINANCIAL MODELING IN EXCEL Become productive and creative in Microsoft Excel 1 Contents Excel Essentials 2 Advanced Excel 3 Data Analysis and Dashboard Reporting 4 Advanced Data Analysis
More informationDeveloper Instructions for the Developer Spreadsheet for Construction Draw Version Last Updated 10/01/2014
Developer Instructions for the Developer Spreadsheet for Construction Draw Version 1.02.65 Last Updated 10/01/2014 Developer Spreadsheet for Construction Draw Page 1 of 25 Table of Contents Overview...
More informationWEB APPENDIX 8A 7.1 ( 8.9)
WEB APPENDIX 8A CALCULATING BETA COEFFICIENTS The CAPM is an ex ante model, which means that all of the variables represent before-the-fact expected values. In particular, the beta coefficient used in
More informationChapter 18. Indebtedness
Chapter 18 Indebtedness This Page Left Blank Intentionally CTAS User Manual 18-1 Indebtedness: Introduction The Indebtedness Module is designed to track an entity s indebtedness. By entering the principal
More informationAn application program that can quickly handle calculations. A spreadsheet uses numbers like a word processor uses words.
An application program that can quickly handle calculations A spreadsheet uses numbers like a word processor uses words. WHAT IF? Columns run vertically & are identified by letters A, B, etc. Rows run
More informationProcedures Guide for Receipts & Payments
Procedures Guide for Receipts & Payments Procedures Guide for Receipts & Payments Users The following procedures are suggested when using the Paxton package for receipts and payments accounting. The procedures
More informationVisionVPM General Ledger Module User Guide
VisionVPM General Ledger Module User Guide Version 1.0 VisionVPM user documentation is continually being developed. For the most up-to-date documentation please visit the VisionVPM website at www.visionvpm.com
More informationUser guide for employers not using our system for assessment
For scheme administrators User guide for employers not using our system for assessment Workplace pensions CONTENTS Welcome... 6 Getting started... 8 The dashboard... 9 Import data... 10 How to import a
More informationInstructions for Accessing the Entitlement Calculation Template for the Adopted Amendments to Chapter 3 (2006-08 Appropriation Act) Contained in the Enrolled Version of HB 5032 (2006 General Assembly,
More informationProject Budgeting Release 2015
Project Budgeting Release 2015 Disclaimer This document is provided as-is. Information and views expressed in this document, including URL and other Internet Web site references, may change without notice.
More informationIntroduction to Basic Excel Functions and Formulae Note: Basic Functions Note: Function Key(s)/Input Description 1. Sum 2. Product
Introduction to Basic Excel Functions and Formulae Excel has some very useful functions that you can use when working with formulae. This worksheet has been designed using Excel 2010 however the basic
More informationFannie Mae Connect Release Notification
Fannie Mae Connect Release Notification June 26, 2017 During the weekend of June 24, 2017, Fannie Mae will implement Fannie Mae Connect Version 7.0, which will provide a new, easy-to-use design and layout.
More informationFRx FORECASTER FRx SOFTWARE CORPORATION
FRx FORECASTER FRx SOFTWARE CORPORATION Photo: PhotoDisc FRx Forecaster It s about control. Today s dynamic business environment requires flexible budget development and fast, easy revision capabilities.
More informationFPS Briefcase. User Guide
FPS Briefcase User Guide CCH Canadian Limited 2001 All rights reserved SOFTWARE LICENSE AGREEMENT The Financial Planning Solutions software (the Software), including FPS 2000, FPS Briefcase, ROI Analyst,
More informationIntroduction to RELCOST. Carolyn Roos, Ph.D. Northwest CHP Technical Assistance Partnerships Washington State University Energy Program
Introduction to RELCOST Carolyn Roos, Ph.D. Northwest CHP Technical Assistance Partnerships Washington State University Energy Program 1 Overview of RELCOST Presentation Outline Program use Results A review
More informationPension Schemes Online Guide
Pension Schemes Online Guide taking care of you... Contents How do I log on? What is my dashboard? How do I view my contributions history? How do I find out the value of my fund? What is my contribution
More informationXero Budgeting & Planning Model
Model How to build a monthly rolling Xero Budgeting & Planning Model Using the Modano Excel add-in Duration: 1 hour Xero Budgeting & Planning Model Please check for any updates to this document. All copyright
More informationEarly Years Funding Benchmarking Tool. User Guide
Early Years Funding Benchmarking Tool User Guide November 2017 Contents Table of figures 3 Introduction 4 Early years funding 4 Early years funding benchmarking tool 5 Key budget statistics 8 Benchmarking
More informationGet Started with My Budget Planner
Page 1 of 24 Get Started with My Budget Planner Click on the "Start" button, select "Programs", select "My Budget Planner" to open My Budget Planner software. When you open My Budget Planner a Welcome
More informationCHAPTER 2: GENERAL LEDGER
Chapter 2: General Ledger CHAPTER 2: GENERAL LEDGER Objectives Introduction The objectives are: Explain the use of the Chart of Accounts in Microsoft Dynamics NAV 5.0. Explain the elements of the G/L Account
More informationCashManager Home. Getting Started and Installation Guide
CashManager Home Getting Started and Installation Guide 1. Place the CD in your computer s CD drive and install CashManager. If a window pops up stating that the publisher could not be verified, click
More informationP&C Rate Data Collection and Management System. PCRDCMS Rate Collection User Manual
State of Florida Department of Financial Services Office of Insurance Regulation P&C Rate Data Collection and Management System (PCRDCMS) PCRDCMS Rate Collection User Manual Author: Vendor: Version: Jon
More informationEPM User Guide Digest
EPM User Guide Digest Updated 12/1/2017 A brief overview and introduction to the EPM tool Table of Contents Page 2 What's New in EPM this Budget Cycle 2018-19? Page 11&12 Activity Summary, FS Pivot & BREC
More informationiprice LoanEDGE Quick Start Guide
iprice LoanEDGE Quick Start Guide Do You Have an Account? If you know you already have a user account for LoanEDGE, proceed to the next section Web Site. Otherwise, you will need to create a user account.
More informationPRO Package Procedures Guide
PRO Package Procedures Guide Procedures This is what Guide you dofor PRO Users Welcome to Paxton Charities Accounting. Please follow the steps below to ensure a smooth implementation of The following
More informationInstructions for Accessing the Payment Calculation Templates for the Amendments to the 2010-2012 Biennial Budgets as Separately Adopted by the Senate and by the House of Delegates on February 10, 2011
More informationBudget Estimator Tool & Budget Template
Budget Estimator Tool & Budget Template Integrated Refugee and Immigrant Services Created for you by a Yale School of Management student team IRIS BUDGET TOOLS 1 IRIS Budget Estimator and Budget Template
More informationStuckyNet-Link.NET User Interface Manual
StuckyNet-Link.NET User Interface Manual Contents Introduction Technical Information General Information Logging In & Out Session Timeout Changing Your Password Working with the Borrowing Base Creating
More informationUSER MANUAL BASE MODEL. October Release Version 5
USER MANUAL BASE MODEL October 2014. Release Version 5 Contents 1.1. General information... 3 1.2. Software requirements... 4 1.3. Base Model functionality... 4 2. Inputting data when assembling the Model
More informationCrop Storage Analysis: Program Overview
Crop Storage Analysis: Program Overview The Crop Storage Analysis program aids farmers in making crop storage decisions. The program compares selling grain at harvest to selling grain one to twelve months
More informationBanner Finance Budget Development Training Workbook
Banner Finance Budget Development Training Workbook January 2007 Release 7.3 HIGHER EDUCATION What can we help you achieve? Confidential Business Information -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
More informationPortfolio Manager. Chapter VI. In this Chapter
Chapter VI. Portfolio Manager In this Chapter The Portfolio Manager is TradingExpert Pro s portfolio tracking and management application. One of its important features is an easy to use stop system. Portfolio
More informationPFM MoneyMobile. Product Overview Guide. August 2013
PFM MoneyMobile Product Overview Guide August 2013 1 Contents MoneyMobile iphone App... 3 New Navigation Menu... 5 Accounts... 6 Transactions... 13 Excluded Transactions... 16 Spending Wheel... 17 Bubble
More informationShelbyNext Financials: General Ledger Budgeting
ShelbyNext Financials: General Ledger Budgeting (Course #F136) Presented by: Erin Ogletree Shelby Contract Trainer 2018 Shelby Systems, Inc. Other brand and product names are trademarks or registered trademarks
More information5.- RISK ANALYSIS. Business Plan
5.- RISK ANALYSIS The Risk Analysis module is an educational tool for management that allows the user to identify, analyze and quantify the risks involved in a business project on a specific industry basis
More informationCreating and Monitoring Defined Contribution Plans in Advisor Workstation
Creating and Monitoring Defined Contribution Plans in Advisor Workstation Disclaimer - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1 Overview - - - - - - - - - - - - - - - -
More informationDashboard. Dashboard Page
Website User Guide This guide is intended to assist you with the basic functionality of the Journey Retirement Plan Services website. If you require additional assistance, please contact our office at
More informationUNIVERSITY OF OREGON. Steps and OPE Calculations For Data Entry to Banner Budget Development
UNIVERSITY OF OREGON Steps and OPE Calculations For Data Entry to Banner Budget Development Budget and Resource Planning 4/27/2016 Overview Banner budgeting does not allow budgeting of OPE within the Salary
More informationStructure & Learning Objectives
U1 Structure & Learning Objectives In this part of the course, we will study the newly revamped IMF framework for public debt sustainability in market-access countries A historical overview of debt-to-gdp
More informationBox 1: Sub-processes, their organisational units and the documents... 5 Box 2: MTBF Process and Output Box 3: Proposed Performance Indicators...
Box 1: Sub-processes, their organisational units and the documents... 5 Box 2: MTBF Process and Output... 11 Box 3: Proposed Performance Indicators... 18 Table 1: Documents requested... 9 Table 2: Summary
More informationInformation you need to manage your plan
A Reports Overview for Plan Sponsors Information you need to manage your plan Online access to standard and periodic reports Standard reports To help provide convenient, easy access to your plan information,
More informationGeneral Ledger Plus has several advantages over the standard General Ledger.
How To Updated: 06/30/2011 2011 Shelby Systems, Inc. All Rights Reserved Other brand and product names are trademarks or registered trademarks of the respective holders. General Ledger Plus has several
More informationQuick Reference Guide. Employer Health and Safety Planning Tool Kit
Operating a WorkSafeBC Vehicle Quick Reference Guide Employer Health and Safety Planning Tool Kit Effective date: June 08 Table of Contents Employer Health and Safety Planning Tool Kit...5 Introduction...5
More informationSocial Protection Floor Costing Tool. User Manual
Social Protection Floor Costing Tool User Manual Enabling Macro on Your PC 1- Open the tool file 2- Click on Options 3- In the dialogue box, select enable this content 4- Click Ok Tool Overview This diagram
More informationPCGENESIS FINANCIAL ACCOUNTING AND REPORTING (FAR) SYSTEM OPERATIONS GUIDE
PCGENESIS FINANCIAL ACCOUNTING AND REPORTING (FAR) SYSTEM OPERATIONS GUIDE 4/1/2011 Section A: Budget Account Master Processing, V2.1 Revision History Date Version Description Author 04/1/2011 2.1 11.01.00
More informationMy Pensions Portal This booklet covers: How to
West Midlands Pension Fund My Pensions Portal This booklet covers: How to register your account Pages 1-3 How to activate your account Page 3 How to view your pension details and annual benefits statement
More informationAny symbols displayed within these pages are for illustrative purposes only, and are not intended to portray any recommendation.
PortfolioAnalyst Users' Guide October 2017 2017 Interactive Brokers LLC. All Rights Reserved Any symbols displayed within these pages are for illustrative purposes only, and are not intended to portray
More informationHealth intelligence tools to aid VFM decisions. Professor Brian Ferguson Director for Knowledge & Intelligence (England)
Health intelligence tools to aid VFM decisions Professor Brian Ferguson Director for Knowledge & Intelligence (England) Content Spend and Outcome Tool (SPOT) Commissioning for Value work Return on Investment
More informationPCGENESIS FINANCIAL ACCOUNTING AND REPORTING (FAR) SYSTEM OPERATIONS GUIDE
PCGENESIS FINANCIAL ACCOUNTING AND REPORTING (FAR) SYSTEM OPERATIONS GUIDE 9/3/2015 Section A: Budget Account Master Processing, V2.5 Revision History Date Version Description Author 9/3/2015 2.5 15.03.00
More informationIRS Corporate Ratios. Sample Report Fax:
IRS Corporate Ratios Sample Report 800.825.8763 719.548.4900 Fax: 719.548.4479 sales@valusource.com www.valusource.com IRS Corporate Ratios ValuSource s IRS Corporate Ratios database contains ten years
More informationUsing the Budget Features in Quicken 2003
Using the Budget Features in Quicken 2003 Quicken budgets can be used to summarize expected income and expenses for planning purposes. The budget can later be used in comparisons to actual income and expenses
More informationMultifamily Securities Investor Access Desk Reference Manual
Multifamily Securities Investor Access Manual February 2013 Contents 1 Application Overview... 3 2 Minimum Browser Requirements... 3 3 Contacting Investor Access Tool Administrator... 3 4 Accessing and
More informationCashbook Training Version 5.3. Chris Gould Wednesday 22 nd February 2017
Cashbook Training Version 5.3 Chris Gould Wednesday 22 nd February 2017 Cashbook Version 5.3 22 Feb 2017 Introduction and Welcome Cashbook V 5.3 What s new? How to use the cashbook: How to set up a new
More informationSmart Exit Digital Process for FundsAtWork
Smart Exit Digital Process for FundsAtWork Help guide At Momentum we are always innovating and looking for ways to improve our processes and make our clients lives easier. With that in mind we ve developed
More informationNaviPlan User Manual. Level 1 & Level 2 Plans: Entering Client Data. NaviPlan User's Guide: (Canada) Version 18.0
NaviPlan User Manual Level 1 & Level 2 Plans: Entering Client Data (Volume V of VII) NaviPlan User's Guide: (Canada) Version 18.0 Copyright and Trade-mark Copyright 2013-2018 Advicent LP and its affiliated
More informationRMO Valuation Model. User Guide
RMO Model User Guide November 2017 Disclaimer The RMO Model has been developed for the Reserve Bank by Eticore Operating Company Pty Limited (the Developer). The RMO Model is a trial product and is not
More informationSaversPlus Processing Guide
SaversPlus Processing Guide (03-2017) 1 Table of Contents 1. Enrolling a driver in the my Driving Discount program 2. Change of email address 3. Vehicle Substitution with Principal Operator remaining on
More informationUCAA Expansion Application Insurer User Guide December 2017
UCAA Expansion Application Insurer User Guide December 2017 2017 National Association of Insurance Commissioners All rights reserved. Revised Edition National Association of Insurance Commissioners NAIC
More informationEquitable Access. Financial Model Handbook
Equitable Access 1 Index Section Description Page Nos 1. The Model... 3 2. Model Instructions. 3 3. Model Structure.. 3 4. Overview of Financial Model Template (FMT).. 3 5. FMT Worksheets. 4 5.1 FMT Worksheet
More informationUsing the Principia Suite
Using the Principia Suite Overview - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -1 Generating Research Mode Reports........................................... 2 Overview -
More informationAnalyzing the Elements of Real GDP in FRED Using Stacking
Tools for Teaching with Analyzing the Elements of Real GDP in FRED Using Stacking Author Mark Bayles, Senior Economic Education Specialist Introduction This online activity shows how to use FRED, the Federal
More informationMMF Investment Policy Management
MMF Investment Policy Management Citibank Online Investments Transaction Services MMF Investment Policy Management Table of Contents Table of Contents Money Market Funds Investment Policy Management...2
More informationMUNSOFT 5.2 INCOME: SUNDRY DEBTORS MANUAL. Y Walters B.Sc. (Math Science) Hons
MUNSOFT 5.2 INCOME: SUNDRY DEBTORS MANUAL 1 Y Walters B.Sc. (Math Science) Hons SUNDRY DEBTORS... 4 Enquiries... 4 Sundry Enquiries... 4 Account Search... 5 Master Files... 6 Account Master... 6 Account
More informationUnderstanding Servicing Released Bifurcation Results in Loan Coverage Advisor
Understanding Servicing Released Bifurcation Results in Loan Coverage Using Loan Coverage to Report on Loans with R&W Bifurcation This job aid provides information about using Loan Coverage s search function
More informationDECISION SUPPORT Risk handout. Simulating Spreadsheet models
DECISION SUPPORT MODELS @ Risk handout Simulating Spreadsheet models using @RISK 1. Step 1 1.1. Open Excel and @RISK enabling any macros if prompted 1.2. There are four on-line help options available.
More informationProject Manager Workbench in SAP ECC or S4 HANA : 360 Financial Management of projects directly in SAP
Project Manager Workbench in SAP ECC or S4 HANA : 360 Financial Management of projects directly in SAP Business Challenges Symptoms: You have implemented SAP Project System, but you use it as a cost collector
More informationAccount Management User Guide
Account Management User Guide The Account management section is where you can view your live client accounts, run reports and change the clients investment strategy. Login From your resource centre, click
More informationBuy MarketXLS - Stock Quotes in Excel free software for windows 10 ]
Buy MarketXLS - Stock Quotes in Excel free software for windows 10 ] Description: This Excel Addin implements Yahoo Finance API in your Excel workbooks and exposes 84 new functions in Stock Quotes category
More informationSynaptic Analyser USER GUIDE
Synaptic Analyser USER GUIDE Version 1.0 October 2017 2 Contents 1 Introduction... 3 2 Logging in to Synaptic Analyser... 3 3 Client Screen... 5 3.1 Client Details... 6 3.2 Holdings... 6 3.3 Income Sources...
More informationInstructions for Accessing the Entitlement Calculation Templates for the Amendments to the 2006-2008 Biennial Budget as Separately Adopted by the Senate and by the House of Delegates on February 8, 2007
More informationBudget Status by Account. SSB Training: SSB Basic Querying Tools. Logging in to Self Service Banner (SSB)
Logging in to Self Service Banner (SSB) SSB is accessed through the CSM web portal Trailhead. To login, follow these steps: 1. Go to http://trailhead.mines.edu 2. Enter your login information 3. Click
More informationIntroduction to Client Online
Introduction to Client Online Trade Finance Guide TradeFinanceNewClientsV2Sept15 Contents Introduction 3 Welcome to your introduction to Client Online 3 If you have any questions 3 Logging In 4 Welcome
More informationINTERNET BANKING SERVICE
INTERNET BANKING SERVICE instruction manual CONTENTS 1. New Features 2 2. Login 2 3. Main menu 3 4. Accounts 3 4.1 Account summary 3 4.2 Operative accounts 4 4.3 Deposit accounts 4 4.4 Loan accounts 5
More informationYEAR ENDING 31 st March 2016 PROCEDURES FOR ALL FMS SCHOOLS
Important - For the attention of the SIMS FMS6 Operator Financial Services for Schools SIMS FMS6 USER BULLETIN No 183 March 2016 All FMS MAINTAINED SCHOOLS YEAR ENDING 31 st March 2016 PROCEDURES FOR ALL
More informationSOCIETY OF ACTUARIES INDIVIDUAL DISABILITY EXPERIENCE COMMITTEE. December 6, SOA IDEC 2012 Tables Workbook Version 1.0.xlsm
SOCIETY OF ACTUARIES INDIVIDUAL DISABILITY EXPERIENCE COMMITTEE December 6, 2012 SOA IDEC 2012 Tables Workbook Version 1.0.xlsm Introduction This document describes the layout and functionality of the
More informationHow can I manage my income for later?
How can I manage my income for later? Step-by-step plan to the Income Planner How much income do I need later to live comfortably? What will my monthly income be? What can I do if my income is insufficient?
More informationVivid Reports 2.0 Budget User Guide
B R I S C O E S O L U T I O N S Vivid Reports 2.0 Budget User Guide Briscoe Solutions Inc PO BOX 2003 Station Main Winnipeg, MB R3C 3R3 Phone 204.975.9409 Toll Free 1.866.484.8778 Copyright 2009-2014 Briscoe
More informationAny symbols displayed within these pages are for illustrative purposes only, and are not intended to portray any recommendation.
Allocation Fund Investment Manager Getting Started Guide February 2018 2018 Interactive Brokers LLC. All Rights Reserved Any symbols displayed within these pages are for illustrative purposes only, and
More informationNote: the company information on Datastream is for public quoted companies only and does not include the text from Annual Reports.
Datastream: User Guide Datastream is an on-line investments database which includes: international equity data, share prices, industry and market indices, domestic and international bonds, unit trusts,
More informationSEQ Interim Price Monitoring. Guideline for Templates for 2010/11
SEQ Interim Price Monitoring Guideline for Templates for 2010/11 Version 1.0 May 2010 Level 19, 12 Creek Street Brisbane Queensland 4000 GPO Box 2257 Brisbane Qld 4001 Telephone (07) 3222 0555 Facsimile
More informationAccruals. Introduction Accrual Plan Setup Accrual Plan Interval Examples Employee Accrual Plan Assignment Process...
Accruals Webinar Topics Introduction... 2 Accrual Plan Setup... 3 Accrual Plan Interval Examples... 8 Employee Accrual Plan Assignment Process... 12 When and How Does the Accrued Time Off Update?... 14
More informationESD.70J Engineering Economy
ESD.70J Engineering Economy Fall 2010 Session One Xin Zhang xinzhang@mit.edu Prof. Richard de Neufville ardent@mit.edu http://ardent.mit.edu/real_options/rocse_excel_latest/excel_class.html ESD.70J Engineering
More informationInformation Systems Services. Directly Allocated Costs (SAP) A guide to the DACs Finance Report
Information Systems Services Directly Allocated Costs (SAP) Contents Contents... 2 Directly Allocated Costs Reports... 3 The Different Reports... 3 Using the Reports... 3 Running the Report... 3 Selection
More informationSUPPLEMENTARY LESSON 1 DISCOVER HOW THE WORLD REALLY WORKS ASX Schools Sharemarket Game THE ASX CHARTS
SUPPLEMENTARY LESSON 1 THE ASX CHARTS DISCOVER HOW THE WORLD REALLY WORKS 2015 ASX Schools Sharemarket Game The ASX charts When you spend time discovering a company s story and looking at company numbers
More informationPrincipia Research Mode Online Basics Training Manual
Principia Research Mode Online Basics Training Manual Welcome to Principia Research Mode Basics Course, designed to give you an overview of Principia's Research Mode capabilities. The goal of this guide
More informationChapter 17. Investment Reports
Chapter 17 Investment Reports This Page Left Blank Intentionally CTAS User Manual 17-1 Investment Reports: Introduction There are six reports that you can create and print from the Investment Reports section.
More informationKaduna State Government
Kaduna State Government Process Guidelines Ministry of Economic September, 2013 Table of Contents Abbreviations and acronyms... 3 Section 1: Introduction... 4 1.1 Background... 4 Figure 1: State Level
More informationSIMS FMS6 Academies. USER BULLETIN No.A33
For the Attention of the SIMS FMS6 Operator SIMS FMS6 Academies USER BULLETIN No.A33 Budget Forecast Return: Outturn 2016 to 2017 Financial Services for Schools Helpline Tel: 01992 555753 Fax: 01992 555727
More informationstarting on 5/1/1953 up until 2/1/2017.
An Actuary s Guide to Financial Applications: Examples with EViews By William Bourgeois An actuary is a business professional who uses statistics to determine and analyze risks for companies. In this guide,
More informationFinance Manager: Budgeting
: Budgeting Overview is a module that facilitates the preparation, management, and analysis of fiscal year budgets. Streamlined for efficiency and designed to solve the cumbersome process of budget creation,
More information