Forecasting

Forecasting allows users to set revenue estimates by menu item category (MIC) and event type in Settings, which will then populate forecast data into events, bookings, and reports.

This article will cover the three aspects of Forecasting for Tripleseat Hotels:

• Settings
• Front-end viewing and editing
• Reporting

*Permissions
The forecasting tab is visible to anyone with advanced location settings access.

 

Settings
Forecasting can be found in Settings>Advanced Location Settings>Forecasting tab.

Forecasting Table
When a user first visits the forecasting tab, they will find a table with all their event types as rows and all their menu item categories (MICs) as columns.

Locations Dropdown
At the top of the forecasting tab, there is a location dropdown defaulted to all locations. 

This dropdown functions the same as the location dropdown in meal periods. The dropdown being set to all locations indicates that the data in the table is showing a combined list of event types and MICs for all locations in the group.

Users can toggle to other locations to access forecasting tables scoped to event type and MIC combinations of individual locations.

Rate Types
Before entering values, rate types must be selected for each menu item category.

• Flat fee: Users will select Flat fee if the MIC value is applied to each event once.
• Per person: Users will select Per person if the MIC value should be applied to each event multiplied by the number of guests.

Entering Values

Default Estimates vs Location Overrides
When entering values for multiple locations, it's important to set up forecast tables tailored to each specific location. Users have the flexibility to establish a default setting that applies to all locations, which can then be adjusted as needed, or configure each location individually for more precise location-based forecasting.
If a user wants one location to have different forecast settings from the defaults, they can select that location in the dropdown. Once they do, they will see the table for that location in an inactive state. To make changes, they need to select the checkbox labeled “Override group defaults.”

 

Entering values manually and using the Generate Forecast button

If the user knows or anticipates certain values based on a flat fee or per person. The values can be added or edited manually.

• Users should enter a value in each cell of the table based on how much revenue they want to estimate for each MIC for the given event type.
• Then, click save.

Generate Forecast button
Users may not know all or any of the values to enter into every cell in the forecasting table. To help users complete this table, we have developed the generate forecast feature. There is a generate forecast button in the upper right corner of the forecasting tab.

Forecasts are generated from definite and closed events from the past 12 months.

Note: the generate forecast button is inactive if changes have been made in the forecasting table but not yet saved.

*All of the menu item categories should be set as either flat fee or per person and saved along with any changes saved before the Generate Forecast button is available to use.
 

When users select generate forecast, a modal will open.

Here, users can ask Tripleseat to use the data about their past events to generate values for the forecasting table.

• Users choose to generate for all MICs or select customize to choose MICs.
   
  • Note: only the MICs for which they have selected a rate type will be available for forecast generation.
• Users will choose whether to replace values or fill empty only.
  • Replacing values means that any values they have manually entered into the table will be overwritten.
  • Fill empty only means that we will only enter values into the cells that have nothing in them currently.
  • Users click Generate.
  • The modal closes and the table is filled with the generated values.

Copy to Locations
Users may wish to set a forecast on a location and copy that forecast to another location, saving repeat clicks. For this purpose, there is a button next to the locations dropdown labeled copy to locations. This feature works the same as the copy to locations button in meal periods.
 

This modal allows the user to multiselect the locations they wish to copy this forecast to. They can filter the list or select all locations at once. They can copy to locations which are currently using defaults.

Limitations:

• Users cannot copy to the all locations table.
• Copy to locations will be inactive when viewing a table that is already using defaults.

Forecasts in the Grid

Within the events tab of a booking, the events grid will include forecast as an optional additional column.

The forecast column in the grid is a read-only display of the event forecast value.

Changes to location, guest count, and event type made in the grid will cause the forecast to update dynamically.

Booking Forecast Calculation - The booking forecast is a sum of forecasts for all events within the booking. Lost events are excluded.

When a booking is created with events, the total forecast field will appear in the Financials section of the Details tab on the booking view page. It will not appear on the booking edit page.

The forecast field label will be on the details tab in the financials section for all bookings.

This field is visible on the booking view page, but not the booking edit page.
 

Note: the total forecast field on a booking view page will not have a calculated pill, like the forecast field on an event view page does. This will be covered next.

Any edits or adjustments to specific booking forecasts will be done on the event level which all roll up into the respective booking totals.

Editing Event Forecasts per Booking

To update the event forecast, users can make adjustments directly from the Events Grid. Modifying the Event Type or Guest Count will automatically recalculate the event's forecasted total.

Guest Count - Expected guest count takes priority over guaranteed guest count. When there is an expected guest count, the forecast is calculated based on expected. When there is no expected guest count, the forecast is calculated based on guaranteed. This is consistent with the logic for priced per person menu items.

Forecast Pills Overview

Each event within a booking receives a calculated forecast pill. This pill is only visible on the event level, not at the booking total forecast.

 

Clicking the pill or forecast value opens a modal, which behaves differently based on context:

• Event Edit Page: Users can override the forecast by adjusting MIC values. Changes apply only to the current event and do not affect global settings.

• Event View Page: Users can view the MIC-based calculation and toggle between location and event type combinations.

Manual Overrides
If a user overrides the forecast via the modal and clicks Apply, the calculated pill is replaced by a manually entered pill (visible on the event edit page only). A tooltip allows further edits or restoring default settings.

Example Use Case
Occasionally, users may need to override the forecast—for instance, when working with a budget-conscious group. If the planner agrees to adjust menu pricing, they might want to lower the forecast for food & beverage to reflect the updated expectations.

Manually Entered Pill
If a user does edit the forecast for the event from the calculated modal and clicks apply, the calculated pill will be replaced with a manually entered pill.

The manually entered pill is visible from the event edit page, but does not appear on the event view page. This is consistent with f&b minimum and rental fee.

There is a tooltip on the manually entered pill indicating users can click to edit the forecast or restore settings defaults.

Restore Settings Defaults - If a user has manually entered a forecast and changes their mind, they can click the manually entered pill to open the modal. There, they will see a button labeled restore settings defaults.

Forecasts in Reports
Below is a summary of reports and columns associated with forecasting and an explanation of what any new columns represent.

Event Details Report:

• Financials Column Group
  • Event Forecast
• Item Category Column Group
  • (MIC Name) Forecast
    • The MIC forecast is the forecast value for an individual MIC for an event

Booking Details Report:

• Financials Column Group
  • Booking Forecast
    • The booking forecast is the sum of the forecasts for all events within a booking. Lost events are excluded.
• Item Category Column Group
  • (MIC Name) Forecast Total
    • The MIC forecast Total is the forecast value for an individual MIC for an event, summed up for all events within a booking

• When Forecast is selected, values for each location/owner are replaced with forecast totals rather than actual totals