The Inflation Factors section of a scenario allows you to manage them for both Income and Expenditure.
Inflation can be applied to individual parts of the software's scenario as you enter income or expenditure data.
When you update inflation in Inflation Factors, the change affects the scenario globally.
How to access the Inflation Factors section
Your Inflation Factors will be at the scenario level.
Once you have created a scenario you will be able to access each section of it:
Click the Scenario you have created.
On the left hand side of your menu, click Data Settings.
Click Inflation Factors.
Inflation Factors will appear under two tabs, Income and Expenditure.
Edit Inflation Factors
On either tab ( Income or Expenditure), you can amend the inflation factors:
Next to the line you want to amend, click the drop-down under the Actions column.
Click Edit and amend the values.
Click Save.
📌Note: When any new lines are added to the other expenditure section that has the Premises Rates code, it will default to 3%.
To action the changes in the scenario budget lines click Update Budget Lines:
The following message will appear: "This will update the inflation factors and values for all income and expenditure budget lines in this scenario. This will include all values which have been manually overwritten."
The warning message explains that any changes made in the Inflation Factors section will overwrite the current inflation rates. If you do not want to do this, click the Cancel button.
To confirm the changes click Submit.
Once confirmed, the following message will appear:
"You have now successfully updated the inflation for your budget."
Inflation Factors in Central Budgets
If you are using Central Budgets you can amend the Inflation Factors centrally and publish them into all of your schools:
In Evo, click the Access button, then click Central Budgets.
On the left hand side of the page, click Inflation Factors.
Click the pencil
icon, and amend the values.Click the Save
button.
Now your amended lines will be in Awaiting Publish status.
📌Note: While the Inflation Factor line is still in the Awaiting Publish status, you can still amend the values, or revert to the published values.
Publish your Inflation Factors
Once you have amended the value of the inflation on your lines and the status is Awaiting to publish:
Click Publishing, then Publish Control.
Next to the line you want to push into your schools, click Publish:
On the new opened screen add the Version of your data (mandatory) and any Notes (Optional).
You can select to have the information published as an Optional update and to Selected schools.
📌Note: If you don't select the Optional update or Publish to selected schools the data will publish all schools as a mandatory update.
Click Publish.
Now the Inflation Factors will be updated into your schools either as mandatory update or as an optional update, depending on the option you have selected.