From a broad sense, Flywheel has two types of Forecasts - Financial and Activity.
Financial Forecasts track dollar and qty values from financial type records (ex. Invoices, Orders, Opportunities or Plans).
Activity Forecasts track the count of Activity records based on their Status.
In both cases there is a three-tier hierarchy that allows your team to track and view Forecasts at different levels.
1. Group Summary
2. Individual Summary
3. Financial/Activity Forecast
A Group Summary is a collection of Individual Summary records. Usually the Group Summary will have a yearly timeframe. An average Sales team will have one Group Summary for the year and each Sales Rep's Individual Summary will belong to the Group Summary.
A large team or one with unrelated departments may create multiple Group Summaries for the different teams.
Group Summaries are related to Individual Summaries via the parent/child relationship.
An Individual Summary will compile individual forecasts within the specified date range.
Usually an Individual Summary will have a yearly timeframe.
When you view an Individual Summary, it will automatically find Individual forecasts within the Summary's date range - you do not need to rely on the parent/child relationship.
Individual Summary records are not necessary when you are only doing Yearly forecasts. They are necessary to compile Monthly Individual Forecasts into a single view.
Individual Financial/Activity Forecast:
An Individual Forecast is the lowest level. It compiles Forecast Line Items (ie. Goals) for a given date range.
An Individual Forecast may either be Monthly or Yearly. Flywheel does not support other timeframes.
If you are not using Individual Summaries, then you will need to relate the Individual Forecast to the Group Summary via the parent/child relationship.
You may add one or more Forecast Line Items to the Individual Forecast. You must not mix Financial Line Items with Activity Line Items.
Forecast Line Items:
Line Items hold the actual Goals.
A Forecast Line Item will have a target and goals.
For a Financial Forecast, the target will be either a Product or a Category. The Goal will include a revenue goal and, optionally, a quantity goal. If a Quantity Goal is provided, a Unit or Measure must also be provided.
An Activity Forecast will include a Target Module - this will tell whether the goal is for Calls, Meetings, or Emails. It also requires a Quantity Goal.
Here is an example of a typical Monthly Forecast.
The Group Summary aggregates the Individual Summaries. Each Individual Forecast includes multiple Lines
Here is an example of a typical Yearly Forecast.
As you can see, an Individual Summary record is unnecessary here.