Budget
“Create your budget in advance.” Typically an annual budget approved at the start of the year that does not change during the year and serves as the benchmark.
Forecast
“Plan your forecast continuously.” A rolling outlook: with every closed month actuals replace the plan and you re-plan the rest of the year.
The type is shown in the plan list and helps to tell a fixed budget from a rolling outlook. We found no functional difference between them when working in the table.