The other day someone shared a folder with me and I logged in to check for the latest version of the financial model and I couldn’t tell which file was the latest version!

Aucun texte alternatif pour cette image

Believe me I was there myself before I started using a file naming convention and use it consistently across all my projects.

Anyone working on financial models knows that a model goes through a ton of revisions and different model versions will be circulated to different stakeholders. To avoid chaos and to have better control of different model versions, use a file naming convention across all models.

Here’s my file-naming system:

File name:

I keep the file name short while keeping the key information that helps me understand the content of the file. For example, I include some if these components in the file name:

[Project Name]_[Country]_[Organization]__[version].xlms

  • If for example you organize your folders by country then you already put all project models for country X in folder X so you might not need to include the country code in the name. Same thing for the organization, if all models are for one organization, then it might be useless to include it.
  • I use “sponsor” in the name if it’s a sponsor version and “lenders” if it’s a lender’s version etc. not to mix up when sending different versions to different stakeholders. Example: Tabesh_Kish_Solar_Sponsor_01a.xls

Tabesh_Kish_Solar_Lenders_01a.xls

Tabesh_Kish_Solar_Authorities_01a.xls

Versioning:

  • I start with the project name, then I put the model version: for example:

File Name: Tabesh_Kish_Solar_01a.xls

Second iteration of the mode becomes: File name: Tabesh_Kish_Solar_01b.xls

….

Changing to 02a after I reach 01z.

  • I use the a, b, c… versioning when I am circulating the model internally and when sending it to a third party I change it to version 02. For example if I am sending the model version 01c to the model auditor and then the auditor comes back asking for revisions. While working on the revisions, I create different versions of version 02 using the a, b, c labeling and send the final version under version 02 to the auditor as the updated version.
Aucun texte alternatif pour cette image
  • Some people use dates for versioning. But I work on dozens of model versions within one day. What I do is to create sub-folders within project folders and I name the folders to show the month and year.

Ensure consistency

Remember it’s not enough that you apply your file naming convention. It should be applied across the board within your team.

Communicate your file naming convention to your colleagues or clients.

Keep the file naming convention in  .word .pdf .txt file within your folders. I would even go further and suggest you hold a meeting with your team or send them an email explaining why it is important to consistently use the file naming convention.

Let me know if you have a file naming system that works.

Best regards,

Hedieh