Choose what months to report in your financial projection


To use the data from your HISTORICAL DATA into your FINANCIAL PROJECTION, simply select a cut-off month by clicking the green boxes at the top of each month. A line named Last Month will appear and it will show you where your historical data ends and where your financial projection starts.




It is important that you select the same cut-off month in the Historical Balance Sheet and the Historical Profit and Loss. If not, you won’t be able to access the financial reports of your financial projection (VIEW PROJECTION menu).


Make sure your earnings and deficits are the same in your historical balance sheet and P&L

The « Retained earnings (deficit) » for the last month selected in your Historical Balance Sheet must match the « Retained Earnings (Deficit) at the end » of the last month selected in your Historical Profit and Loss. To view your financial projection, you must ensure that the retained earnings are the same for your Historical Balance Sheet and your Historical Profit and Loss.


Fill out the forms for continuity of your balance sheet.

To ensure the continuity of calculation of your existing assets and liabilities, you must make sure that you have filled out the following four account forms in your Historical Balance Sheet:

  • Capital assets;
  • Investments;
  • Long-term debt;
  • Share capital.

Here are three things to keep in mind:

  • These lines have blue hyperlinks that open forms.
  • The forms must be completed for the last month of the Historical Balance Sheet reported in your FINANCIAL REPORTS. In the following example, the last month reported is March 2017.
  • When a form does not balance with the amount entered in the column, the cells are highlighted in red. Again, it is important to note that this validation is done only for the last month of Historical Balance Sheet reported in your financial reports.






Example:

Here is an example of a form for the Capital Assets line. In our example, the balance of the Capital Assets is $ 115,688. You must enter the detail of this
$ 115,688 in the Capital Asset's form. To do this, click on the blue hyperlink of the Capital Assets and enter the detail of the balance of your Capital list:



In this form:

  • The total of Amount is 4 500$ + 75 000$ + 25 000$ + 15 000$ = 119 500$
  • The total of Acc. Amortization is 291$ + 1 251$ + 2 081$ + 189$ = 3 812$
  • So, the balance for this form is 119 500$ - 3 812$ = 115 688$, which is also the balance entered in the balance sheet.


Note: do NOT enter amortization in negative!

When you have entered the detail of a form properly, the cell for that line turns white, which means that your form balances with the amount entered in the cell.




Until all forms have been entered properly, it will not be possible to use your historical balance sheet data in your financial reports. You can still save what you have entered, but your months will be automatically "unchecked" (the green check box at the top of each column will be disabled). Here is the warning message that will appear:



If you choose CANCEL, you can continue filling out your forms. If you choose SAVE, your data will be saved but "unchecked":

Once all your forms have been entered appropriately for your last month of Historical Balance Sheet and there are no red cells in the Historical Balance Sheet, you can then use your historical data in your financial reports. In our example, this means that you will have actual historical data from January 2017 to March 2017 and then budget data (forecasts) from April 2017 to December 2021.



Manual variations

 

A budget cannot manage the past. Thus, it is essential that you manually manage the variations of your opening balance sheet using the grid provided for this purpose. For example, if you have $ 7,042.23 of accounts receivable in your opening balance sheet, you must manually collect it within 60 months following the opening balance. If you get paid $ 5,173.88 on the first month, then you should enter -$5,173.88 in the grid in the first column following your last import. You must also check the box on top of each column to use the variations entered in your financial projection.