In any Futrli forecast, you can create manual predictions. We cover the four methods you can use to create a prediction manually.
📌TIP: You can also import predictions via a Google Sheets template.
How to create a new manual prediction
📌 TIP: You can create multiple predictions against any account, then toggle any prediction off to hide any impact of the prediction.
Click Forecasting then click View/edit in the relevant forecast.
Click New prediction in the top right of the window, then click Manual prediction.
On the Prediction method drop-down, select which method you'd like to use to create a new prediction. We cover these methods in the next section.
Prediction method options
There are four methods you can use to create your prediction.
Formula
Formula
You can use formulas for predictions such as:
Adding percentage increases to previous data
Removing or adding accounts from groups
Corporation tax
Using an 'if' formula
📌TIP: An example you could use an 'if' formula for is commission structures.
Freestyle
Freestyle
Freestyle is useful for those less predictable accounts.
Set certain totals against certain months, or use the 'Quick Actions' option for bulk updating.
Repeating
Repeating
Use this for the more predictable accounts.
Set the repeating amount, choose how often it repeats (daily, weekly, monthly, quarterly or annually), and then specify the end date for the repetition. You can also add percentages or increase and decrease amounts if required.
Unit
Unit
This is perfect for the selling of items.
Set the selling price, then how many you'll be looking to sell and in what time range. Confirm when the selling will commence, and when it might end (if it does). You can then even add a growth percentage or a refund percentage, as well as future price changes.
What is the Accounts impacted tool?
Whichever method of predicting suits you, the Accounts impacted tool gives you a live view of exactly what numbers your prediction is producing.
As you update your prediction, numbers populate each impacted account.
📎NOTE: The Accounts impacted tool will not show until you start editing the prediction method. It won't appear until you add, at the minimum, a prediction Name and Account. When using the formula method, the tool will display after you populate the formula section.
When you use the freestyle, repeating, or unit-based methods, you see figures updating for:
The account your prediction is set against
The bank account being credit/debited
The VAT/GST/sales tax account (if the prediction has VAT/GST/sales tax)
The accounts payable/receivable line (depending on the cash flow payment treatment)
📌TIP: You can update default accounts for accounts payable and accounts receivable in the forecast's settings.
The chosen balancing account (if a non-cash transfer has been selected)
What is the Formula values tool?
When you use the formula method to create a prediction, a second tab displays alongside Accounts impacted called Formula values used.
This tab displays anything referenced in your formula. This allows you to sense-check what you're creating as you create it.