When you manually create a prediction, one of your prediction option methods is Formula. This method provides a wide range of customisation options to support simple and/or complex future events.

You can combine certain accounts, reference certain periods, and even use the powerful 'If' option to create variable predictions based on real-life results.

Create prediction using Formula method

In a forecast, click New prediction in the top right of the window.
Click Manual prediction, then on the Prediction method drop-down, select Formula.

Build your prediction with the formula method

The formula you build is up to you, but there are several steps you need to run through.

Enter prediction name

Give the prediction a name. This is how the prediction displays within the forecast, or any reports you build referencing it.

Account

Select the account the prediction is to be set against.

VAT rate override

Set the VAT/GST rate.

📎 NOTE: You won't need to do this if your default rate has been set.

Output Frequency

Set the output frequency i.e. how often this prediction is made.

Daily
Monthly
Annually

Output on day

Select which date for the prediction to be stored on.

Build your formula

This section is where you build the formula itself for your prediction.

Selecting what to reference

To locate what you'd like to reference in your formula, type @ to bring up the entire chart of accounts for the relevant organisation.

Using the information in the screenshot above as an example, you could locate:

Individual accounts such as 'Wedding Sales'
Account categories such as 'Income'
Pre-made account groups like 'Online Sales'

📌 TIP: Create account groups in the Chart of Accounts.

Individual predictions like 'Predicted (Wedding Sales)'

Basic operators

You can enter the following with your keyboard or with shortcuts in Futrli.

Add ( + )
Subtracting ( - )
Multiply ( * )
Divide ( / )

Alongside these are:

LASTMONTH
LASTYEAR
ON DATE

📌 TIP: Use the LASTMONTH option to reference the data from the previous month. You could then, for example, multiply by 1.1 to add 10% to last month.

Conditionals

The next level of formula forecasting is creating variable outcome 'if' predictions.

To create an 'if' prediction, click the IF option. This creates the base of the formula, ready for you to override:

IF(condition=true, option A, option B)

✏️ EXAMPLE:

In the example below, the formula is going to calculate 20% commission if Income is greater than or equal to £50,000, but 10% if it is less than £50,000.

The screenshot below is for comparison purposes only, the first line is what will replace the second line.

The condition is @Income
The equals is replaced by the variable, in this case greater than or equal to
True for this example is £50,000
Option A is the variable if the condition is hit, so Income multiplied by 0.2 to give 20% of the total of Income
Option B is if the condition is not hit, so Income multiplied by 0.1 to give 10% of the total of Income

Functions

A short step to finding commonly required formulas.

To use these pre-built functions, click on the relevant option in question. This creates the base of the formula. You then can add the specifics. The options available are:

SUM
AVG

For each, override the condition with what you're looking to reference, then set a date range.

✏️ EXAMPLE:

For this example it is the average of Income between January and June 2022 that you'd like to see.

The screenshot below is for comparison purposes only, the first line is what will replace the second line.

Cash flow payment treatment

Set the cash flow payment treatment. The following options are available:

Single day payment
Single payment - Set the date for payment
Multi: in days - Set varies dates from different percentages on payment
Non cash transfer - To remove any cash flow impact, select the balancing account

'Accounts impacted' and 'Formula values used' tabs

These two tabs enable you to see exactly what the impact of the prediction is going to be.

Accounts impacted

The Accounts impacted tab shows you all accounts that will see movements. This ranges from the initial P&L or Balance Sheet account the prediction is being created against, to the VAT/GST, bank, and accounts receivable/payable.

Formula values used

The Formula values used tab displays any account being referenced in the formula. This is very helpful for sense checking.

Create a 'Freestyle' based prediction

Create a 'Repeating' based prediction

VAT / GST %s when creating your own predictions

Create a 'Unit' based prediction

Introduction to Drivers in Futrli