Enabling Actuals allows you to perform variance analysis, create revised budgets and a rolling forecast. This essentially builds a more accurate model as the forward forecast always starts with the latest balance sheet. The process of enabling Actuals is a one-off change and you can enable it within your file via the steps down below.
1) Prepare your file for Actuals
Before you enable Actuals, note that the elements that were created before enabling cannot be deleted after enabling. This restriction is placed to ensure that your Balance Sheets cannot later become Out of Balance by deleting or changing some of the settings on the elements.
When you enable Actuals in your file, your Projected Reports will be saved as the first Original Budget. So before you enable your file, we recommend that you first check your Projected Reports and then save a back-up copy of your file.
2) Enable Actuals in your file
- Go to Forecast > Opening & Actuals
- Click the Enable Actuals button
- A pop-up window will appear confirming your actions. Take this as a reminder to create a back-up file if you have yet to. If you have, click Yes.
- A new column with the first month of your file will appear
3. What now?
Once you have Enabled Actuals in your file, you'll notice that the columns are empty and yet to be populated with information. You will then need to either import your Actuals via Integrations (recommended) or enter them manually.
The following resources may be useful to you in Importing your Actuals via Integrations:
- Importing from Excel
- Importing from MYOB Account Right Live
- Importing from Quickbooks Online
- Importing from Sage Business Cloud ARccounting
- Importing from Sage 50
- Importing from Xero
Navigate to the Reporting workspace to find the Variance Reports (which are now available) and perform your Variance analysis.
You may also choose to create a Revised Budget when you want to save your revised forecast as another layer to use in your Variance reports.
Roll Actuals file forward
If you'd want to import your next months' Actuals, you will need to go to Forecast > Opening & Actuals, click on the calendar icon, and select the months you'd like to import your Actuals against.
If you're not able to roll the file forward, THIS article may be useful to you.
If you have further questions about the above, please reach out to our Support Team for more guidance.