New Module - Cash Projections for Balance Sheet Accounts
We do our financials using the accrual method of accounting and we are non-profit. We discontinued using the MIP budgeting module as we make numerous changes to our accrual budget/projections daily and I would need a FT person to do it. However, the one key need we have is to project our balance sheet operating account and would like to create categories for all posted items so they can be used in a created custom report that shows operating cash activity, investing, and financing that flow through the operating account. The functionality should allow us to indicating when that cash receipt or cash disbursement will occur again and in what frequency so we know what our cash balances will be in the future. The initial amount would be projected until the actual item was posted. In this way the reports would be a combination of actual amounts and projected amounts. Not unlike what some banking application do. I would be glad to give further details as I feel this would be ideal.
Comments: 2
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07 Mar
John Michael AdminHi Todd,
Thank you for the insightful suggestion. We will put this one up for voting to see what kind of response it gets. Can you point to one of the banking applications that you speak of that does this? -
08 Mar
Todd SHi John,
I have my primary checking account at USAA which allows this feature. So I can set up a projected amount for my bi-weekly payrolls which occur every 2 weeks. Then when the actual hits I can remove the projected amount. I do this for all my projected incoming and outgoing cash. The reporting is not as strong as would be needed for our company so that would have to be designed but I would be glad to provide ideas. This has got to be a need for most clients because I did many searches on this and you would actually need a different accounting system. For example: many 3rd party budgeting/projecting programs work with Quick Books. Please note, this is a very simple concept of taking your 12/31/XX cash, projecting the inflows and outflows for the next year, having a schedule that shows that actuals that have posted and the remaining projected amounts, and being able to report on that. The USAA allows me to create categories to report on like BOA credit card, JCPL utilities