FreeAgent - 'Forceasting'?

[Chart Accountancy]

I agree that a spreadsheet could also provide a good alternative, I use a spreadsheet with monthly P&L build in alongside FreeAgent so it is a personal preference

[Fred Bloggs]

Hmmm, I think a decent spready is the best answer here.

[Chart Accountancy]

FreeAgent Forecast

Hi

You could create a new dummy bank account called Forecast for example and enter in there Sales, expenses ect. You just need to make sure the transactions are deleted before submitting your VAT return. Here is a link to FreeAgent, explaining how to account for sales through the bank without the need of creating invoices: https://www.freeagent.com/support/kb...eate-invoices/

[SeanT]

Parallel spreadsheet for the important stuff here too (gettingpaid.xlsx )

[TheCyclingProgrammer]

I have used Float before, however I ended up reverting to using a spreadsheet to do forecasting. Haven't updated it in a few years though. It can be fun to see what your retained profit/bank account balance/liabilities etc. might be in 6-12 months time but ultimately all you really need to know is how much do you need to turnover to sustain your usual level of salary + expenses + dividends, accounting for CT of course. Figure out your break-even point and how many days/weeks/months a year you need to work to get there and then you'll know that once you've broken even, you're in building up your warchest mode.

[Maslins]

I looked into doing the same thing and came across this Float for FreeAgent | Float which does have a free trial period, but I never bothered to try it

I was going to suggest this. I trialled it a few years ago, and to be honest felt it wasn't really of much benefit to a typical contractor. I believe it's primarily a cash flow forecast, so useful if your business has lots of big income and big costs and you want to ensure the timing of those won't ever leave you in the red.

[pr1]

Probably not the right word, but when I had the SJD spreadsheet I'd occasionally take a copy and drop in some estimated invoices and costs to get a feel for what my P&L was likely to look like in [x] time. I'm talking short term

Is there any way to do this on FA? I'm not so fussed about the costs side, but it'd be nice to see how an invoice might balance up.

For example, I'm on monthly(ish) invoicing at the minute - my costs are pretty much sorted, so it'd be nice to know how I'm doing. But, the invoice isn't due to go until the end of next week so I won't know until then how things have worked out this month.

You could change the invoice date to today and mark it as sent, then it gets included in dividends available etc - but afaik you can't project into the future

I looked into doing the same thing and came across this Float for FreeAgent | Float which does have a free trial period, but I never bothered to try it

[northernladuk]

Lol. Yeah I did the same. One of the reasons I liked it at the time. Put in all my invoices and copied an average months expenses and I was rich.... In the future.

I've never got further than putting my future invoices in and mark them as sent in FA. Just gives me total owed which isn't that much use I guess.

They were thinking about something like this last year.
http://community.freeagent.com/freea...ss-forecasting

Weirdly enough they have a guide on cash flow that links to a bloody great spreadsheet... Odd.
https://www.freeagent.com/guides/cash-flow-forecast/

[vwdan]

Probably not the right word, but when I had the SJD spreadsheet I'd occasionally take a copy and drop in some estimated invoices and costs to get a feel for what my P&L was likely to look like in [x] time. I'm talking short term

Is there any way to do this on FA? I'm not so fussed about the costs side, but it'd be nice to see how an invoice might balance up.

For example, I'm on monthly(ish) invoicing at the minute - my costs are pretty much sorted, so it'd be nice to know how I'm doing. But, the invoice isn't due to go until the end of next week so I won't know until then how things have worked out this month.