Cashflow forecasting next month (budgeting?)

steve's Avatar

steve

18 Oct, 2019 07:41 AM

I'd like to set up a report that looks to the next month and gives me cashflow forecast, based on money in and money out as set up in the reminders.

I'm thinking this is perhaps referred to as Budgets in MD, but I can't really work out how to set it up.

I assumed this sort of thing would be a simple clicking task, as I'd have thought it was a very common report, but maybe not?

Any help appreciated.

  1. 1 Posted by TonyRI on 18 Oct, 2019 11:14 AM

    TonyRI's Avatar

    Hi Steve,

    There are a couple of extensions that you can add to accommodate the forecasting that you desire.

    I use Money Foresight and am quite pleased with it.

    To add an extension to Moneydance, go to the Menu Item "Extensions > Manage Extension". Look down the list to install.

    You can take a look at the Developer's Website here:

    http://www.moneyforesight.com/

    Hope this helps,

    Tony (NOT from Moneydance Support)

  2. 2 Posted by steve on 18 Oct, 2019 03:48 PM

    steve's Avatar

    Oh, thanks for that, it does look interesting.

    I am wondering if it's capable of working with the way I do things though... Maybe you can offer some advise?

    My income comes in across five different accounts: BAC into GBP account, BAC into Euro account, card transactions into one of two more accounts, depending on if they are in GBP or Euros and finally a Paypal account.

    In Moneydance I have a bank account set up for each bank account, and it records all income either via reminders for my regular retainer payments, or manual transactions for adhoc work.

    But, almost all expenses are paid for out of one account, the GBP bank account. I just move the money from the other accounts into it, to cover the payments.

    After having a quick look at Foresight I can see that it can handle cashflow per account, but I'm not sure if it's capable of amalgamating all the income across the different accounts, and using that as the total income.

    So, what I'm seeing at the moment is four of the five accounts having balances that go up but the account from which all the expenses are paid going down.

    Maybe I'm looking at things incorrectly, or maybe using MD incorrectly, but I can't think of a way around this.

    Maybe you have some ideas?

  3. 3 Posted by TonyRI on 18 Oct, 2019 08:09 PM

    TonyRI's Avatar

    I know that you can check the box "show totals" under settings, however my usage of the extension is very basic.

    I've reached out to the Developer, Kevin Stembridge, to ask him to provide you with further guidance concerning your questions.

    Good Luck!

    Tony :)

  4. 4 Posted by Kevin Stembridg... on 18 Oct, 2019 09:16 PM

    Kevin Stembridge's Avatar

    Hi Steve (and thanks Tony),

    If you select the Total checkbox as Tony suggested you'll get a picture of the aggregation of all the income and expenses across all those accounts, which will give you an idea of your total balance over time. I think its enabled by default though so I'm guessing you've already seen it at work.

    You can't aggregate just the income accounts I'm afraid but I don't think that's as important as the total balance anyway.

    What you may also choose to do is create Transaction Reminders that represent the transfers you make from the income accounts to the expenses account. It will have to be a best guess at your average transfer amount but it will give you a forecast plot that is reasonably accurate.

    I have a similar situation whereby I have income coming into one account and expenses going out of another and I make a regular transfer. I've got a reminder representing that transfer but I've found that I could happily do without it. Ultimately, it's the total plot line that matters and I also take note of when the forecast is telling me my expenses account will hit zero.

    Hope this helps. Let me know if you have any more questions.

    Regards,
    Kevin

  5. System closed this discussion on 17 Jan, 2020 09:20 PM.

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