A QUICK START GUIDE TO. CREATING FORECASTS WITH Castaway. P: E: W:

Transcription

1 A QUICK START GUIDE TO CREATING FORECASTS WITH Castaway P: E: W:

2 C O N T E N T S Introduction... 3 Creating New Forecast Files... 4 Saving & Opening Forecast Files... 7 Setting Forecast Properties... 8 Structuring the Forecast Explorer Enter Budget Figures & Element Settings Opening Balance Sheet Viewing/Printing Reports & Charts Creating Consolidations Monitoring Performance with Actual Data Re-Forecasting and Multi Year Files

3 I n t r o d u c t i o n The main strength of Castaway is that it creates an integrated set of reports (P&L, Cash Flow & Balance Sheet) from the one set of data without having to do any of the structural report setup yourself. By working through this guide, we can stop your addiction to creating budgets in spreadsheets, and make creating your forecast reports feel like a breeze! When you are starting your first forecast, work through each of the processes below in order, and as you feel more confident with using Castaway, review specific sections as required. More detailed information is available from the online help, training and via our support lines. New Forecast Creating Consolidations Saving and Opening Files Reforecasting & Multi Years Setting Forecast Properties Monitor with Actuals Structure Forecast Explorer Viewing & Printing Reports & Graphs Enter in Opening Balance Sheet Enter Budget Figures & Element Settings process diagram Through-out the guide anything in a is illustrating a menu/submenu progression and text in Bolded Blue indicates a menu heading or command in Castaway. 3

4 C r e a t i n g N e w F o r e c a s t F i l e s Gather Source Data Create New Forecast Set Forecast Parameters If you don t have any existing forecasting models in place, and even if you do - it may be a perfect opportunity to start afresh, you will need to gather any information/data that can assist you with creating your forecast. These include, but are not limited to: Bank Details Interest Rates, Overdraft facilities Chart of Accounts -It s a great idea to match your chart in Castaway to your day-to-day accounting package if you are going to enter actuals to your forecast. Currency/Exchange Rate details Debtor/Creditor Collection/Payment Terms Depreciation Schedules inc Assets estimated effective life Details of Bank Loans Details of Debtor/Stock Financing Details of expected Drawings/Dividend Policy Details of Financed Assets (Hire Purchases and Leases) Expense relationships to sales, wages in terms of %, units etc Gross Profit % (if applicable) 4

5 GST Details Method, Rate, Payment/Receipt terms (ie monthly/quarterly) Income Tax Details and Rate Inventory purchase policies Opening Balance Sheet Provision Details ie Bad Debt/Obsolete Stock Details Timing of Asset Sales & Purchases Wages details Budget data for the year or last year s historical data as a guide for coming year s budget To create a new forecast select: FILE NEW FORECAST 5

6 Enter in the following forecast parameters: FORECAST NAME Company Name Description Appears on the top of your reports Enter notes about the forecast you are creating that would be useful for subsequent users/own reference FORECAST DATES Forecast Start Date Financial Year Start Date Number of Years Select the month that you want to start your forecast Select month of your financial year start (i.e. July for financial year, Jan for Calendar year) Select the extent of your forecast in years *up to 15 years FORECAST TAXES GST Rate GST Method Income Tax Method Enter in the default % (i.e. 10% for Australia) Select the applicable GST Method Select the applicable Income Tax Method Click on NEXT or BACK to navigate through the options Click on FINISH to create your new forecast 6

7 S a v i n g & O p e n i n g F o r e c a s t F i l e s Castaway has a file structure similar to Microsoft Office files. It is not like your day to day accounting packages, that automatically save a data file on your behalf so it is important to remember to save your forecast after creating and intermittently while working on your files. To save go to: File Save Alternatively, you can click on the Save button in the main program toolbar. When you want to save your forecast as a new name or version, select: File Save As It is advisable to ensure the Castaway files are included in your backup procedures. Note the file extensions for Castaway files are pxif for forecasts, pxic for consolidations and pxit for template files. If you have already created a forecast file or somebody has ed you a copy, you can open them up via the menu option File Open or from the list of Existing Documents if you have worked on the file recently. To close a forecast open on the screen go to: File Close To close all open forecasts, but leave Castaway open go to: File Close All 7

8 S e t t i n g F o r e c a s t P r o p e r t i e s Once you have created your new forecast file before entering in budget data and setting up the forecast explorer, it s a good idea to set up the rest of the forecast properties. Go to the top menu option: Data Forecast Options General Options Forecast Name (Company Name): You will notice that the company name you entered when creating your New Forecast has been retained here. You can update this at anytime and it will flow through to all of your reports. Report Sub- Title: This is to add a subtitle to your reports. For example you may like to add Forecast for the Financial Year ended Jun xx Description: Space where you can add any notes for future reference about your file/forecast data. Default Bank Account: This will be the default account each new element created will transact to. You can change this at any time to affect the default of any newly created elements from the point of change. Taxes GST Settings: Standard Rate: Any updates to the rate % will affect any newly created elements from the point of change. Note use 0% rate if GST is not applicable. GST Calculation Method: Updates to the GST calculation method will apply to the whole forecast i.e. all existing and newly created elements. Income Tax Settings: Updates the Income Tax calculation method applied in the Income Tax element account. 8

9 Input Spread Profiles Create profiles here that will split any annual data entry by a customised profile. The default is to split annual totals across 12 months evenly. An example of a profile is Calendar Days; Entry of an annual total of 500 using the profile above would result in the following: Company Logo Import or Remove a company logo to display on your reports Currencies Add or Remove any currencies and maintain applicable exchange rates here. Element Defaults This feature allows you to select default element settings for new elements or globally update any existing elements by checking the appropriate Update Existing tick box. Clicking OK updates/saves all of your changed Forecast Options and returns to the main screen. Clicking Cancel close the menu without saving/changing your Forecast Options. 9

10 S t r u c t u r i n g t h e F o r e c a s t E x p l o r e r It is important to take some time to understand the basic concepts of Castaway and consider the structure you are after for your forecast before creating your chart of accounts. What makes Castaway different from other methods of forecasting is its integrated set of reports. This integration means that not all accounts need to be setup in Castaway. There are inbuilt elements and elements that are updated and controlled depending on the type of element and properties you assign to it. Inbuilt Elements: Income Tax Dividends Main Bank Account Receivables Payables GST Retained Earnings Trade Finance Elements Controlled By Other Related Elements: Accruals Asset Revaluations Bad Debt Write Offs Depreciation Interest Inventory Obsolete Stock Write Offs Prepayments Profit/Loss on Sales of Assets Taxes Withheld from Employees Examples: 1. A Sales element has the capabilities to affect the bank account, GST calculations, Trade Debtors, Accruals/Prepayments, Bad Debt write offs, Income Tax and ultimately Retained Earnings 2. A Fixed Asset element deals with the purchase of an asset, any financing applicable in a manual context or transferred to a calculated loan or equity element, depreciation, revaluations and any Profit/Loss on its sale- all within the one element Remember.Do NOT setup ALL your accounts like you would in a spreadsheet forecast or your day-to-day accounting software. 10

11 Defining the Structure of the Forecast Explorer There are 4 levels available for Profit Loss Type Sections: 1. Section Heading (Summary) 2. Sub Total 3. Sub Total 4. Element/Sub Item (Detailed) Depending on who you are preparing your forecast reports for, the initial setup of the structure can give you more/less flexibility when deciding how detailed or summarised you want data to be displayed in the reports. For example: If you set up elements to the 4 th level, managers can see a per line analysis on the P&L Report, which can then be summarised to the first level if the report was say for a shareholders meeting. Creating a Section Additional Sales, Direct Costs and Overhead Sections can be created in Castaway. How to Do It Highlight the existing type of section you want to create in the Forecast Explorer. Click on the button New x Section where x is Sales, Direct Cost or Overheads Right Mouse Click on the new section and select Edit Name to change the name of New or Existing sections. Click on the down/up arrow key to the right of the New Section button to change the location/order of the sections. Intersperse the Sales and Direct Cost sections to create new gross profit centers or departments. 11

12 Creating a Sub-total Sub-totals can be created in the following P&L type sections of the Forecast Explorer Sales, Direct Costs, Overheads, Other Income and Other Expense sections. How to Do It Highlight the existing type of section or subtotal you want to create the new subtotal beneath Right Mouse Click and select Add Subtotal Right Mouse Click on the subtotal and select Edit Name to change the name of New or Existing Subtotals. Click on the down/up arrow key to the right to change the location/order of the sections Creating an Element Each section in Castaway has a list of specific elements that can be created within it. To create a new element highlight the section or existing element you want to create it under, right mouse click and select Add Element, then the type of element you want to create. P&L Type Elements: Sales Costs Wages Inventory Sales Direct Costs Direct Costs Direct Costs Other Income Overheads Overheads Non Operating Income Other Expense Non Operating Expense 12

13 Balance Sheet Type Elements Fixed Assets Investments Loans Other A/L Provision Equity Non Current Assets Current Assets Non Current Assets Current Assets Non Current Assets Current Assets Non Current Assets Current Liabilities Non Current Liabilities Equity Current Liabilities Current Liabilities Non Current Liabilities Non Current Liabilities Additional Elements Bank Accounts: Section where the main bank account element is located and where additional bank accounts can be created Income Tax: Inbuilt Element where Income Tax settings/payments are maintained/set Dividends: Inbuilt Element where Dividends are provided/paid for. Drivers: Where drivers can be created. These elements can be utlised to display extra information on reports/graphs or through element formulas to generate specific budget data GST Payments: In built element where GST Lodgment and payment/receipt settings can be maintained Trade Finance: In built element, located in the Current Liabilities folder, where any applicable Debtor Factoring or Stock Financing can be setup found in the current liabilities section. 13

14 Moving Existing Elements You can drag and drop any existing elements within your Forecast Explorer. How to Do It Highlight the element you want to move Hold down your Left Mouse Button and release it when you have moved it to your desired location Releasing the left mouse key on top of the subtotal title to make it a sub-item. Releasing the left mouse key while highlighting an existing element will drop the element above the highlighted one. Please note that you can t move elements into sections that don t contain their element types i.e. you can t move a sales element to a Direct Costs section. Importing a Chart of Accounts & Budget Data Existing forecast element lists and settings can be exported out and sent to contacts without access to Castaway, such as sales or divisional managers in commerce, or external clients if you are in practice. They can then update the data accordingly; and you can import back into a new Castaway file with all your existing element structure maintained such as element settings and data entry methods. Please refer to the online help/manual for details on how this is done. 14

15 Enter Budget Figures & Element Settings Element Properties The element properties determine how the data entry section of each element will work, report display and linked element relationships. Further information on the different settings is available in your online help. How to Do It Double Click the Left Mouse Button while highlighting the element you want to edit, or Right Mouse Click and select Edit Element Left Mouse Click on any the Light Blue Property headings. Eg Settings Work through the available tabs and select the most appropriate settings from the drop down menus Click on the OK to apply the settings to element. Example: A cost is to be forecasted based on the number of units sold. Payments are made 30 days after the purchase. A separate creditor is to be maintained on the balance sheet. The supplier is based in the US and is paid out of a US Bank Account. The element properties would therefore be set as follows: Expense Method set to Link to Sales Units Element Selector opened to check the applicable sales line the units are based on Cashflow Method set to Days Credit Currency Data Entry set to USD (if this has not been created, click on Edit to create, then apply) Bank Account set to USD Account (assuming this bank element has already been created) GST Rate set to 0% Creditor Reporting set to Separately as a Liability 15

16 Data Entry methods Once the element properties have been set, there a number of ways you can enter in your figures depending upon which element properties have been applied. Click in any data entry cell and type in your figure. Tab to enter data in the next cell Or Right Mouse click on an existing figure and choose from the Fill and Grow options available Ensure your figures are "set" before filling by clicking outside the active cell or tabbing to the next cell Or Or Use your keyboard Ctrl C to copy and then Ctrl V to paste figures from an excel spreadsheet report for example Enter in a figure in the Annual total box Right mouse click to Spread the annual amount across the selected year via an existing or Customised Profile. Or Use a Data Link- details on how to do this are below. 16

17 Data Links If you have a complex way of calculating your forecast figures that can t be handled internally in Castaway you are able to set up a data link. This allows for a dynamic link to be set between a data line in Castaway and an external spreadsheet source or another Castaway file. How to Do It While in the data entry screen of an element, click on the Show Data Links button on the toolbar menu. The Data Links tab will appear at the bottom of the screen Select the type of data link you want to use by selecting Data Sources (ie either Excel Datalinks or Forecast Datalinks) Click on the Open File button to choose a new or existing data source to link to Navigate to the applicable source line or element and highlight the cells you want to link to. Click on the + next to the corresponding variable to insert the link. Click on - to remove existing links Once established Data Links can be negated, have a factor (%) applied to them and be maintained on a global scale from the main screen s menu View>Show Data Links For more information on using External Links including refreshing links, using named ranges, launching and updating source information and substituting files please refer to the online user guide/help manual. 17

18 Transfers Castaway allows for element data to be transferred to other elements. Examples: 1. You have one Inventory Element that is used to produce a Finished Good which has been setup as a different Inventory Element. 2. Funds are transferred from one Bank account to another bank account 3. Wages are transferred into the Inventory Balance 4. Fixed Asset depreciation is transferred from the default location below the EBITDA line to be included in the Direct Cost Section of the Profit & Loss How to Do It When in the element you want to transfer from click on the Show Transfers button from the toolbar menu. The Element Transfer tab will appear at the bottom of the screen Click on the Settings property to select the appropriate Transfer Method Click on Add Transfer and select the type of element transfer you are setting up Select the element you are transferring to then enter in the applicable transfer data Multiple transfers from the one element need to be setup as separate transfers. Notes Information about each of the element can be entered in by clicking on Show Notes button from the toolbar menu in the element editor screen. It s useful to record information about how the budget data is calculated for your own and other file users use. 18

19 Offsetting Data When using Add Formula as the data entry method, you are able to offset source data from existing elements by a number of months. How to Do It While in the element data entry screen, go into the element properties Choose the data entry method Add Formula Go to Formula Editor and click on... to create your formula After adding elements to the formula enter in the number of months you want the data to be offset by next to the Period Offset Button Positive offset uses the source data from the month it is offset by. Negative offsets start the data after the numbers of months have lapsed After entering in the number of offset months, click on Period Offset to include the detail in the formula 19

20 O p e n i n g B a l a n c e S h e e t Once your element list has been created and the appropriate element settings applied, your opening balance sheet will be structured to suit your customised list of elements. If the Opening Balance sheet is not already listed as a tab in the report view section, go to the top menu option: Data Opening Data Enter Balance Sheet Enter in your opening balances by clicking in the highlighted sections and keying in your figures. Any section with a box to the right of it indicates where the allocation of receipts/payments can be entered for coming months. Example: An opening General Trade Debtor balance is specified to be collected evenly over the next 2 months. The input method would be set to Use Profile with 50% entered in each of the first 2 months. Until you have balanced your opening balance sheet, you will see an OUT OF BALANCE warning line, with the amount it s out of balance by displayed on the opening and forecasted balance sheet report. You can also enter in past P&L data to display on your Profit and Loss Report via: Data Opening Data Enter Profit & Loss 20

21 V i e w i n g / P r i n t i n g R e p o r t s & C h a r t s The following reports are available from the Reports menu: Profit & Loss Balance Sheet Cashflow Funds Flow Other Reports Peak Borrowings GST Accounts Payable Accounts Receivable Ratio & Statistics Custom Reports Saved Reports Variance Reports Profit & Loss Balance Sheet Cashflow Year on Year Reports Profit & Loss Balance Sheet Cashflow Schedules Non- Current Assets Loans Received Loans Made The Profit & Loss, Balance Sheet and Cash Flow default to being open, but if they are closed down, they can reopen via the Reports menu. Clicking on the Run Report button in the Report Toolbar will refresh your data. 21

22 Saving Report Versions If you have report layouts and customisations that are regularly used for printing/analysis, they can be saved so you don t have to change the layouts each time. This is done via clicking on the SAVE REPORT button in the report toolbar. Saved reports can be accessed via the main menu: Reports Custom Reports Any opened saved reports can be deleted by clicking on the DELETE button in the report toolbar. Updating Report Settings Change how the reports look via the following report features and toolbars: Date Range Toolbar Castaway defaults to show your reports for All Periods of your forecast file. Change the From and To dates from the pull down menus in the Date Toolbar to alter it Click on Custom Periods from the Date Range pull down menu to alter the columns as a combination of Months, Quarters and/or Annual. Drill Down/Up Double click your left mouse key on any Section Heading or Subtotal in the report to make it be detailed or summarised. Do the same on a line connected directly to an Element to take you into the data entry screen. Customise Report Toolbar Report Layout lets you add total/percentage columns and Currency symbols Fonts allow you to alter the default report fonts Numbers manages the display of numbers - eg negatives in red, rounding Formulas are outlined in Adding Formulas below Headers & Footers are managed in this section 22

23 Adding Formulas Formulas can be inserted after certain sections on the reports as follows: Profit & Loss Total Gross Profit Operating Profit EBITDA Cumulative Retained Earnings Cash flow Total Cash Inflows Closing Bank Balance Sheet Current Assets Total Assets Current Liabilities Total Equity How to Do It Right Mouse Click in the space between the sections (note above) on the report you want to create the formula and select Add Formula Click on New Formula to enter in the Formula Display Name and any Formula Description you want to note Select the applicable Display Options - ie Visible When Positive and Formatting ie Show as a Percentage Click on the tab Formula Definition to define the formula Select the Report Type to change the view of Report Members Highlight the appropriate Report Members or enter in Numeric data, then click on the Add>> to move them into the Expression box Select the appriorate calculation signs as required The formula will not be retained until Good! appears at the bottom of the Expression box Any existing Report Formulas will be listed in the Customise Report Menu under the Formulas menu. Click on them to Edit as required. 23

24 Renaming Pre-determined Lines Any inbuilt lines in reports can be renamed. For example Sales Gross Profit can be renamed to Gross Profit or Gross Income. How to Do It View the appropriate report to the screen Highlight the line in the report to be renamed Right Mouse Click then select Rename Item... Enter in the new Item Name then click on OK to update the item name Clicking on Reset in the future will revert back to the original item name Exporting Reports to Excel You are able to export all open reports to excel via the menu;- Reports Exports Export All Open to Excel Or specific reports as required by clicking on the Export to Excel button located in the top toolbar when the appropriate report tab has been selected.. 24

25 Creating Charts There is a default chart dashboard in Castaway. To view it, go to the top menu option: Charts Default Dashbord It contains 3 built in graphs illustrating: Payments Vs Receipts Bar Graph Profit & Loss Pie Graph Bank Line Graph You can create your own chart dashboard by going to the top menu option: Charts New Chart Dashbord How to Do It Click on the Add Chart button in the toolbar that appears with your New Chart Dashboard Choose the style of chart you want from the icons - Line, Column, Cylinder, Bar, Pie or Doughnut Right mouse click in the chart area to set the Properties such as the Series (being the elements you want to graph), Title, Legend, Axis Labels and 3D Settings Click on the OK to create, or Apply if changing properties on an existing chart. Any chart Dashboards you create can be accessed via: Charts Custom Charts 25

26 Printing Reports & Charts It s a good idea to check your page layout and print preview before printing out a hard copy of your reports and graphs to ensure your columns are all fitting on your page as you d like with your current page & also report settings. Firstly have the report/graph you d like print visible on the main screen. To select your paper size, page orientation margins and printer go to: File Page Setup To preview a copy of your report/graph before printing a hard copy, go to: File Print Preview To print a hard copy of your report/graph, go to: File Print 26

27 Monitoring Performance with Actual Data Castaway allows you to enter actual data from which you can then produce variance reports and graphs that compare your actual data to your budget data. You enter or import your actual P&L and Balance Sheet on a month by month basis. Actual data is normally obtained from your accounting software package In general, accounting software provides good profit and loss analysis, some degree of balance sheet analysis and rarely any cash flow analysis. For this reason, when entering Actuals you enter the Actual P&L and Balance Sheet data, and Castaway derives the actual Cash Flow. The simplest example of how Castaway calculates your actual cash flow is to look at Income/Sales & Debtors. I.e. Castaway calculates the missing figure from the information you enter and inserts this in the Actual Cash Flow report (Please note, GST is assumed at 0% in figures below): Opening Debtors (Opening B/S) $1000 Sales (Actual P&L) $1500 Closing Debtors (Actual B/S) $0 Actual CASHFLOW $

28 How to Do It View all your reports and confirm this is the data you want to use as your "Original Budget Data" Before enabling actuals to your forecast file it is advisable to make a backup of your budget file since enabling actuals is UNDOABLE! To create a new file (hence creating a backup of your original file) go to File>Save As and enter in a new File Name - eg Company x Actuals for x financial period Then go to Data>Enable Actuals. Click on Yes when asked "Are you sure you want to enable actuals in this forecast?" To enter in your actual data manually go to Data>Actuals Data>Enter Profit & Loss\Enter Balance Sheet Check your openining balances are correct before viewing your reports to ensure the correct actual cashflow will be calculated Note: You will have an out of balance message at the top of your Cashflow or Balance Sheet report until your figures are in balance What You Can & Can t Do In Actuals When you have enabled a file for actuals, Castaway locks your underlying budget data as well as some of your element settings. This is to ensure you have a comparable platform between your budget and actual figures for variance reporting as well trying to stop you adjusting set budget information to improve variances. What You Can Do: Enter in forecast data for months that haven t been set for actuals yet (i.e. update a revised budget) Enter your forecast data in the elements themselves Create new elements Rename Existing Elements. Update opening and actual data Enter your opening and actual data via the relevant Data menu options What You Can't Do: Change certain element settings (i.e. change a general reporting debtor to report separately) Delete existing elements Update original budget data Update underlying data for months already set for actuals. Reset to no Actuals Enter in a closing retained earnings figure - this is automatically updated to ensure data integrity 28

29 This is why it s so important to make a backup of your file before enabling actuals in your budget file in case you ever have to revert to your original budget data and setup. Definitions of Original & Revised Budget Data Original Budget Data At the point actuals are enabled on a forecast file, the original budget data is created based on the current data entered into the file. This is fixed for the entirity of the forecast extent It can not be updated Revised Budget Data This can be created when setting subsequent months for actuals It can be updated each time an actuals month is set It will be updated with your current projections (ie the monthly figures currently showing for months that aren't yet set to actuals Setting Future Months for Actuals When you first enable actuals into a forecast, Castaway will only set the first month of your forecast file for actuals. After you have entered in your first months actual data and reviewed your reports to ensure you are satisfied with the actual and future forecasted months, you can set actuals for future month(s). As a precautionary measure, you may like to take a backup of your file each month before setting the next one for actuals. 29

30 How to Do It On the main screen go to Data>Actuals>Set Actuals Date Select the month you want to lock in actuals to Select Yes to the question "Are you sure you want to change the actuals date? This operation cannot be undone" You will then get asked "Do you wish to create a revised budget from your projected figures?" Select Yes if you'd like to create one (see definition above) If you create a revised budget, each subsequent month you set for actuals in the future you will have the option to update it with updated projected figures If you select No, a Revised Budget will not be created You will have the option to create a revised budget each time you set a month for actuals Enter your actual data against the corresponding Month's column via Data> Actuals Data>Enter Profit & Loss\Balance Sheet Reports Once actuals have been set, you will have access to variance reports as well as original and revised budget report sets (if you have created a revised budget). How View an Original or Revised Budget Report On the main screen view the report to the screen Look to the Date Selector Toolbar Navigate to the option Report On: and pull down the menu there to select either Budget, (original budget data) or Revised Budget Projected is a mix of actual & projected data 30

31 How to View a Variance report Go to Reports>Variance Reports and select to Open All or a specific variance report Look to the Variance Toolbar Select the month you want to compare from the Variance Period menu Choose to compare actual data against Budget or Revised Budget from the Compare To: menu How to Create a Graph Including Actual Data View any existing charts to the screen (if you haven't created any as yet, see above section on Creating New Charts) Right mouse click in the chart area and select Properties Look to the column Series Properties with the highlighted Chart Series Element you want to update Click on Selector and choose the data you want to apply to the Chart Series element ; i.e. Projected (includes actual), Budget or Revised Budget Add.. the same element again with a differing selector option to create a graphical representation of variances 31

32 Importing Actuals Instead of manually entering in your actual data, Castaway has the capability to import in your actual Profit & Loss and Balance Sheet figures in one go. If you have matched your Forecast Explorer list to the Chart of Accounts in your day-to-day accounting package, it will be easy to reference corresponding cells in a spreadsheet. How to Do It After you have enabled actuals in your file go to Data>Actuals Data>Build Import Template Select either to Create a new Workbook to insert the Template or Insert the Template into an existing Workbook You will then be asked to provide a name for a new workbook or an existing one depending upon which option you select Open up this template in Excel and map the relevant cells to the data you have exported out of your day-to-day accounting package Once your import template has been updated, import back into Castaway via Data>Actuals Data>Import from Template Choose the location of your template file by clicking on Browse Select the months you want to import in by checking the relevant tick boxes or highlighting the columns Say yes to "Are you sure you want to import the checked Actuals periods overwriting your existing values?" Review your reports to ensure the correct data is reflected Don't forget to save your file For detailed instructions on how to amend existing templates for subsequent months and new elements, please refer to the online help. 32

33 Re- F orecasting and M u l t i Y e a r F iles Altering Forecast Dates Once you have created a forecast, you can alter the number of years in the forecast and base the following year on budget data from the last year, last 6 months, last 3 months or last month of the forecast. How to Do It Go to the menu Data>Alter Forecast Dates Increase the Number of Years you want to extend your forecast to. Check the graphical representation to ensure the Forecast End is correct The Options button will become available Click on this to select what data to base the future years on Enter in % changes applicable and select OK to apply View your reports and amend specific elements' data accordingly When updating data in the elements' data entry screens make use of the Grow and Fill options as explained in the Enter Budget Figures section of this guide Note: Changing the Forecast Start Dates/Financial Year Start in this screen will basically rename the month columns accordingly and the figures will stay the same. i.e.: if your initial file is from July to June and you change the Forecast Start to January and the Financial Year Start to January, the data from July will now be the data for January and the last month of the forecast will be December instead of June. 33

34 Year on Year Reports When your file contains more than a single year, you will be able to view year on year variance reports for quick comparisons on past years performances. How to View a Year on Year Report Go to Reports>Year on Year Reports and select to Open All or a specific report Look to the Period Selector Toolbar Select the month you want to compare from the Report Period menu Click on Show Properties from the Document toolbar to modify Y/Y Report Layout Columns i.e. show as QTD or YTD etc What If While viewing reports, quick What If s can be applied to elements to show the impact through your set of reports of a % increase or decrease. This feature is really useful during business meetings to see immediately what impact a 5 % decrease in sales or 10% increase in costs would have on your cash flow etc. How to Do It Highlight the element you want to apply the what if to on the Forecast Explorer Look to the What If Toolbar Use the up/down flick menu to change the % accordingly (note 100% is unchanged) Click on Calculate to apply the % change or Reset to return the figure to the base case Note in the Forecast Explorer any element with a What If applied to it will appear coloured until it has been Reset 34

35 Create a Linked File A quick way to maintain a best/worst case file(s) is to make use of the feature that links a whole file to another. That way you can maintain a base case file and have other files linked to it How to Do It Ensure you have the file you want to use as your source file is open and it has been saved Go to File>New>New Linked Forecast This will create a new file. Please ensure you save this file as a different name The easiest way to apply factors of the linked amounts is to go to View>Show Data Links This screen lists out of all the datalinks in the file Apply different factors to take % of the source data. I.e. Entering 0.8 will be a 20% reduction or 1.20 will be a 20% increase Each time you update and save your base file budget figures the linked file will change along with it. By using this guide and following the steps outlined, you should be able to create and update a basic forecast setup. For more advanced options and details please refer to the online help or contact Customer Support. 35

36 C r e a t i n g C o n s o l i d a t i o n s Consolidations allow forecast information to be created for larger business structures. They are an aggregation of forecasts and other consolidations models. For example: Your business has a number of departments say sales, production and administration departments that operate in a number of states. The consolidation option allows you to produce integrated report sets based on the departmental, state, national and even international levels. Consolidation (National) Consolidation (State) Consolidation (State) Forecast (Sales) Forecast (Production) Forecast (Admin) Forecast (Sales) Forecast (Production) Forecast (Admin) Planning for Consolidations Decide on the level of detail you are going to be forecasting with- i.e. is the lowest level you are producing at a state level, or departmental level? Any elements that have the same name and type will be added together upon consolidation. Elements that need to be eliminated upon consolidation need to be updated at a forecast level in the element properties Settings. For further information on eliminations, please refer to the online help. Using Templates It s a great idea to use a template when creating the lower level forecasts of the consolidation to ensure that elements are added together correctly. The template can have graphs, formulas etc all setup in it, to save you time from having to set these up in each lower level forecast. 36

37 How to Do It Open the file you want to use as a template and go to File>Save As In the Save As screen flick the Save as Type to Forecast Template (*.pxit) Click on Save and enter in a short description for the template you are creating Go to File>New>New Forecast from Template... then Navigate to the location of your template file and click on OK Enter in Forecast Details and properties as you would for a new file Don't forget to save your new file New Consolidation After the lower level files have been created, and elimination settings have been updated within them it s time to create your consolidation. How to Do It Select New>New Consolidation from the toolbar menu Enter in the Consolidation Name, Reporting Sub-Title and any applicable Description Click on Add Forecast to select the forecasts/consolidations to base your on Enter any applicable Minority Interest % and Currency Rate Click on the OK to create your consolidation. Don't forget to save your file! Go to Data>Forecast Options to update after the consolidation has been created For more information on Minority Interest and Currencies at consolidation, please refer to the online help. 37

38 Elimination Reports If the elimination settings are being used, an easy way to review them and ensure they net to zero is via the elimination reports: Reports Elimination Reports Contributions While viewing the standard consolidated reports, you can drill into the underlying data contributing to a report line by double clicking on the name or the figures of the report lines. Recalculation Options Once the consolidation has been created, and elimination reports reviewed, there may be net amounts resulting from eliminations that need to be dealt with. Options on handling these net amounts are available from the Consolidation Toolbar. Set Goodwill Use when the situation arises whereby a parent company acquires a subsidiary for an amount that is different from the fair value of the subsidiary at the date of acquisition. Clear Elements Using this button will clear any calculations and accounts created via the Set Goodwill and Auto Balance functions. Auto Balance Using this will show a Net Elimination line on the relevant report to make the consolidation balance. For further details on these options and how to apply amortisation to goodwill please refer to the online help. 38

39 Opening Projects When opening a saved consolidation, the projects will be opened in the background. To physically open a file to the screen to make changes to underlying data do the following: Right mouse click on the major folder in the Forecast Explorer Select Open Projects and select the project you want to open Save any changes to the lower forecast files Then re-open the Consolidation to the screen via the Forecasts main menu option Rrefresh consolidated information by clicking on Run Report from the Report Toolbar Or By going to the main menu option File>Reload Consolidating Actuals When consolidating files, they can be a combination of actual and projected data files. For this reason, there is no consolidated variance reporting or definitions of consolidated budget or revised budget data. You can save different versions of your consolidation and contributing lower level files to achieve consolidated budgeted, revised or actual data. 39