Enter your budget or forecast settings
When you create your budget or forecast, you can work through a series of steps to set this up as needed. As you complete each section, click Next to continue to the next stage.
Tip: In each section, click the information icon alongside any option to view details and help on that option.
Data source
If you haven't already added a data source, in this section you can select the data source you want to use. If you have added a data source previously, this automatically shows in this step, and you can click Next to continue to the task type.
Task type
You can now select the task you want to create. There are two options available:
- Full three way forecast - Use this option to create a full forecast including the profit and loss, balance sheet, and cashflow values. When working in this type of task, you will be able to both create and edit profit and loss budget values, and work with rules, dynamic rules, and drivers to create your balance sheet and cashflow.
- Profit & Loss budget only - Use this option to work on only the profit and loss budget values, without the balance sheet or cashflow. If needed, you can convert this budget to a full three way forecast later.
Names and dates
Enter the following details for your forecast or budget:
- Forecast / budget full name - The full name for your budget or forecast. This appears on the cover page when you produce the final report.
- Forecast / budget short name - An abbreviated name to use for the budget or forecast. This is used on some pages in the report, such as the comparison pages. If you don't enter a short name, one will be created automatically.
- Forecast / budget period - The date range for your budget or forecast. This can be up to 60 months.
- Last month of actuals - The month within the date range to which you want to show imported actuals instead of budget or forecast values.
Tax settings
Note: This option only appears when creating a forecast.
In this section, you can set up the GST/VAT/sales tax options, as well as the payroll taxes settings.
- GST / VAT / Sales Tax basis - Choose whether your GST, VAT, or sales tax should be calculated on an accrual or payment basis.
Note: For UK organisations, the options available are Standard and Cash.
- GST / VAT / Sales Tax schedule - Select the timing for the payments. If the schedule you need isn't available, select the closest one. You will be able to set up your own schedule later and apply it to the forecast.
- Cashflow display option - You can use this option to select whether Spotlight Forecasting should calculate GST/VAT/sales tax for the period of actuals. In the majority of cases, you should set this to Tax Inclusive to allow the sales tax to calculate.
- PAYE / PAYG / Payroll taxes schedule - Select the timing for the payments. You can create your own schedule later if needed.
- Kiwisaver Employer / National Insurance / Employer Payroll taxes schedule - Select the timing for the payments. You can create your own schedule later if needed.
Data selection
Select the data you want to use as the basis for your budget or forecast. You can select your imported data, or choose to manually enter the data.
Note: If you choose to manually enter the data, you will not be able to change this to use an imported data source later. We recommend that you select a data source for your forecast.
When using your imported data, you can choose from the following options to create your initial profit and loss budgets:
- Imported budget - Use the budget directly from the imported data source.
- Last year budget - Use the previous year's budget. The values will be advanced by one year.
- Last year actuals - Use the previous year's actuals as the new budget. The values will be advanced by one year. This can be a good starting point if no budgets exist for the organisation yet.
Whichever option you choose, you will be able to edit the budget values as needed later.
Account mappings - Bank, Debtors, Creditors
Note: This option only appears when creating a forecast.
In this section, you can select the default accounts for your bank, debtors, and creditors. Suggested accounts from your data appear automatically based on the settings within your accounting system, but you can change them as needed. The following options are available:
- Select your main bank account - This will be the bank account used for all rules which automatically select a bank account.
- Calculate interest when the main bank account is overdrawn - You can select this option to automatically calculate interest on overdrawn amounts and post them to the relevant expense account.
- Select your main debtors account - This will be the debtors control account automatically used by all revenue and income rules.
- Select your main creditors account - This will be the creditors control account automatically used by all expense and cost of sales rules.
Account mappings - Tax
Note: This options only appears when creating a forecast.
In this section, you can select the default accounts to use for income tax, sales tax, and payroll taxes liability. Suggested accounts from your data automatically appear based on the settings within your accounting system, but you can change them as needed. The following options are available:
- Select your main income tax account - Choose the income tax liability account to use.
- Select your main sales tax account - Choose the GST/VAT/sales tax liability account to use.
- Select your main payroll tax account - Choose the payroll tax liability account to use.
