Model makes it very easy for the user to replace forecast figures with actual results after each period is completed.
In our example from Section 2.1 Opening Balance base trial balance period was March 2017. Forecast income for April 2017 was £12,844.
In order to override forecast figures with actual results, first it is necessary to change the Base Trial Balance Date from Admin Sheet to 30/04/2017.
Next, we enter new trial balance for updated period into the TB input section under corresponding month. We can use the same mapping system as during the initial trial balance input.
After the trial balance update for April, we can see that actual profit for the period – £221,750 is reported in the Statement of Profit & Loss and it has replaced the forecast figure. Other financial statements will be linked to Trial Balance input section as well for any periods up to the Base Trial Balance Date on Admin Sheet.
