Change Forecast Start Date (Monthly Closing)
After closing your books in your accounting software, you'll want to make sure you're displaying the latest numbers in Flightpath.
60-second video walk-through
In this example, our accountant has just finished categorizing all of our expenses and revenue in Quickbooks for April 2019. In other words, the books are "closed" for the month of April.
Now, we need to update Flightpath to pull in April actuals and begin forecasting as of May, 1st, 2019.
Note: the same instructions work for Xero, except that you will need to reconnect your Xero account on the integrations page to access the most recent data from your books.
Before Starting - Create a Forecast Snapshot (Optional)
"Freezing" your previous forecasts is a great tool for comparing your actual performance against your previous forecasts. Not only this lets you fine-tune your forecasting, but you will also get alerted if things are not going as expected. Learn more.
If you have already created a snapshot, you can skip this step.
1. Update Forecast Start Date
Once you close your April books, update the Forecast Start drop-down to May 2019. Click Save and Refresh.
2. Review Sanity Checks
Navigate to Operating Model to ensure that all sanity checks pass to ensure accuracy.
The most common check to fail after updating the model is the first one All Flightpath accounts are mapped to accounting. This check fails if a new account was added in your accounting system but not yet in Flightpath. To map (=link) new accounts, please read the Sanity Checks Failing - Accounts Unlinked article.
If any other check fails, the most likely reason is an account that's mapped to a wrong category. For example, you might have accidentally mapped a liability account to an asset. If that's not the case or you can't figure out what's wrong, please contact Flightpath Support by emailing firstname.lastname@example.org or through your shared Flightpath Slack channel.
3. Review Dashboard
Make sure your dashboard is displaying the latest data. You can make the charts and tables to pull in actual data dynamically (e.g. Last Month, Year-To-Date), but for any forecast snapshots you will need to manually select which snapshot you want to use. Read more on using Comparison Table to display Forecast to Actuals.