Setting Budgets


 

Budgets in Float are like placeholders for cash that might come into or leave the business, allowing you to build up a picture of how the future might look.

These budgets will never double count, instead they act as place holders until they are filled up with bills or invoices, then eventually with actuals. 

Your forecast is built with the budgets that you enter, and each day Float updates itself and pulls in the latest transactions from your accounting software, which slowly fill up your budgets. Once an actual becomes larger than the budget, Float will use the actual amount instead. Once the current month has ended, all actuals will be used instead of budgets. This ensures your forecast is as accurate as possible. 

Creating an accurate cash forecast will allow you to spot any cash gaps or surpluses well in advance, allowing you to take action. It will also help you gain insight into your business performance and your ability to achieve your plans. So let's set up some cash budgets!

How to set your budgets

Click into a cell and a popover modal appears. You'll see the various options for setting budgets initially shown on the right of the modal:

The options applicable when setting a budget are:

  • Budget amount
  • Whether the budget should be a single month, or for all future months
  • Budget occurrence within each month (weekly, every 2 weeks or one in the month)

 

The 'Payment on' field will update based on the frequency chosen with 'every week' and 'every 2 weeks' allowing a day of the week to be chosen, while 'every month' will be a single occurrence and will allow a specific date to be set on the budget.

You'll also see an option to 'include budget in cashflow', this allows you to remove a budget from the cash flow calculation without fully removing it from Float.

If you would like to set a budget to re-occur, you can select whether this is weekly, biweekly, monthly, quarterly or annually, as shown below. Select 'All future months' to access the quarterly and yearly option.

Note: For the quarterly and annual budget options to appear, 'Apply to' must be set to 'All future months'. When set to 'This month only' the quarterly and annual options will not display.

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