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What is QuickBooks Online Forecasting Tool & How to Use it?

There may be several complications in life but nothing beats the problems that are created when there are disruptions in […]


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There may be several complications in life but nothing beats the problems that are created when there are disruptions in Cash Flow Statements. The worst part is when as a business owner you do not witness them coming before, and they could have saved some of the retained savings, to address the cash crunch.

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Dancing Numbers helps small businesses, entrepreneurs, and CPAs to do smart transferring of data to and from QuickBooks Online. Utilize import, export, and delete services of Dancing Numbers software.

But, all these issues can come to an end with the help of the QuickBooks Online Forecasting tool. Not to mention, users can have real cash flow reports directed to deal with their cash crisis in an efficient way.

First, You need to understand what is cash flow and its key components.

What are the Key Components of Cash Flow?

Payables and receivables are the key components of cash flow.

Using Accounts Receivables assists you to classify excessive generous credit terms along with certain outstanding invoices that adversely impact the cash flow of a business. Consequently, it impacts the financial health of the enterprise.

Similar to accounts receivable, accounts payable specifies outflows. Primarily, if there are some late payments it impacts the short and long-term credit profile of the business since lenders base their conditions on prior payment histories.

What is QuickBooks Cash Flow Forecasting Tool?

It is a known fact that the QuickBooks Cash Flow Forecasting tool can be used for the purpose of budget management and forecasting in a secure and automated manner. However, there is a list of things one should consider while forecasting. The reports must not complicate the cash flow with the earnings of the company.

Not to mention, you need to arrange the figures of your receptions and payments and present them with the scenarios to create a useful forecast.

Note: A cash flow is categorized into three categories:

  • Investing Cash Flow: Inflows and outflows that come from the purchase or sale of capital investments.
  • Operating Cash Flow: Inflows and outflows concerned with the sale of services and goods.
  • Financing Cash Flow: Inflows and outflows from external investors or borrowing activities.

How to Monitor the Cash Flow in QuickBooks?

There are two methods to monitor the cash flow forecasting report in QuickBooks. Here are the two methods:

  • Direct Cash Flow Forecasting: The process can be accessed to address the liquidity management for a small period of time. It displays the cash flow of your organization at particular dates in the days to come. It is possible to run the forecast by adding payments arising at a particular time of the year and mixing it with a time frame that must not be more than 3 months or 90 days.
  • Indirect Cash Flow Forecasting: This process is used at the initial stages of the planning stage of a particular financial year. To be precise, near the end of the previous fiscal year. It includes several accounting reports such as Income Statements, balance sheets, etc., in order to display the cash flow.

How to Use the QuickBooks Online Forecasting Tool?

In QuickBooks, the Cash Flow Projector Function strives to deliver short-term forecasting. It is easy to make sure all the employees and the business costs will be cleared in the next month when you have a clear idea about the financial status of the company.

Here are the steps to use the QuickBooks Online Forecasting tool:

Step 1: From the menu, under the tab for Company, choose Budgeting and Planning.

Step 2: Select the option, Cash Flow Projector.

Step 3: Add the starting purchase.

Step 4: If you are not sure, try estimating the amount for a month back.

Step 5: Complete the Cash Inflows with the anticipated financial inflows.

Step 6: For a precise representation of cash flow, try to include all sources of cash flow.

Step 7: Include any upcoming future payments in the last six weeks after beginning with the consistent income.

Step 8: Add the business income to the cash outflow category.

Step 9: Make sure you add one-time costs that arise once in three months in QuickBooks together with the normal monthly expenses.

Step 10: Analyze how the cash flow in your business has changed in the last six weeks by evaluating the report.

How to Forecast in QuickBooks Online?

To forecast in QuickBooks Online, you need to use third-party apps. It is also possible to take the assistance of an accountant to get a forecast in Excel. If you wish to opt for the latter option, you must run the Statement of Cash Flows report.

Here are the steps to consider:

Step 1: Open your QuickBooks Online account.

Step 2: Now Navigate to the Reports section. It is present on the left side of the menu.

Step 3: In the search field, Enter Statement of Cash Flows. Now click Enter.

Step 4: Press on the result displaying Statement of Cash Flows in order to open the report. In case you wish to make changes to the Settings of the particular report, Press Customize.

Step 5: Finally, Press on the Run Report.

Hope everything is clear to you. If you still need any assistance in understanding the QuickBooks Online Forecasting tool and how to use it efficiently, get in touch with Dancing Numbers team via LIVE CHAT.

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Frequently Asked Questions (Faqs)

How to Calculate Cash Flow Forecast?

Here is the formula to determine the cash flow forecast:

Cash flow forecast = Projected inflows + Beginning Cash – Projected Outflows = Ending cash

What is the Purpose of using QuickBooks Online?

QuickBooks Online is a type of cloud-based financial management program that helps users to create invoices and quotes to help save time spent in managing the finances of a company and administering the sales and cash flow.

What is the Significance of a Cash Flow Forecast?

Profit and cash flow are two crucial financial parameters that may be categorized by a company owner with the help of cash flow forecasting. Every successful business owner is aware of its past, present, and estimated cash status to understand how much cash can be used at a particular moment and under what situations.

If you utilize only the data you can access presently, you risk of knowing about the problem when it is already late. The significance of a cash flow forecast provides you with the best possibility to take a key decision. The expenses for the next 90 days can be reduced to deal with the looming issues. You can also strive to develop new products or services or even opt to apply for a loan.

Features of Dancing Numbers for QuickBooks Desktop

Imports

Imports

Exports

Exports

Deletes

Deletes

Customization

Customization

Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

Customer Transactions

Invoice
Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

Technical Details

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Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

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Accountant Pro

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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


Which file types are supported by Dancing Numbers?

XLS, XLXS, etc., are supported file formats by Dancing Numbers.


What is the pricing range of the Dancing Numbers subscription Plan?

Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


How can I contact the customer service of Dancing Numbers if any issue arises after purchasing?

We provide you support through different channels (Email/Chat/Phone) for your issues, doubts, and queries. We are always available to resolve your issues related to Sales, Technical Queries/Issues, and ON boarding questions in real-time. You can even get the benefits of anytime availability of Premium support for all your issues.


How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

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