Getting started with Tracking Forecasting part 2

Tracking forecasts are known by different names depending on what accounting software you are using. MYOB defines this function as “Jobs”, QuickBooks describes it as “Classes”. The good news is that regardless of the terminology, all Xero and some MYOB and QuickBooks organisations support tracking.

Written by Andy Tyrrell

Now that you know the basics of Tracking Forecasting (click here for more information the basics of tracking forecasting) let’s look at how you go about making use of this function within Futrli, specifically gaining insights within your boards.

Creating Reports/Snapshots/Comparisons

The above dashboard is an example of a how you might view tracking forecasts on cards. There are four examples which we would recommend using if you want to get the most from your tracking categories.

 Create a Comparison card

 

The comparison card is a great way to make use of your tracked forecast, as you can compare different regions/areas/categories within your business to see how they are performing against each other. By adding these details in the data portion of the card’s setting you can create beautiful comparison cards that illuminate your data.

Create a Report card

While it is important to look at the tracked categories from your forecasts in comparison, creating individual report cards for each category allows you to look at each area in isolation and through the finer details of the category, you are tracking in conjunction with the comparison card.

Create a Tracking card with forecast

The most useful function to make the most of tracking forecasting capabilities of Futrli is the tracking card, especially when you use forecast data, which is designed to look at your tracking categories and help provide insights within those categories.

Creating Reports/Snapshots/Comparisons

When you edit the settings for any card – assuming you’ve selected an organisation that has tracking, you’ll see the optional filter for tracking options. You might need to click¬†show tracking filters if it’s not expanded.

 

By default, no tracking filters are added to reports, but it’s very simple to refine our report to view the data we want to. Simply select a tracking category, and then select on or more tracking options using the search.

 

 

If you add more than one tracking option then the values in the report will be the sum of them. So if north has 5,000 in sales, and south has 3,000 in sales, selecting both options will result in 8,000.

When a card has one or more tracking filters in operation we’ll show you a small tag. You can mouse over this tag to find out what tracking options are in use.

 

What Can You Do?

On a report card – the result will be the same as using a tracking card with only one tracking option selected but without the additional headers.

 

Using filters on comparison and snapshot cards allow you to get better insight into the performance of individual areas of the business. If you’ve setup tracking against your forecasts you will now be able to compare actual vs budget for individual regions, or create an expenses snapshot card to monitor spending for other regions!

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