Overview
Actuals data is the data imported from your accounting system. It forms a crucial part of the reporting process in Castaway, giving your forecast a starting point to build on and enabling analysis of historical performance against your Budget and Forecast Snapshots.
Not every model has to be built with actuals. Models dealing with projections only can focus solely on projected data workflows.
Importance of Actuals
- Gives your model a starting point (opening balances)
- Updates opening debtors, creditors, loan balances, asset values and other balances that directly impact your model
- Provides a point of comparison for your snapshots (Budget and Forecast)
- Allows reporting across both historical and future periods in the same model
Bringing Actuals into Castaway
Castaway offers two ways to import actuals.
Connecting via an Integration is the recommended approach when Building your File:
- Via Integrations - Import actuals directly from your connected accounting system (Xero, MYOB and Quickbooks) or an Excel Integration.
- Manual entry - Enter actuals data manually. We do not recommend this as it is inefficient and the workspace is not optimised for maula entry. Refer to: Manual Entry of Opening Balance and Actuals
Navigating the Actuals Data Workspace
To review actuals, navigate to Forecast > Actuals Data. The workspace is divided into three tabs:
| Tab | Content |
|---|---|
| Balance Sheet Data | Displays columns of opening balances and actuals periods that have been set |
| Profit and Loss Data | Displays P&L actuals beginning from the first month of actuals. Opening balances do not appear here. |
| Other Data | Additional actuals data including Drivers, Tax Losses and Inventory Purchase Units (where Units x Rate is the selected forecast method). Useful for deeper model analysis. |
Navigation indicators:
- A solid vertical grey line separates financial year periods.
- A dotted vertical grey line marks the boundary of active actual months.
The Actuals Data workspace is structured around the elements you have created rather than the structure of your chart of accounts. Balance sheet and P&L data is element-based rather than COA-based.
If you need any assistance please contact our support team at: support@castawayforecasting.com