LivePlan can import your most recent accounting data and use it to create a starting forecast. To use this feature, you'll need to:
- Have an existing business
- Use QuickBooks or Xero for your accounting
- Have accounting data for at least a few months prior to the start date of your forecast
You can use the automated starting forecast feature when creating a new company file. Select the Dashboard as your starting point, and then follow the process outlined in this video:
Alternatively, you can also use the automated starting forecast when you're creating a new forecast scenario.
Some important notes:
- With the automated forecast feature, LivePlan uses the most recent year of accounting data to build a starting forecast. The definition of "most recent year of data" is based on the start date you've set for your forecast. If you've set your forecast to start in January 2021, for example, LivePlan will use accounting data from January - December 2020 to build your starting forecast.
- The Revenue, Direct Costs, and Expenses tabs are populated from your accounting data, using the structure of your chart of accounts. If your chart of accounts contains any accounts that don't have data in them, LivePlan will ignore those accounts during the import.
- Once the starting forecast is built, you'll want to update it to make it complete.