Tips on how to take stock halfway through the year

The half-way point in your financial year is always a good time to step back and review how you’re going, adjust your forecasts and plan for the rest of the year. Follow these tips to get the most out of Calxa.


Create another Budget Version – but only one!

If you’ve only recently started with Calxa, you’ll probably just have an Initial Budget Version (unless you’ve renamed it). You can make a copy of this, rename it to Current Forecast, and then make your changes to the rest of the year.

If you already have a Current Forecast that you created last year, don’t create another one! The budget version contains all years and your business units so what you need to do is to copy the current budget into your Current Forecast. There are 2 simple ways to do this.


Copying Budgets

The first option is the Budget Factory. Set the Base Year to the current financial year and Source Data to your Initial or Approved Budget. Set the Destination From and To dates to the same financial year and the destination budget to the Current Forecast. Then step through to the end without changing any numbers and it will do a straight copy from the initial budget to the current forecast. This method works especially well if you have many business units.

The next option is to export your Initial Budget to a spreadsheet and then import it to the Current Forecast. This makes sense if you want to make the adjustments for the rest of the year in a spreadsheet or you’re delegating the task to other department managers. You could also give those managers access to Calxa and let them edit the budgets there.


Using Actuals for this Year

Some people like to start their forecast by using the actual results for the first half of the year and adjusting the budget for the rest of the year. The simplest way to do this is again with the Budget Factory.

First, check in Organisation Management, that the Initial or Approved budget is set as your main one. Then in the Budget Factory, set the Base Year to the Current Year and the Source Data to Actuals. You’ll get a warning to say that there aren’t actuals available for the whole year so it will use your main budget for the remainder. Set the Destination From and To dates to the Current Financial Year and the destination budget to the Current Forecast and step through with no further changes.

This will populate your Current Forecast with Actuals for the first half of the year, the main budget for the second half. You can then go ahead and make changes to the 2nd half based on your revised plans.

If you have any questions, reach out to our Customer Support staff at [email protected]