If you have an overdraft facility on your bank account, you can enable the automatic overdraft calculation in Figured for your forecasts. The tool will look at your forecasted closing bank balance and your interest rate/s for the period, and calculate the forecast interest as the planned interest rate changes.
The interest payments will be automatically added to your planning grid and financial reports, and will change as your forecasts go up and down.
NOTE: The calculated interest payments will be put into a Figured only system account which is automatically categorised to the Non-operating Expenses > Interest category of your reports.
Enabling interest on overdraft
In order to have your interest payments calculating, you'll need to enable the tool and configure a few settings.
To access the overdraft settings, head to Planning > Planning Grid > Tools > Overdraft settings.
This will open up your overdraft settings:
You'll need to enable the calculation, set a start date and enter your interest rate and overdraft limit. Once the overdraft limit is set, the overdraft limit and overdraft headroom can be toggled on and off on the Cashflow Report selections.
You will also have the option of linking the new overdraft account against an existing overdraft account within your preferred accounting software so that Actuals and Forecast show on the same line of your reports. Please note, if the account is not appearing here, you'll need to change the account type to overhead.
Go to Accounting > Chart of accounts, and search for your interest account it will come up in the CoA list. Click on the name of the interest account from your accounting software, and change its type to overhead. The account will now appear in the drop down.
Once happy with your settings, hit Save settings.
Your planning grid will reload, and you'll see those calculated values flow through (if you're in overdraft that is!).
Interest on overdraft in reports
You can also report on the limit and headroom in your cash flow report. Under Additional options, click Show overdraft limit as shown below.
Enabling this will then add the overdraft limit and overdraft headroom below the closing balance at the bottom of your cash flow report, shown below.
The overdraft limit is also shown on the Closing Cash Position Graph on the dashboard.
For video tutorials on the planning grid check out your YouTube playlist here.