Last year we announced an improved planning experience called The Rolling Plan. Using our Planning Grid and Trackers, you can create your financial plan with as much or as little detail as you like, and plan out across any period of time. Once you’re happy with the plan, simply take a Snapshot of your work to turn this into your Annual Plan.
There is no longer a ‘Budget’ section in the date selector at the top of the page, there is just ‘Actuals’ and ‘Actuals + Forecast’ views. We’ve gone away from manual opening balances that came with building out your budget, and the first thing you can do now is set how much of your Xero data you’ll use as your base for the "budget", or annual plan. This is your Actuals To point - like Actuals to Last Month.
Not everyone works on a 12 month cycle plan - the old budgets & forecasts were restrictive, especially if you were coming into Figured during the middle of your financial year. With rolling plan, you can get started straight away without the need to spend time that you may not have, on the initial budget.
You’ll have a single forecast for every farm. It flows through to each year - so something that’s accrued at the end of the year will automatically be in the next year’s cashflow.
We’ve been rolling out new features on the rolling plan, like the automatic interest on overdraft calculator which was built off of the requests from Figured users!
Migrating to the rolling plan:
We now have a migration tool available that you’ll see at the top of the dashboard, for you to complete the move yourselves. Before making the switch to the rolling plan version of Figured on a farm, there's a couple of disclaimers / important bits to note!
1. Finalise and lock your budget
All existing budgets will be turned into a snapshot which you can then use to report on. This means they'll be uneditable once a farm has been migrated, so it's important that the budget has been approved before migration!
Just head in to the Planning grid, change to Budget in the date selector at the top of the page and select the year. You can then hit the ‘Approve Budget’ button.
2. Confirm that actuals + forecasts is up to date
The actuals + forecast view will become your working, or primary plan on the rolling plan.
Double check that this view contains the latest data that you'd like to continue working with on your farm. If you’ve completed your Budget and haven't already built out a forecast, we recommend copying your Budget to forecasts as this will be your plan going forward.
Once Budgets are locked and copied to Forecast, you can use the Migration wizard to convert the farm on to the rolling plan.
If you have any questions, feel free to get in touch with the team through the green bubble on the bottom right side of any Figured page!