Once you have set up the purchase, you can add the purchase to scenarios, or visualise it on the business roadmap, giving you ultimate control and a look at how and when this purchase will impact the financials.
Model an asset purchase using a Microforecast Wizard
To model an asset purchase in Fathom, you will navigate to the ‘Microforecasts Manager’ via the ‘Microscope’ icon on the left-side navigation bar. Click ‘Create microforecast’. Then, name the event and add it to a category. You can recategorize microforecasts after they are created, if needed.
Once created, you can choose to start with a microforecast wizard or from scratch. Starting with a wizard prompts you to provide relevant information for the event and then auto-populates the accounts that are needed. This takes the work out of event/initiative planning and Fathom does the heavy lifting for you, relying on the account settings and linkages that apply globally to your forecast.
Model an asset purchase manually
The ‘Add an Account’ option will enable you to select a specific account from your Chart of Accounts as a starting point for your microforecast. From here you will be able to set up value rules and timing rules to model the financial impact of the asset purchase. This gives you ultimate control over the account impacts and event modeling.
Typically you would want to include the purchase price, depreciation, and payment methods. If the asset will help you earn more money, or has ongoing maintenance costs or utilities associated it may be worth adding these into the microforecast for the most accurate and complete event and forecast.