For situations where you might be planning an event, but there are no Chart of Accounts line items to account for it, Fathom allows you to create future accounts.
Creating a future account allows you to add values against a new object. Once the actuals date range overlaps with the date range of the forecasted values, the forecasted values are expected to become actuals.
Some of the key use cases for Future Accounts include:
- Asset purchases
- New products/service lines
Creating a future account
You can add a future account to a microforecast. To do this:
- Open or create a microforecast by accessing the Microforecast Manager with the ‘Microscope’ icon on the left-side navigation bar
- Select ‘Add account’
- From the drop down menu, scroll to the bottom or type in ‘account doesn’t exist yet’
- Choose an account classification for the future account
Functionality of future accounts
Ideally, and in the long run, future accounts will mimic and share the same functionality as any other account you might have in your forecast. You can link these future accounts to real accounts when it becomes relevant. If future accounts are no longer needed, or needed at a later date than originally expected, you can remove or edit the microforecast associated with the future accounts.
- Future Accounts are exclusive to microforecasts and their associated journals and schedules.
- Future Accounts can only be deleted from the 'Future Accounts' section under 'Accounts' in Forecast Settings
- Future Accounts can be viewed in the Chart of Accounts, and allow for limited functionality/management
- Future Accounts have a 1-to-many relationship (i.e. One future account can be referenced in multiple microforecasts)
Actuals overlapping future accounts
When the current month hits the first month where Fathom should be receiving actuals for a future account, you will either need to do one of the following:
- To link the future account to a real account (i.e. merging the Future Account with an existing account)
- To move the forecast values further into a future period (if you still have no account set up in your source system then actuals cannot be logged for that month)
- To remove the future account & all its values from its Microforecast