What is a 'Custom Forecast'?
If you want to begin customising your forecast in Fathom from the start, then the ‘Custom Forecast’ onboarding option may be for you.
It is important to note that all of the onboarding options end at the same forecasting tool. No option is more or less customisable once the forecast has been created and you are in the tool. The onboarding process is simply how you want to initially set up your forecast.
During the custom forecast onboarding process, you’ll begin tailoring value rules and timing profiles at the classification level so all accounts within the classification use your chosen value rule and timing profile. This helps you tailor large sections of the forecast to your business so that you start off with the default value rules and timing profiles you want to use.
Once the onboarding process is complete and the forecast is created, you’re able to further customise and change value rules at the individual account, heading, or classification level. Any decisions you make during the onboarding process can be changed in the Forecasting tool.
To set up a ‘Custom Forecast’,
Once you’ve reviewed all of the above, select ‘Create Forecast’ and you’ll be taken to the forecasting main grid.
💡Pro Tip: Any decisions you make during the onboarding process can be changed once you are in your forecast.
Identifying loan & depreciation accounts
Fathom will identify any Long Term Debt and Short Term Debt accounts based on their account classification. To ensure we’re not setting up loan schedules for debt accounts that are not loans, Fathom will identify debt accounts with a positive balance that has consistently decreased over the last 3 months. Using the accounts’ historic values, we will calculate a blended Interest Rate. Schedules will be created for all of the identified accounts, posting to the Interest Rate Expense account with the greatest value.
The loan repayment amount will be based on the average monthly decrease in the debt accounts over the last 3 months.
Fathom assumes a default loan term of 20 years.
Fathom identifies the three Fixed Asset accounts with the greatest value based on their most recent balance and account classification. We then use the historic values in these accounts to form an average depreciation percentage, and use this as the percentage applied to the top 3 fixed asset accounts. Then, the calculated depreciation amount will be added to the depreciation account with the largest balance.
Congratulations on completing the 'Custom Forecast' onboarding! You should now be in the main grid of your forecast. Continue the 'Forecast Creation & Setup Workflow' by choosing from one of the next steps below:
What you want to do:
Where to go next:
Navigate the main forecasting grid
Tailor and customise your forecast with value rules