This article explains how Balance Sheet Projections work in Magnifi. It covers how to import your Balance Sheet, use actual results alongside budgets, and view projected balances such as cash, receivables, and payables.
Refer to this guide when you want to:
Build a Balance Sheet Projection for your organisation.
Import balances.
Understand how Magnifi projects key accounts including receivables and payables.
View a rolling forecast based on actual results to date with budgets for the remainder of the year.
Report the Balance Sheet at the entity level, or by division if required.
Balance Sheet projections are usually prepared at the entity level.
If you have multiple entities and have set up each entity as a division, you will need to enter the Balance Sheet projections at the divisional level.
See Organisation Structure – Overview for more details.
Make sure your Chart of Accounts has been imported.
Profit and Loss accounts must be linked to Balance Sheet accounts before you start projecting.
Review your Balance Sheet categories under Chart of Accounts → Balance Sheet. You can add additional categories if required.
See Accounts – Linking Profit and Loss to Balance Sheet and Account Categories for instructions.
Go to Cashflow → Balance Sheet and click Import Actuals.
When selecting the period, include the month before your projection start month — this will appear in the Opening Balance column.
Import at least three months of Profit and Loss data before your start month. Magnifi uses this data to forecast collections, payments, and GST, which flow into the early months of the Balance Sheet projection.
Tick Use Actuals to replace budgets with actual results.
Magnifi will automatically update the forecast to reflect results to date.
This allows you to view or export a forecast that combines actuals to date with budgets for the rest of the year.
Untick the box to return to showing budgets only.
Use the padlock icon to lock or unlock a month.
Locked months apply across the whole file, including Profit and Loss and Labour Drivers.
Use the expand/collapse buttons to show or hide account details.
You may see:
P/L Link – Profit and Loss accounts connected to the Balance Sheet.
Payments – accounts linked using payment terms.
Projections – manual entries added under Balance Sheet accounts.
How are Receivables and Payables calculated?
If a Profit and Loss account is linked to a receivable or payable account under Chart of Accounts, you can set collection or payment terms.
Under Chart of Accounts → Balance Sheet, receivable and payable accounts must be linked to a bank account. If no bank account is linked, Magnifi assumes the trading account.
Example: If Sales is linked to Trade Debtors with 60-day terms and you enter $100,000 in May, Trade Debtors will increase by $100,000 in May (shown under P/L Link). The collection of $100,000 will then appear in July under Payments, reducing Trade Debtors and posting the offset to the bank account.
Are Receivables and Payables re-forecasted when I use actual results?
Yes. When actuals are imported, Magnifi re-forecasts future projections.
For example, if May actual income is $150,000 with 60-day terms, the July collection will now show $150,000 (not $100,000), with the offset against the bank account. GST is also updated.
Can I manually adjust Receivables or Payables?
Yes. Add a projection against the receivable or payable account (e.g., Receivables adjustment).
See Balance Sheet – Projection Examples for more information.
To project and manage compliance accounts such as GST and PAYGW, see [Balance Sheet – Compliance Accounts].
To add manual projections (for example, new assets, loan repayments, or adjustments to receivables/payables), see [Balance Sheet – Entering Projections].
For worked scenarios such as financing an asset purchase, income tax, dividends, drawings, or ATO arrangements, see [Balance Sheet – Projection Examples].
Will using Actuals overwrite my budget?
No. Your original budget is kept. Simply untick “Use Actuals” to return to it.
What do I do if my Balance Sheet doesn’t balance?
Re-import the Profit and Loss and Balance Sheet for the relevant periods. Check that all active Profit and Loss and Balance Sheet accounts have an account category assigned. If it’s still out, go back to prior months until it last reconciled, then re-import from that month for both the Balance Sheet and Profit and Loss.