This article outlines the typical month-end process in Magnifi. It explains how to import your latest results, update forecasts and capacity data, review performance against budget, and refresh dashboards so your reports remain current and accurate.
Use this guide at the end of each month when you want to:
• Update Magnifi with your latest Xero actual results or import data via CSV.
• Review variances between actual and budget.
• Update payroll forecasts and capacity plans.
• Refresh dashboards for internal or client reporting.
• Check reporting dates and locked periods before finalising results.
Every business works a little differently, so treat these steps as a guide and follow the parts that apply to you.
• Go to Profit → Profit and Loss → Import Actuals.
• Import the latest month’s results from Xero or CSV, or select multiple months to capture prior-period changes.
• Map any new or unmatched accounts before saving.
• Go to Cashflow → Balance Sheet → Import Actuals.
• Import the latest month’s results from Xero or CSV, or select multiple months to capture prior-period changes.
• Map any new or unmatched accounts before saving.
Only needed if you want to refresh your payroll forecasts.
• Go to Profit → Labour Drivers → Import Employees.
• Review and update wage or hour assumptions for upcoming months.
• Some users update these monthly, while others prefer quarterly adjustments.
Only needed if you want to adjust your capacity plan.
• Go to Capacity → Annual Capacity and update productivity or sell rates for new and existing employees.
• If you use Monthly Capacity, you can import leave from Xero under Capacity → Monthly Capacity → Leave tab → Monthly Capacity.
This is only relevant if employees record their leave in Xero.
Option 1 – Detailed report
• Go to Analysis → Actual v Budget.
• View detailed results with red/green indicators and flexible filters.
• Review key variances across income and expenses.
Option 2 – Dashboard summary
• Go to Dashboard → Profit.
• View a high-level summary by account category.
• Click a category to see the top 5 account over/under variances.
• Click a variance to view the account’s transactions.
If you use cashflow forecasting, these tools help you understand balance sheet movements and your cash position.
Profit to Cash Analysis
• Go to Dashboard → Profit to Cash to review movements between profit and cash.
• This helps identify unusual balance sheet activity.
• For a more detailed view, go to Analysis → Source & Apps.
Cashflow Projection
• Go to Balance Sheet → Cashflow to view projected cashflow.
• To adjust future months, go to Cashflow → Balance Sheet and update projections.
Working Capital
• Go to Dashboard → Working Capital for a snapshot of your position.
• This shows current assets and liabilities from your Chart of Accounts.
Before you finalise reports, consider locking periods (optional).
• If you lock periods, Magnifi uses the last locked month as the Last Finalised Month.
• All dashboards and reports will then default to that period automatically.
• You can re-run imports at any time; data will refresh automatically.
• If nightly imports are enabled, check for any unmapped accounts and map them to keep results accurate.
• Use Dashboard for high-level summaries and Analysis for detailed variance breakdowns.
• To adjust forecasts without losing your original version, save them as Original Budgets — this allows comparison between Actuals vs Current Budgets or Actuals vs Original Budgets.
• If you use inter-entity accounts, export the Profit and Loss Report (Profit → Profit and Loss) at Group or All Divisions level. A separate worksheet lists inter-entity transactions so you can confirm they balance to nil.
• If accounts are out of balance, re-import including prior months — this often resolves opening balance issues on the Balance Sheet.