Profit and Loss Projection in Magnifi

Overview - Projections - Profit & Loss

Before preparing the Profit and Loss Projection, you need to setup the Chart of Accounts.

Also ensure you have setup divisions if you would like to enter projections at a divisional level.

We will explain the key features by referring to the screenshot below.
  1. Projections from: refers to the start month which can be changed at anytime. Magnifi is a true rolling forecast.
  2. Use Actuals: If you tick "Use Actuals", Magnifi will include the actual results. This allows you to project the profit for the year based on actual results to date and budgets for the remainder of the year. Note that this does not clear the budgets. If you want to view the budgets simply remove the "Use Actuals" tick. You can also view the Actual v Budget results in the Analysis section.
  3. Import Actuals: You can import actual results from Xero or via Excel/CSV. 
  4. Lock Periods: The padlock next to the month allows you to lock and unlock periods.
  5. Expand/Collapse: Expand or collapse the account headings as required. 
  6. Account Categories: The expense categories are pre-defined, however you can add your own income categories under Chart of Accounts. If an account is situated under the wrong category you can also re-allocate the category under Chart of Accounts. 
  7. Asterix: If an asterix appears next to an account, it means the value has been derived and you will not be able to manually adjust the value. You can hover over the account to reveal more information. In the example below, the account values are derived from income drivers, however it could also represent a calculation as a % of another account.
  8. Entering Values:  There are various options to enter values including a/ use the Copy Across feature by double clicking on the value to copy it into the future, b/ simply enter the values manually or c/ double click on the account to calculate as a % of another account. If you have divisions, you need to enter the projections at the divisional level. Any changes will then "bubble up" to the All Divisions level.
  9. Auto Cast: This feature allows you to quickly build projections by applying a % increase/decrease to the actual results for the last 12 months.