Daily Bank Balance

Daily bank balance shows your bank balance each day for the current month. It will alert you if you are going to exceed your Over Draft.

Updated over a week ago

Daily Bank balance shows your daily bank balance in the current month and allows you to easily identify whether you have enough funds to pay bills on any given day. In the current month view of the Working Plan, you can see the predicted highs and lows of your bank accounts for the rest of the month and plan accordingly.

You can quickly identify:

  • if you have enough funds to pay your bills at a certain point in time (not always the 20th of the month)

  • if you need to increase/decrease your OD or transfer funds from a revolving credit account

  • the timings of large variations in cashflow during the month

  • opportunities where transferring funds into a high-interest account or fixing interest rates is beneficial.

The daily bank balance is predicted from the coded invoices and actual bank transactions that have a payment date in the current month. If an invoice or transaction is not coded, or has a payment date outside of the current month it won't be included in the predicted balance.

Balances include GST to offer an accurate prediction of balances.

The predicted end-of-month balance is for the current month only. Farm Focus does not predict balances for future months.

To check your Daily Balances click:

  1. Plan

  2. Working Plan for the current year

  3. Cashflow Plan

  4. Revision date: Current Month

  5. The balances icon (Money symbol) will appear

  6. A drawer will slide out from the top right-hand side.

What's in the Daily Bank Balance drawer?

  1. Today's balance

  2. An alert will show if there are uncoded items for an account

  3. The previous day's activity

  4. Other previous days of activity are hidden. Click on the drop-down article to view them

  5. Balances are displayed on days when there are changes to the daily bank balance

  6. Predicted end of month (EOM) balance

  7. Exit by clicking the cross on the drawer or clicking the Balances icon

Tips and Tricks

  1. In Farm Focus you cannot have future-dated bank transactions but you can have future-dated invoices. You will need to create an invoice (record money in / money out ) for any major expenditure or income if you want those incomings and outgoings to be included in the predicted daily bank balance (eg: Interest, drawings, rent). It may be quicker and easier to create a repeating invoice for these transactions.

  2. You can interact with the plan while viewing the daily balance drawer. You may need to scroll across the screen to see months that are hidden behind the drawer.

  3. Draft tax invoices are included as long as they are coded.

  4. You can filter the plan by bank account and view balances for individual bank accounts.

Overdraft limit alert

You are alerted if your bank balance is predicted to exceed your overdraft (OD).

  1. Balances that exceed the OD limit are red.

  2. If today's date or end-of-month balance exceeds the OD limit an alert icon is displayed.

  3. If you hover over the 'Exceeded OD icon' a tip will display 'OD exceeded, review invoices in Needs Action'.

  4. Clicking on the icon will take you to the Needs Action Page.

Tips and Tricks

  • An OD limit must be entered into Farm Focus (Settings> Bank Accounts) for the OD exceeded alert to be displayed.

  • You can filter by bank account and view potential breaches to OD limits for individual bank accounts.

  • It is up to you to decide what course of action you'd like to take if you notice your bank account is predicted to exceed its OD.

  • We do recommend you review your invoices and transactions to ensure all predicted income and expenditure have been included and there are no double-ups
    (ie: you have created an invoice that is still sitting in your Needs Action screen but the transaction has occurred and for whatever reason you coded this transaction rather than matching it to the existing invoice).

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