accountsIQ has released its latest module which is a genuinely intelligent and dynamic Cashflow forecasting tool. This application automatically brings in data from the following sources:

• Outstanding transactions from the Debtors and Creditors Ledger
• Sales Orders to be despatched
• Purchase Orders to be fulfilled
• Template journals for Standing Orders and Direct Debits against each Bank account
• Any other journals that impact on Bank accounts (eg: Payroll)
• Budgeted amounts for GL codes that are flagged to be included in Cashflow forecasts (for example planned fixed asset purchases; Payroll payments; Cash Sales - ie: not collected from Debtors) 

The details of all these transactions are pulled into a table and the date they are expected to be paid/received is estimated based on past history for the account (ie: not the credit terms but the average credit terms taken on payments/receipts for the last number (user specified) of months. For Sales Orders and Purchase Orders expected delivery date is used plus the average credit terms. The journals are calculated according to their posting date and the GL codes are flagged in accordance with the budget for the month and the normal payment date for the month (Payroll, for example, could be posted this way also).

Once the details are presented, with a graph showing the cash balance over the specified period, the user is able to manage the cashflow by manipulating the expected payment date which can also be amended by the user (eg: where they might have spoken to the customer who promised payment by a particular date). The expected payment date (as changed) is then stored against each transaction in the database. Cash inflows and outflows can be sorted and subtotalled from the screen and the user can go directly to the relevant Debtor/Creditor account to check details and record notes on each transaction. This information can also be exported to Excel from here and the graph and calculated bank balance change dynamically as the details are manipulated.

The Cashflow module provides an excellent opportunity for accountants to collaborate online with their clients at regular intervals to review their cash position and provide the necessary advice and consulting around it.