How to create a forecast in Xero

Annette Ferguson

Annette Ferguson

How to create a forecast in Xero

To set up your budgets, go to the Budget Manager function under the Report tab, and this is where we set up our overall budget for our profit and loss.

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Fill the data required in Income, Less Cost of Sales to get the gross profit. Next the Operating Expenses and Overheads are deducted to get the net profit. And select the Date when you want the budget to start. Select “Update”.

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There are two ways you can populate the budget: first is directly into these boxes.
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Or by using the Import function. By importing, select “Import”.
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And then “Download Template”. 
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This gives you a template with the dates you selected.
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Once you completed the CSV, you will then go  back into the screen and choose “Browse”, find the file, and then import.
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You will then receive a confirmation screen with any notifications. Then click “Confirm”.
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You can now see the whole year’s budget.
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If you want to add a budget, from “Select Budget” dropdown menu, choose Add A New Budget.
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Select the dates and run the budget accordingly.
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Apply the amounts as necessary.
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There is an “Edit”button which enables you to rename the budgets or create copies.
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Now you’ve entered these budgets into Xero, you’ll be able to track your progress towards your goals at any time.

Thanks ever so much for taking the time to read my post I truly hope you’ve found it useful and insightful. If you have any questions feel free to contact us!

I am Annette Ferguson, CEO of Annette & Co. Chartered Accountant, Profit First Professional and creator of the Business Wealth Engine. We’re also SUPER social so don’t forget to follow. Here’s to your success!