When managing and forecasting your cash flow, you need to be able to see what your cash situation is like across all your accounts – not just your current account.
I am glad to announce that as of today, Float officially supports multiple bank accounts, and everyone can set it up easily.
Adding more accounts:
You can now easily add any extra bank accounts that you have in FreeAgent to your Float account by clicking the link next to your graph on the cash flow page:
Just follow the instructions on that page to add accounts.
Net Transfers Section
For every account that you have pulled in to Float you will now see a line in the Net Transfers section, and all your transfers into or out of those accounts will appear in here. Here’s an example:
In this example you can see that last month, a total of 3000 was transferred out of my Savings account, and into my Current account. Because they are just transfers between my accounts, the net transfer is zero, so it doesn’t affect my cash flow.
By moving transfers into this section, it keeps your expenses section much cleaner and easier to understand.
Credit card payments
Float also now has improved support for your credit cards. If you add your credit card to Float (see the “adding more accounts” section below) you will see a new line in the expenses section of your cash flow, here’s an example:
This row acts much like a budget, so that you can easily forecast future credit card payments from your current account. Float does not pull in the actual transactions or the current credit card balance yet (we’re still working on that), but this should help you handle forecasting of your credit cards more easily.
Bank Accounts Panel
The panel next to the graph, as shown above, lists the current balances of all your Current/Savings accounts. You will also notice the checkboxes next to the accounts.
If an account is ticked this essentially means “I would like to include the balances and transactions on that account as a part of my cash flow”.
Some people like to think of their available cash as only what’s available in their current account: by unticking the savings account, you can still see how much money is available in it – but not have the balance be included in the forecast.
Have a look and let us know what you think!
Float is the easiest way to create a cash flow forecast for your business that is always up-to-date – no spreadsheets required!
If you aren’t a Float user already, you should sign up for an account now.