1.Bank balance where all household income is deposited and payments are made out of 2.Outstanding checks 3.Deposits in transit 4.List of bills due – names, amounts and due dates, including auto drafts 5.Credit cards (including estimated statement amount, minimum payment info and due date) 6.Income information (including amounts and pay dates) or cash inflows estimates 7.Any significant plans for which cash will be needed

The answer depends on the volume of transactions your household has and the Excel skills of the preparer. The first step to preparing the sheet is to gather the necessary information, which also takes time. The initial setup is always the most time-consuming part, taking around 1 hour.

When the recommended instructions are followed, the Smart Cash Sheet predicts cash levels with reasonability. It is important to note that these are only estimations prepared with the current data and known present conditions. As a general rule, it is highly suggested to underestimate the cash coming in and overestimate the cash going out, as well as the timing. We also suggest adding an “floater” expense amount of $X.

Cash not coming in as expected is not uncommon. We recommend making significant financial decisions only when the predicted cash comes in. The advantage of the sheet is that it is not set in stone and can be adjusted or changed at any point in time.

Just as cash not coming in as predicted, unexpected expenses or higher amounts than estimated is not uncommon, either. We recommend adding a “floater expense” amount of X dollars to mitigate this risk. When an unexpected expense occurs, we recommend postponing any significant financial decisions until the cash levels are back on track.

Although the Excel level needed to manage the sheet is basic, we recommend hiring our firm to set up the initial worksheet. There is always the option of learning Excel on your own but this process can be time consuming. We can coach you to do the work yourself.

The amount of time needed to update or maintain the sheet going forward will depend on the volume of transactions, how often the update is done and the Excel skills of the preparer. The initial sheet setup is the most time-consuming part. Be ready to spend anywhere between 1 to 2 hours for a full update every 30 days. Some folks update weekly, daily or as needed. The more often the update, the less time consuming.

No. You don’t have to build the spreadsheet from scratch. You can use the copy/paste feature in Excel to update the new templates. Just pay special attention to the dates and for ant new bills or other information that changed.

No. The Smart Cash Sheet does not estimate taxes. We recommend discussing this with your tax preparer.

Yes. The sheet would not be complete without the credit card bills. We treat this as any other bill due. Based on your history, we recommend estimating the amount due each month and inserting the cash outflow in the sheet in the corresponding due date. For example, the credit card statement that closed on 4/30 would be inserted in the sheet for May, as the due date is 5/30. If the payment were to be due on receipt, then insert the cash outflow in the sheet towards the of April.

If the cash in the bank is lower than the projected in the sheet, you need to identify what caused the variance. After checking the sheet to ensure you did not miss any bills or auto drafts, check for any projected cash that did not come through or an expense that was not booked or a combination of both. If your cash flow tends to be volatile (difficult to predict), we recommend updating the sheet more often than the minimum suggested cadence of once a month. When cash is tight, some folks feel more comfortable updating the sheet weekly or even daily.

Yes. You can use the template and project for lesser periods. You can even project for just one day!

Yes, to the degree you feel comfortable. The sheet is only a roadmap for yourself and your own decision-making. You always have the option of hiring our firm for coaching sessions or to do the initial sheet setup.

No. You can use the Excel feature Copy/Paste to transfer the data from the old sheet into the new one. Just be sure to paste special as value only. Also, be mindful of the dates as some bills due dates vary each month.

Yes, as long as you don’t have a large volume of transactions. You can add your Accounts Receivable in the income section, as well as your Accounts Payable in the bills section. If you have a large volume of transactions, the SCS template for personal use will not be the most efficient. We recommend using the template for Small Business.

Yes, you would need to combine all the bank accounts that receive income and all the bank accounts where payments are made out of for a more accurate dashboard.

As a general rule, because not all months have 31 days, we recommend entering bills due at the end of the month on the 30th. In case your sheet covers February, we recommend entering bills due at the end of the month on the 28th. This also applies to income. If your pay day is the last day of the month, insert the amount the day prior (either 30th or 28th for February).

No. At Cashintel we can also build the initial spreadsheet for you. See FAQ question 1 for a list of documents we need. Depending on the volume of transactions, we can issue a quote to have our staff build the initial spreadsheet for you. Please use the Contact Us section to reach out to us.

Bills that are due with a frequency other than monthly need to be added in the “Additional” tab under the specific due date. For example, the waste management bill is due one a quarter with the next due date on 10/31. You would just add this bill in the Additional sheet under the 10/31 cell.

Add the bills that are already paid that show as open in the Additional section (as a negative amount). This is most common when you setup the spreadsheet for the first time. For example, on 8/21 you setup the spreadsheet and the insurance bill for August is normally due on the 22nd of the month for $150, but you have already paid it. You would need to add the insurance bill in the Additional sheet on 8/21 as negative amount or -$150.

The Smart Cash Sheet does not currently offer automated ways of tracking your spending versus your budget. There are other products out there that can help you do this task. You can always do this manually and look at your actual spending versus budget weekly or even daily, depending on your needs and update the Smart Cash Sheet accordingly.

Be sure that the balance you are entering already includes the bills that are due on that day. For example, you are setting up the SCS on September 1st and some bills are due that day. Your cash balance is $2,000 before making the payments and $1,000 after paying these bills. This is the balance you would enter on the Dashboard.

If you have already paid bills this month that are showing on your Dashboard to be deducted, you need to exclude those to avoid duplication. The way to do this is by entering the bills in the Additional tab as a negative amount. In general, any income amount entered in the Additional tab needs to be entered as a negative number. For example, it’s September 3rd and you have several bills that are due on the 4th but you have already paid for these, and therefore included in today’s cash balance. These show up in the Dashboard as due and to be deducted on the 4th. To avoid the duplication, you would enter the bill in the Additional as previously explained.