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Forecast opening balance

The Forecast Opening Balance represents the projected starting balance of your maintenance fund at the beginning of a financial year.

Because a maintenance plan is a forecast, it cannot perfectly predict the future. Actual balances may differ from what was originally planned. This setting allows you to update the plan to match the real opening balance at the start of the financial year.

How it works

At the start of a new financial year, you can enter the actual opening balance of the maintenance fund.

This updated balance becomes the starting point for:

  • Calculating interest earned during the year

  • Deducting maintenance costs

  • Updating the closing balance for the year

Example:

  • Predicted opening balance for 2025: $50,000

  • Actual balance at the start of 2025: $52,000

By updating the forecast opening balance to $52,000, all calculations for 2025 and subsequent years will use this actual figure, ensuring that your plan reflects reality as closely as possible.

Key points

  • The forecast opening balance can be updated at any time.

  • This ensures your maintenance plan remains accurate and up-to-date, even if actual fund balances differ from the original forecast.

Summary

  • The forecast opening balance lets you adjust your plan to reality at the start of each financial year.

  • It ensures that interest, costs, and closing balances are calculated from the correct starting point.

  • Keeping this value accurate improves the reliability of your maintenance plan over time.

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