Excel Skills Australia - Annual Cash Flow Projection Template

Excel Skills Australia | Annual Cash Flow Projection Template
This template enables users to prepare annual cash flow projections for any user defined five year period. The
statement, cash flow statement and balance sheet. The cash flow projections are based on turnover, gross profit and
user as well as a number of default assumptions which are used to create an automated balance sheet. These assu
balances, working capital ratios, payroll accruals, GST, income tax, dividends and loans. The annual reporting perio
date.
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Instructions
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This template enables users to prepare annual cash flow projections for any user defined five year period. The template
includes an annual income statement, cash flow statement and balance sheet. The cash flow projections are based on
turnover, gross profit and expense values that are entered by the user as well as a number of default assumptions which are
used to create an automated balance sheet. These assumptions include opening balance sheet balances, working capita
ratios, payroll accruals, GST, income tax, dividends and loans. The annual reporting periods are based on any user defined
start date.
Note: The templates section of our website also includes a Monthly Cash Flow template and a Forecast vs Actual Cash Flow
template which enable users to compile a 36 month cash flow forecast and to compare the forecasted balances to actua
account balances.
The following sheets are included in this template:

Assumptions - this sheet includes the default assumptions on which the annual cash flow projections are based.
IncState - this sheet includes a detailed annual income statement for 5 annual periods. All the rows that are highlighted in
yellow in column A require user input in column C and the codes in column A are mainly used in the GST, receivables &
payables calculations. The rows that do not contain yellow highlighting in column A contain formulas and are therefore
calculated automatically.
CashFlow - the annual cash flow statement is automatically calculated and requires no user input.
BalanceSheet - all balance sheet calculations are based on the template assumptions and the income statement & cash flow
statement calculations. No user input is therefore required on this sheet. GET
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FULL VERSION
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Loans1 to Loans3 & Leases - these sheets include detailed amortization tables which are used to calculate the interes
charges and capital repayment amounts that are included on the income statement and cash flow statement. Each shee
provides for a different set of loan repayment terms to be specified.
Note: If you do not want to include any of the line items that are listed on the income statement, cash flow statement o
balance sheet, we recommend hiding these items instead of deleting them. If you delete items which are used in othe
calculations, these calculations will result in errors which you then need to fix or remove.
Setup
Business Name & Reporting Periods
The business name and the start date for the cash flow projections need to be entered at the top of the Assumptions sheet
The business name is included as a heading on all the sheets and the reporting periods which are included in the template
are determined based on the start date that is specified. This date is used as the first annual period and the 4 subsequen
annual periods are added to form the 5 year projection period.
User Input
The income statement only requires user input in column C where there is yellow highlighting in column A. The year 2 to 5
calculations are automated (except for gross profit percentages) and based on the user input on the Assumptions sheet
Rows without yellow highlighting are automatically calculated. The cash flow statement and balance sheet requires no use
input and all calculations are automated.
Income Statement
All annual income statement projections need to be entered exclusive of any GST that may be applicable.
Turnover & Gross Profits
Annual turnover values need to be entered on the IncState sheet in column C for the first year. The projected annual gros
profit percentages also need to be entered in column C on this sheet and are used in order to calculate the gross prof
values. The annual cost of sales projections are calculated by simply deducting the gross profit values from the annua
turnover values.
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Instructions
The year 2 to 5 turnover amounts are calculated based on the totals for the first year and adjusted by the annual turnove
growth rates that are specified on the Assumptions sheet. Gross profit percentages for each turnover line need to be entered
on the IncState sheet. Gross profit values and cost of sales totals are calculated automatically.
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Instructions
The template includes two default lines in each of these sections - one for a typical product based item and one for a typica
service based item. The template can therefore be used for both service and trade based businesses. There are no cost o
sales and gross profit values in service based businesses and a gross profit percentage of 100% can therefore be specified
You can also hide the cost of sales and gross profit sections if you do not want to include them in your cash flow projections.
Note: You can insert as many additional line items as required by inserting the required number of items in each section and
then entering the appropriate values where user input is required or copying the formulas from one of the existing lines. We
recommend inserting additional line items between the two existing default line items.
Note: The codes in column A are used in the GST and trade receivables calculations. The first two characters represent the
GST code and the last two characters represent the payment status. Refer to the Balance Sheet - GST and Balance Sheet
Trade Receivables sections for more information on these codes.
Other Income
Annual projections of other income should be entered in this row. Note that other income may consist of items like interest o
dividends received and this line item is therefore not included in trade receivables and GST calculations. If you want to
include other income in the trade receivables or GST calculations, you need to add the income to the Turnover section as an
additional line item.
The year 2 to 5 totals for other income are calculated by applying the annual turnover growth percentages on the
Assumptions sheet to the previous year's total.
Operating Expenses
All the annual operating expense projections need to be entered in the operating expenses section of the income statement
The template contains 22 default operating expense line items but you can add as many additional items as required o
delete the line items that you do not need. When adding additional line items, remember to copy the formulas in the year 2 to
5 columns from one of the existing line items.
The year 2 to 5 totals for operating expenses are calculated by applying the annual expense inflation percentages on the
Assumptions sheet to the previous year's total.
Note: The codes in column A are used in the GST and trade payables calculations. The first two characters represent the
Trade Payables sections for more information on these codes.
Staff Costs
The annual staff cost projections for the first year need to be entered in column C of the staff costs section of the income
statement. The template contains 2 default staff cost line items but you can add as many additional items as required o
delete the line items that you do not need.
The year 2 to 5 totals for staff costs are calculated by applying the annual expense inflation percentages on the Assumption
sheet to the previous year's total.
Note: The codes in column A are used in the GST and trade payables calculations. The first two characters represent the
Trade Payables sections for more information on these codes.
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Instructions
Note: Staff costs have been included in a separate section on the income statement in order to be able to calculate payro
accruals. If you do not need to include payroll accruals in your cash flow projections, we recommend entering nil values and
hiding these rows. If you delete the section, some of the payroll accrual formulas may result in errors and you therefore ma
need to delete them as well.
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Instructions
Depreciation & Amortization
Annual projections for depreciation and amortization charges need to be calculated independently of the template and
included in this section. We unfortunately cannot include default depreciation or amortization calculations because some
businesses may have very different asset bases than others with existing assets which may already have been depreciated
over a number of years. Any calculation which is based on a percentage of the balance sheet asset value may therefore no
be accurate.
If you already have a sheet which is used for depreciation or amortization calculations, you can include it in this template and
add formulas in the depreciation & amortization section of the income statement to include your calculations in the
appropriate line items.
The annual depreciation & amortization charges for the first year need to be included on the IncState sheet and the totals fo
year 2 to 5 need to be included on the Assumptions sheet.
We also realize that some users may want to include depreciation and amortization as part of their operating expenses. We
have therefore provided for this in that the depreciation and amortization calculations on the cash flow statement are based
on the default code which is included in column A. You can therefore enter nil values in the depreciation & amortization
section on the income statement, hide the section and include these line items in the operating expenses section and as long
as you also include the default codes in column A, the cash flow statement values for depreciation and amortization will be
calculated correctly.
Interest Paid
All interest paid calculations are automated and based on the amortization tables on the Loans1 to Loans3 and Lease
sheets. The template accommodates the inclusion of loans & leases based on four different sets of loan repayment term
which need to be specified on the Assumptions sheet.
Opening loan balances are based on the balance sheet opening balances section on the Assumptions sheet and additiona
loan amounts can be entered in the first balance sheet section on the Assumptions sheet.
You do not need to use all four loan amortization sheets - if you only need to include loans based on one set of repaymen
terms, you can delete the other loan amortization sheets, delete the other interest paid rows on the income statement, delete
the other proceeds from loans rows on the cash flow statement, delete the other repayment of loans rows on the cash flow
statement and delete the other loan balances from the balance sheet.
The template provides for four sets of loan repayment terms - the same amortization table can basically be used for all loan
with the same repayment terms by adding additional loan amounts as proceeds to the Assumptions sheet in order to add new
loans to the appropriate amortization table.
If you need to add more than four sets of loan repayment terms, you will need to copy one of the amortization sheets, change
it to reflect the appropriate loan terms and then change the formulas in the amortization table to be based on the correct loan
repayment terms at the top of the sheet. This means that you need to add another set of repayment terms to the
Assumptions sheet and link the fields at the top of the new amortization table to the appropriate cells on the Assumption
sheet.
If there is an opening balance for the required additional loan terms, you need to include a new code in the balance shee
opening balances section on the Assumptions sheet and base the opening balance calculation in the first period of the
amortization schedule on this code. You also need to add new rows to the interest paid section on the income statement, the
loan proceeds section on the Assumptions sheet and cash flow statement, the loan repayment section on the cash flow
statement and the loan balances section on the balance sheet. The appropriate formulas can be copied from one of the
existing items and the sheet reference in the copied formula can then just be replaced by the sheet name of the new
amortization table that you've added.
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Instructions
Taxation
The taxation line item on the income statement is automatically calculated based on the profit before tax and the income ta
assumptions which are specified on the Assumptions sheet. If you do not want to include income tax in the cash flow
projections, simply enter an income tax rate of 0%. This will result in no income tax being calculated.
Page 7 of 35
Instructions
If you do want to include income tax calculations, the appropriate income tax percentage needs to be entered in the Income
Tax section on the Assumptions sheet. You can also enter a value for an assessed loss (as a positive value) which may have
been carried over from a previous tax year which would result in income tax only being calculated after profits exceed the
value of the assessed loss.
You also need to specify the payment frequency in months and the first payment month in which a payment needs to be
included. The template automatically provides for income tax based on what is due and includes the income statemen
amount and a provision for taxation on the balance sheet. The payment frequency and month of payment assumptions are
then used to determine when the income tax liability will be settled which will result in the appropriate cash outflow being
recorded on the cash flow statement and the provision for taxation being reduced.
The template can accommodate income tax calculations based on current and subsequent month payments. If you select the
Current option, the income tax payment amount will be calculated based on all amounts that have accrued up to and
including the month of payment. If you select the Subsequent option, the income tax payment amount will only be calculated
based on all amounts which have accrued up to the previous month end.
Example: If you select the Current option in the Income Tax section of the Assumptions sheet, all income tax amounts up to
and including the current month will be included in the income tax payment amount. This means that the provision for taxation
at the end of the particular month will be nil. The Current setting is therefore usually appropriate for provisional taxpayers.
Example: If you select the Subsequent option, all amounts up to and including the previous month end will be included in the
income tax payment amount. The provision for taxation balance on the balance sheet will therefore not be nil at the end of the
month of payment and include the current month's income tax charge.
Dividends
The template also includes automated dividends calculations. If you do not want to include any dividends in your cash flow
projections, you can simply specify a dividend percentage of zero percent.
If you want to include dividend calculations, you need to specify a dividend percentage which will be applied to the profit fo
the period in order to calculate the dividend value. You also need to specify the frequency in months of dividend payment
and the first payment month. The frequency of dividends determines when the dividends are included on the income
statement and the first month of payment determines when the dividend payment is included on the cash flow statement (onl
has an effect if the dividend payment option is Subsequent).
You can also specify whether the dividend is paid in the month of calculation (Cash option), the month after calculation (Nex
option) or in a subsequent month. When you elect the subsequent month option, the payment of the dividend will be included
based on the relative position of the first month of payment in relation to the year-end period (which is determined based on
the template start date at the top of the Assumptions sheet).
Example: If you want to include a dividend in the last month of each financial year, select a payment frequency of 12 month
and month 12 as the first payment month. Then select the Cash option in order to include both the dividend on the income
statement and the payment in the last month of the year.
Example: If you want to include a dividend in the last month of each financial year but delay payment to the first month of the
next financial year, select a payment frequency of 12 months and month 12 as the first payment month. Then select the Nex
option in order to include the dividend on the income statement in the last month of the financial year and the payment in the
first month of the next financial year. A dividend payable amount will then automatically be included on the balance sheet a
year-end.
Balance Sheet
All the calculations on the balance sheet are automated and no user input is therefore required.
Page 8 of 35
Instructions
Opening Balances
If you need to compile cash flow projections for an existing business, you will need to include the opening balance shee
balances at the start of the cash flow projection period. This is facilitated in the Balance Sheet Opening Balances section on
the Assumptions sheet. The opening balances that are entered here are included in the first column on the balance sheet.
Page 9 of 35
Instructions
You can use the trial balance as at the end of the period immediately before the start of the cash flow projection period fo
this purpose. All assets should have positive balances and all equity & liabilities should have negative balances. The opening
balances should also balance to a total of nil as with any accounting system trial balance. If you enter balances and the tota
of all balances is not nil, the entire opening balances section on the Assumptions sheet will be highlighted in orange.
You then need to fix the imbalance by adjusting the opening balances so that the total comes to a total of nil. The orange
highlighting will then be removed automatically. Also note that the cash flow projection balance sheet cannot balance if the
opening balances do not balance.
Note: If you are preparing a cash flow projection for a new business, you can include zero balances for all the balance shee
items in the opening balances section.
Non-Current Assets
The property, plant & equipment balances on the balance sheet are calculated by adding the purchases of property, plant &
equipment (entered on the Assumptions sheet in the first balance sheet assumptions section) and then deducting the
appropriate depreciation charges that are included on the income statement.
Intangible assets balances are calculated in much the same way by adding the purchases of intangible assets (also entered
on the Assumptions sheet in the first balance sheet assumptions section) and deducting the appropriate amortization charge
as per the income statement. The calculation of the investments balances on the balance sheet is a bit simpler in that onl
the purchases of new investments (entered on the Assumptions sheet in the first balance sheet assumptions section) are
added to the previous period's balance and there is no depreciation or amortization on investments.
Note: Purchases of property, plant & equipment, intangible assets and investments all need to be entered as negative value
on the Assumptions sheet in the first balance sheet assumptions section.
Current Assets - Inventory
The inventory balances on the balance sheet are calculated based on the inventory days assumption which is specified on
the Assumptions sheet. The annual cost of sales is divided by the number of days in the financial year and multiplied by the
inventory days assumption in order to calculate the inventory balance at the end of the year.
Note: If your business does not carry inventory, you can simply enter a nil value in the inventory days assumption on the
Assumptions sheet. The inventory line on the balance sheet will then also contain nil values.
If you want to include variable annual inventory days, you can do so by changing the inventory days assumption in the
Workings section of the balance sheet which has been included below the section with the ratios. Simply replace the formula
which links the inventory days assumption to the value on the Assumptions sheet by overwriting it with the appropriate
inventory days value.
Current Assets - Trade Receivables
The trade receivables balances on the balance sheet are calculated based on the debtors days assumption which is specified
on the Assumptions sheet. The debtors days number can be determined based on the average trading terms which has been
negotiated with customers. The annual turnover as per the income statement is divided by the number of days in the financia
year and multiplied by the debtors days assumption in order to calculate the trade receivables balance at the end of the year.
Where GST is applicable, the appropriate GST value relating to annual turnover will be added to the trade receivable
balance. GST codes are defined on the Assumptions sheet and the codes in column A next to the turnover amounts on the
income statement are used to determine the appropriate GST rate to be used.
Page 10 of 35
Instructions
The trade receivables calculation will also only include lines that are coded with a GST rate code (in the first two characters
and a "C1" at the end of the code. The C1 part of the code refers to credit sales while the inclusion of a C0 code at the end
refers to cash sales. Cash sales do not need to be included in the trade receivables calculation and turnover lines with C0 o
no code in column A are therefore ignored when calculating trade receivable balances.
Page 11 of 35
Instructions
Example: If the standard rate GST code is V1 and the appropriate turnover line needs to be included in the calculation o
trade receivables, the code V1C1 needs to be added in column A of the appropriate turnover line on the income statement. I
you do not want to add GST in the trade receivables calculation but you do want a trade receivables line to be included in the
balance sheet, you can add a code which refers to a 0% GST calculation as well as the C1 credit sales indicator.
Example: If you do not want a particular turnover line to be included in the trade receivables calculation, you can include an
GST rate followed by C0 in order to exclude the line in the trade receivables calculations. For example, a turnover line with a
code of V1C0 would not form part of the trade receivables calculations.
Note: If your business has no trade receivables, you can simply enter a nil value in the debtors days assumption on the
Assumptions sheet. The trade receivables line on the balance sheet will then also contain nil values.
If you want to include variable annual debtors days, you can do so by changing the debtors days assumption in the Working
section of the balance sheet which has been included below the section with the ratios. Simply replace the formula which
links the debtors days assumption to the value on the Assumptions sheet by overwriting it with the appropriate debtors day
value.
Current Assets - Loans & Advances, Other Receivables
The loans and advances & other receivables balances cannot be calculated by basing them on specific income statemen
items and they are therefore calculated by adding the movements in these balances (entered on the Assumptions sheet in
the first balance sheet assumptions section) to the balances of the previous month. If you therefore want to increase o
decrease these balances, you need to add the amount of the increase or decrease to the line with a matching description on
the Assumptions sheet.
Note: Movements in loans & advances and other receivables need to be entered as negative values on the Assumption
sheet in order to increase the balance sheet balances.
Current Assets - Cash & Cash Equivalents
The cash & cash equivalents balances on the balance sheet are linked to the closing cash balances on the cash flow
statement. If the resulting cash & cash equivalents balance has a negative value, it will automatically be included in the ban
overdraft line in the Current Liabilities section of the balance sheet.
Equity - Shareholders Contributions, Reserves
The shareholders contributions & reserves balances cannot be calculated by basing them on income statement items and
they are therefore calculated by adding the movements in these balances (entered on the Assumptions sheet in the firs
balance sheet assumptions section) to the balances of the previous month. If you therefore want to increase or decrease
these balances, you need to add the amount of the increase or decrease to the line with a matching description on the
Assumptions sheet.
Equity - Retained Earnings
The retained earnings balances on the balance sheet are linked to the retained earnings for the year which is calculated on
the income statement.
Non-Current Liabilities - Loans 1 to 3, Leases
The template provides for loans & leases to be included based on 4 different sets of loan repayment terms. Loans with the
same repayment terms can be grouped together in the appropriate line item. There is no difference between the treatment o
loans 1 to 3 and leases. If you do not have finance leases and have loans with 4 different sets of repayment terms, you can
use the Leases sheet and rename the appropriate line items accordingly.
Page 12 of 35
Instructions
Note: The loan repayment period in years is limited to a maximum period of 30 years. If you want to include a loan repaymen
period which exceeds this period, you need to change the data validation settings in the appropriate input cell by selecting the
data validation feature from the Data tab on the Excel ribbon and editing the maximum value of 30 which has been set in the
loan repayment period cells.
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Instructions
Each of the loan repayment terms can be specified in the Loan Terms section on the Assumptions sheet. The loan term
include the annual interest rate, loan repayment period in years and a selection field which can be used to indicate interest
only loans. These loan repayment terms are then included at the top of the appropriate loan amortization sheet on the
Loans1 to Loans3 and Leases sheets.
Note: A set of loan terms can be specified as interest-only by selecting the "Yes" option from the interest-only drop-down lis
in the appropriate loan terms on the Assumptions sheet. If this selection is made, the loan will be interest only and not include
any loan repayments.
All the calculations on the amortization sheets are fully automated. The loan terms are taken from the Assumptions sheet and
the opening balances in the first row of the amortization table are based on the opening balances that are entered in the
balance sheet opening balances section of the Assumptions sheet. Additional loan amounts can be entered in the proceed
from loans lines in the first balance sheet assumptions section on the Assumptions sheet.
The loan repayments, interest charged and capital repayments are calculated based on the outstanding balances at the
beginning of each period. The outstanding loan or lease balances at the end of the appropriate annual period are then
included in the appropriate lines on the balance sheet.
Current Liabilities - Bank Overdraft
The bank overdraft as well as cash & cash equivalents are based on the closing cash balances which are calculated on the
cash flow statement. If the appropriate annual closing balance is negative, the balance is included as a bank overdraft and
it is positive, it is included as cash under current assets on the balance sheet.
Current Liabilities - Trade Payables
The trade payables balances on the balance sheet are calculated based on the creditors days assumption which is specified
on the Assumptions sheet. The number of days that are included here can be determined based on the average trading
terms which has been negotiated with suppliers.
The annual cost of sales, operating expenses and staff costs on the income statement are added together in order to
determine an annual value on which the trade payables calculations should be based. Expenses and costs which are paid on
a cash basis can be excluded from the trade payables calculation by entering a code which ends in C0 in column A on the
income statement. The codes in column A start with the appropriate two character GST code and end with the two characte
payables code.
Example: The expense codes in column A for all line items that need to be included in the trade payables calculation and
which need to be subject to GST at a standard rate should be V1C1. If the expense item is settled on a cash basis and also
subject to the standard GST rate, the code in column A should be V1C0 which will then result in the item not being included
in the trade payables calculation.
If you want to also include purchases of property, plant & equipment in the trade payables calculation, the standard code o
PPE in column A on the cash flow statement needs to be amended to the appropriate code which starts with the GST code
and ends with C1. For standard GST, the code will therefore be V1C1.
Like the calculation of inventory and trade receivables balances, the trade payables balances on the balance sheet are
calculated by dividing the appropriate annual cost of sales & expense total by the number of days in the financial year and
multiplying the resulting value by the creditors days value.
Where GST is applicable, the appropriate GST value relating to annual cost of sales & expenses will be added to the trade
payables balance. GST codes are defined on the Assumptions sheet and the code in column A next to the cost of sales &
expense amounts on the income statement are used to determine the appropriate rate of GST to be used.
Page 14 of 35
Instructions
The trade payables calculation will also only include lines that are coded with a GST rate code (in the first two characters
and a "C1" at the end of the code. The C1 part of the code refers to purchases on credit while the inclusion of a C0 code a
the end refers to cash purchases. Cash purchases do not need to be included in the trade payables calculation and cost o
sales & expense lines with C0 or no code in column A are therefore ignored when calculating trade payables balances.
Page 15 of 35
Instructions
Example: If the standard rate GST code is V1 and the appropriate cost of sales or expense line needs to be included in the
calculation of trade payables, the code V1C1 needs to be added in column A of the appropriate line on the income statement
If you do not want to add GST in the trade payables calculation but you do want a trade payables line to be included in the
balance sheet, you can add a code which refers to a 0% GST calculation as well as the C1 credit purchases indicator.
Example: If you do not want a particular cost of sales or expense line to be included in the trade payables calculation, you
can include any GST rate followed by C0 in order to exclude the line in the trade payables calculations. For example, an
expense or cost of sales line item with a code of V1C0 in column A on the income statement would not form part of the trade
payables calculations.
Note: If your business has no trade payables, you can simply enter a nil value in the creditors days assumption on the
Assumptions sheet. The trade payables line on the balance sheet will then also contain nil values.
If you want to include variable annual creditors days, you can do so by changing the creditors days assumption in the
Workings section of the balance sheet which has been included below the section with the ratios. Simply replace the formula
which links the creditors days assumption to the value on the Assumptions sheet by overwriting it with the appropriate
creditors days value.
Current Liabilities - GST
The template accommodates the inclusion of GST in all relevant calculations based on four default GST codes and any GST
period. All income statement and cash flow statement items need to be entered exclusive of any GST that may be applicable
and the trade receivables and trade payables balances on the balance sheet will be calculated inclusive of GST. The ne
GST liability is included in the GST line on the balance sheet.
The appropriate GST percentages can be entered in the GST section of the Assumptions sheet. The template provides for 4
default GST codes, each with its own GST percentage. The GST codes that are included on the Assumptions sheet are
numbered from V1 to V4.
The income statement contains codes in column A which affects the calculations of GST and trade receivables or trade
payables. The first two characters of these codes determine which GST percentage is used in the GST calculations. If an
income statement item needs to be excluded from GST calculations, you should use a GST code with a zero percentage on
the Assumptions sheet.
Note: Each line on the income statement can therefore only be linked to one GST percentage. If more than one GST
percentage needs to be applied to the same income statement item, you need to split the income statement amount into two
lines and enter the appropriate GST codes in column A for each of the lines.
Note: If you are preparing cash flow projections for a business which is not subject to GST, simply enter zero percentages fo
all four GST codes.
The GST assumptions that need to be specified on the Assumptions sheet also include the frequency of GST payments (in
months) and the calendar month of the first payment period. You can therefore calculate GST based on any period frequenc
from one to twelve months.
Example: If your business is subject to GST payments of every two months and the first payment is due in February, a
frequency of 2 needs to be specified and the first payment month should be set to 2 for February. Similarly, if your business i
subject to GST payments of every 6 months with payments due in March and August, the frequency should be set to 6 and
the first payment month should be set to 3. If your business is subject to annual GST payment periods, the frequency should
be 1 and the first payment month should also be 1.
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Instructions
The Current or Subsequent setting in the GST section on the Assumptions sheet determines how the calculated GST
amounts of the current period are handled. If you select the Current option, the GST amounts of the current period will be
included in the calculation of the payment amount which is due in the particular month and the GST liability at the end of the
payment month will be nil.
If you select the Subsequent setting, the GST amount of the current period is not included in the calculation of the paymen
amount and the GST liability at the end of the appropriate payment month will always include at least one month.
Note: The Subsequent setting is usually the appropriate setting to use for GST purposes. The Current settings is more
applicable to tax types which are subject to provisional tax.
Note: The first payment month setting refers to the month of payment and not the GST period end. There is a difference - a
GST period may end in February with payment in March which means that the first payment month of the calendar year i
actually January or month 1 (if the payment frequency is two months).
GST balances at year-end are calculated by calculating the total GST for the appropriate year, dividing it by twelve and then
multiplying the value by the number of months that are included in the GST balance at the end of the year.
Current Liabilities - Payroll Accruals
The payroll accrual on the balance sheet is based on the payroll accrual assumptions in the Working Capital section of the
Assumptions sheet and the amounts in the staff costs section of the income statement. If payroll deductions are paid in the
same month as they are incurred, you can set the payroll accrual percentage to zero and the payroll accrual balances on the
balance sheet will also be zero.
Staff costs have been included in a separate section on the income statement to make it easier to calculate payroll accrua
balances. You can however include staff costs in operating expenses but you need to ensure that you also include the "PAY
code in column A for all the staff costs that you want to include in the payroll accrual calculations.
You also need to specify the appropriate percentage of staff costs which needs to be included in your payroll accruals. Thi
percentage should be based on the percentage of staff costs which are paid in a subsequent month and is based on the
current year's staff costs. Payroll accruals usually consist of salary & wage deductions which need to be paid over to third
parties and differ from entity to entity. You therefore need to calculate the appropriate payroll accrual percentage based on
the composition of the salary or wage structures of all employees.
The payroll accrual assumptions that need to be specified on the Assumptions sheet also include the frequency of payro
accrual payment periods (in months) and the payment month of the first payroll accrual period. You can therefore calculate
payroll accruals based on any payment period frequency from one to twelve months. The calculated payroll accruals are
added together in the payroll accrual balance until the month of payment.
Example: If you need to settle payroll accruals every two months and the first payment is due in February, a frequency of 2
needs to be specified and the first payment month should be set to 2 for February. Similarly, if you settle payroll accrual
every 6 months with payments due in March and August, the frequency should be set to 6 and the first payment month
should be set to 3. If you settle payroll accruals on a monthly basis, the frequency should be 1 and the first payment month
should also be 1.
The Current or Subsequent setting in the Payroll Accruals section on the Assumptions sheet determines how the calculated
payroll accrual amounts of the current period are handled. If you select the Current option, the payroll accrual amounts of the
current period will be included in the calculation of the payment amount which is due in the particular period and the payro
accrual balance at the end of the payment month will be nil.
Page 17 of 35
Instructions
If you select the Subsequent setting, the payroll accrual amounts of the current period are not included in the calculation o
the payment amount and the payroll accrual balances on the balance sheet at the end of the appropriate payment month wi
always include at least one month.
Note: The Subsequent setting is usually the appropriate setting to use for payroll accrual purposes. The Current setting i
more applicable to tax types which are subject to provisional tax payments where payment occurs in the same month as the
tax calculation.
Page 18 of 35
Instructions
Example: If you set a payment frequency of 1 month, first payment month of 1 and select the Current option, the payro
accruals on the balance sheet will always be nil because the current month's payroll accruals will be included in the paymen
calculation. If you have the same period settings and select the Subsequent option, the payroll accruals on the balance shee
will always include the current month's payroll accrual because the payment amount will be based on the previous month'
payroll accrual.
Note: The first payment month setting refers to the month of payment and not the payroll accrual period end. There is a
difference - a payroll accrual period may end in February with payment in March which means that the first payment month o
the calendar year is actually January or month 1 (if the payment frequency is two months).
If you want to include payroll accruals based on variable annual payroll accrual percentages, you can do so by changing the
payroll accrual percentage assumption in the Workings section of the balance sheet which has been included below the
section with the ratios. Simply replace the formula which links the payroll accrual percentage assumption to the value on the
Assumptions sheet by overwriting it with the appropriate payment accrual percentage.
The annual payroll accrual balances are calculated by multiplying the appropriate year's staff costs by the payroll accrua
percentage, dividing the result by 12 and multiplying it by the number of months which should be included in the payro
accrual at year-end.
Current Liabilities - Other Accruals, Other Provisions
The other accrual & other provisions balances cannot be calculated by basing them on specific income statement items and
they are therefore calculated by adding the movements in these balances (entered on the Assumptions sheet in the firs
balance sheet assumptions section) to the balances of the previous period. If you therefore want to increase or decrease
these balances, you need to add the amount of the increase or decrease to the line with a matching description on the
Assumptions sheet.
Current Liabilities - Provision for Taxation
The calculation of income tax on the income statement is based on the profit before tax on the income statement and the
assumptions that are specified in the Income Tax section on the Assumptions sheet.
The profit before tax amount is multiplied by the income tax percentage on the Assumptions sheet in order to calculate the
annual income tax value. If there is a loss before tax on the income statement, no income tax will be calculated but if there
were profits before the period with the loss, the income tax that was calculated in previous periods will be reversed in the
period with the loss.
The template also makes provision for the inclusion of an assessed loss which has been carried over from previous financia
periods and income tax will only be calculated after the assessed loss has been fully reduced by profits in the projection
periods.
The income tax assumptions on the Assumptions sheet also include the frequency of payment of income tax (in months) and
the calendar month of the first income tax payment. You can therefore calculate a provision for income tax based on an
payment period frequency from one to twelve months. The calculated income tax amounts are added together in the
provision for income tax balance on the balance sheet until the month of payment.
Example: If you need to settle income tax liabilities every six months and the income tax payments are due in February and
August of each year, a frequency of 6 needs to be specified and the first calendar month should be set to 2 for February. I
you settle income tax liabilities at the end of each quarter with payments due in March, June, September and December, the
frequency should be set to 3 and the first payment month should also be set to 3.
Page 19 of 35
Instructions
The Current or Subsequent setting in the Income Tax section on the Assumptions sheet determines how the income ta
amounts of the current period are handled. If you select the Current option, the income tax amounts of the current period wi
be included in the calculation of the payment amount which is due in the particular month and the provision for income ta
balance on the balance sheet at the end of the payment month will be nil.
If you select the Subsequent setting, the income tax amounts of the current period are not included in the calculation of the
payment amount and the provision for income tax balance on the balance sheet at the end of the appropriate payment month
will always include income tax for at least one month.
Page 20 of 35
Instructions
Note: The Current setting is usually the appropriate setting to use for income tax purposes if the entity is a provisiona
taxpayer which effectively means that income tax is paid in advance. If the entity is not a provisional taxpayer, the
Subsequent setting should be used because income tax will be settled after being incurred.
Note: The number of months which needs to be included in the provision for income tax at year-end is determined on a rolling
basis which means that the difference between the year-end month and the previous payment date is always calculated
When you have a 12 month payment period and the payment month is subsequent to the year-end, this method of calculation
may not have the desired effect because the full 12 months may not be included in the provision for income tax. You
therefore need to specify the first month after year-end as the first payment month which will result in the full 12 months being
included in the provision.
Example: If income tax payments are made every 12 months and the payment month is 6 months after the year-end period
the default calculations will only include income tax charges for 6 months in the provision because only 6 months have
elapsed since the previous payment date. Say you have a year-end of February and income tax payments are made in
August (6 months after year-end). For the purpose of this template, you will need to include a first payment month of 3
(March) and select the subsequent option in order to ensure that income tax for the full 12 months are included in the
provision. If you don't include the first month after year-end (March) as the first payment month, the income tax provision wi
only include 6 months being the period since the last payment date (August) and the provision for income tax will only include
the period from September to February.
The annual provision for income tax balances are calculated by calculating the income tax amount for the appropriate year
dividing it by 12 and multiplying the value by the number of months which needs to be included in the provision. This i
determined based on the year-end period and the income tax assumptions on the Assumptions sheet.
Current Liabilities - Dividends Payable
The calculation of dividends on the income statement is based on the profit for the year on the income statement and the
assumptions that are specified in the Dividends section on the Assumptions sheet. Dividends will only be calculated if you
enter a dividend percentage on the Assumptions sheet - if you therefore do not want to include dividends in your cash flow
projections, you can simply enter a zero value as the dividend percentage.
The dividend percentage that is specified on the Assumptions sheet is applied to the profit for the year on the income
statement which can be found directly above the dividends line. Dividends will also only be calculated if there is a cumulative
profit for the year.
The dividends assumptions on the Assumptions sheet also include the frequency of payment of dividends (in months) and
the first calendar month of the dividend payment. You can therefore calculate dividends based on any payment period
frequency from one to twelve months (although 6 or 12 months is the norm). The calculated dividends amounts are added
together in the dividends payable balance on the balance sheet until the month of payment.
Example: If dividends are declared every six months, you need to specify a frequency of 6 months on the Assumptions shee
and then select the appropriate payment basis. Dividends will be reflected on the income statement every 6 months and the
dividends payable balances on the balance sheet will be determined based on the first payment month and the paymen
option which is selected (Cash, Next or Subsequent). Similarly, if the payment frequency is set to 12 months, dividends wi
be included on the income statement every 12 months and the dividends payable balance will be determined based on the
first payment month and the payment option.
The Cash, Next or Subsequent setting in the Dividends section on the Assumptions sheet determines how the dividend
payable balances on the balance sheet are calculated and therefore also when the dividend payment will be included on the
cash flow statement.
Page 21 of 35
Instructions
If you select the Cash option, the dividend payable balances on the balance sheet will always be nil and what this means i
that the dividend payment is effectively included in the same month as the month in which the dividend is declared. The
month in which the declared dividend is included is based on the payment frequency (in months) and the cash flow projection
year-end.
If you select the Next option, the dividend payment will be included in the month after the month in which the dividend amoun
is included on the income statement. The dividend payable balance on the balance sheet will therefore only contain a
balance in the dividend declaration month.
Page 22 of 35
Instructions
If you select the Subsequent option, dividends will be included on the income statement based on the frequency setting on
the Assumptions sheet and the payment of the dividend will be delayed until the first payment month (also as per the
Assumptions sheet) is reached. A dividends payable balance will be reflected on the balance sheet in all months until the
payment month is reached.
Example: If you set the dividend payment frequency to 12 months, a dividend amount will be included on the income
statement in the last month of the appropriate cash flow projection year. If the payment option is set to Cash, no dividend
payable amount will be included on the balance sheet and the dividend payment will be included on the cash flow statemen
in the same month.
Example: If you set the dividend payment frequency to 12 months and the payment option is set to Next, the dividend will be
included on the income statement in the last month of the appropriate cash flow projection year, the dividend payable at the
end of the financial year will equal the income statement amount and the dividend payment will be included in the first month
of the next financial year.
Example: If you set the dividend payment frequency to 12 months and the payment option is set to Subsequent, the dividend
will be included on the income statement in the last month of the appropriate cash flow projection year and the dividend
payable at the end of the financial year and all subsequent months in the new financial year until the first payment month i
reached will equal the income statement amount. The dividend payment will be included in the first payment month as set on
the Assumptions sheet but in the year after inclusion on the income statement.
The annual dividend payable balances are calculated based on the profit for the year, the dividend percentage and the
payment status of Cash, Next or Subsequent.
Balance Sheet Errors
If the balance sheet for any annual period does not balance, the amount of the imbalance will be included in the row below
the total equities & liabilities and displayed in red. The template has been designed in such a way that the balance shee
should always be in balance as long as the total of the balance sheet opening balances which are included on the
Assumptions sheet is nil.
If you see an imbalance on the balance sheet, you therefore need to check the opening balance sheet balances on the
Assumptions sheet and ensure that the total of all the opening balances in this section is nil.
If fixing the opening balances does not resolve your imbalance, you can e-mail our Support function and let us know wha
changes you have made to the formulas in the template so that we can assist you. If you have made a lot of changes, you
may need to start over with the downloaded copy of the template.
Balance Sheet Workings
We have included all the calculations which form part of the calculation of balance sheet balances in the Workings section
below the balance sheet ratios. These workings will not be printed and are for information purposes only. You can therefore
hide this section if you do not want to see it on the sheet but do not delete any of these formulas because it will result in
calculation errors if you do!
Cash Flow Statement
The cash flow statement requires no user input. All the calculations on the cash flow statement are based on the balance
sheet calculations and the user input on the Assumptions sheet.
If you need more guidance on any item on the cash flow statement, refer to the appropriate section for the particular item
under the Balance Sheet section of these instructions.
Loan Amortization Tables (Loans1 to Loans3 & Leases sheets)

Page 23 of 35
Instructions
The template makes provision for including loans with up to four different sets of repayment terms in the cash flow
projections. The amortization tables that are used to calculate the interest charges, loan repayments and outstanding
balances have been included on the Loans1, Loans2, Loans3 and Leases sheets. No user input is required on any of these
sheets.
Page 24 of 35
Instructions
Note: Refer to the instructions in the income statement - interest paid section and the balance sheet - non-current liabilitie
section for guidance on how these amortization tables have been compiled and where to include user input for each of these
amortization tables.
Help & Customization
If you experience any difficulty while using this template and you are not able to find the appropriate guidance in these
instructions, please e-mail us at support@excel-skills.com.au for assistance. This template has been designed with flexibilit
in mind to ensure that it can be used in most business environments. If however you need an Excel based template that i
customized specifically for your business requirements, please e-mail our Support function and provide a brief explanation o
your requirements.
© Copyright
This template remains the intellectual property of www.excel-skills.com.au and is protected by international copyright laws
Any publication or distribution of this template outside the scope of the permitted use of the template is expressly prohibited
In terms of the permitted use of this template, only the distribution of the template to persons within the same organisation a
the registered user or persons outside the organisation who can reasonably be expected to require access to the template a
a direct result of the use of the template by the registered user is allowed. Subsequent distribution of the template by partie
outside of the organisation is however expressly prohibited and represents an infringement of international copyright laws.
Page 25 of 35
Example Trading Pty Ltd
Cash Flow Projections - Assumptions
© www.excel-skills.com.au
Business Name Example Trading Pty Ltd
Start Date 7/1/2019
Financial Assumptions - Income Statement

Annual projections for the first year need to be entered on the IncState worksheet. The assumptions below are then used to calculate the
year 2 to 5 balances.
Turnover Year 2 Year 3 Year 4 Year 5
Annual Turnover Growth % 8.0% 8.0% 10.0% 10.0%
Gross Profit %
The annual gross profit percentages for all products or services need to be entered on the IncState sheet. This is the only line item which
On
On this
this sheet:
sheet:
requires user input in the year 2 to 5 columns - the year 2 to 5 amounts for the rest of the income statement are calculated automatically.
The
The input
input values
values on on this
this sheet
sheet are
are used
used toto automate
automate some
some of of the
the cash
cash flow
flow projection
projection
Operating Expenses
calculations.
calculations. The
The reporting
reporting periods
periods that
that are
are included
included on
on the
the income
income statement,
statement, cash
cash flow
flow
Annual operating expense projections for the first year need to be entered on the IncState worksheet and the year 2 to 5 amounts are determined
statement and balance
statement and balance sheet sheet are determined based on the start date that is specified at
at the
based on the below expense inflation rates. Year 2are determinedYear based
3 on theYear
start
4 date that isYear
specified
5 the
top
top of
of this
this sheet.
sheet. Other
Other assumptions
assumptions on
on this
this sheet include annual
annual turnover growth,
growth, annual
Annual Expense Inflation % 6.0% 6.0%sheet include6.0% turnover6.0% annual
expense
expense inflation,
inflation, inventory,
inventory, trade
trade receivables,
receivables, trade
trade payables,
payables, payroll
payroll accruals,
accruals, GST,
GST,
Staff Costs
income
income tax,
tax, loan
loan terms,
terms, balance
balance sheet
sheet opening
opening balances
balances and
and dividends.
dividends.
Annual staff costs for the first year need to be entered on the IncState worksheet and the year 2 to 5 amounts are also determined
based on the above expense inflation rates.
Depreciation & Amortization Year 2 Year 3 Year 4 Year 5
Annual depreciation & amortization projections for the first year need to be entered on the IncState worksheet. The assumptions below are then
used to calculate the year 2 to 5 balances.
Annual Depreciation Charges 26,300 30,700 25,000 27,500
Annual Amortization Charges 1,200 1,200 1,200 1,200
Interest & Taxation
Automatically calculated on the IncState worksheet.
Financial Assumptions - Balance Sheet

The following balance sheet balances are projected by entering the appropriate annual movements in the section below. Red codes in column A
indicate that you need to enter a negative value to increase the appropriate balance sheet balance.
Year 1 Year 2 Year 3 Year 4 Year 5
RES Reserves - - - - -
ADV Loans & Advances - (2,000) - 1,000 1,500
ODB Other Receivables - (700) - (500) (1,000)
ACC Other Accruals 500 600 (1,600) 2,000 1,000
OPV Other Provisions (1,200) (900) 1,900 1,500 1,800
PPE Purchases of property, plant & equipment (24,000) (30,000) (18,000) (20,000) (35,000)
INA Purchases of intangible assets - - - - -
INV Purchases of investments - (40,000) (60,000) (50,000) (40,000)
CAP Proceeds from shareholders' contributions - - - - -
LT1 Loans 1 (only the proceeds from loans) - - - - -
LT2 Loans 2 (only the proceeds from loans) 10,000 - - - -
LT3 Loans 3 (only the proceeds from loans) 24,000 30,000 18,000 20,000 35,000
FIN Finance Leases (only the proceeds) - - - - -
The following balance sheet balances are calculated based on the assumptions that are entered on this sheet:
Working Capital
Inventory Days 30
Debtors Days 25
Creditors Days 20
Payroll Accrual:
Accrual % 20.0%
Payment Frequency (Months) 3
First Payment Month 1 1
Current Or Subsequent Subsequent 1
GST
Rates
Standard 10.0%
Secondary 0.0%
Zero Rated 0.0%
Exempt 0.0%
Page 26 of 35
Cash Flow Projections - Assumptions
Income Tax
Income Tax % 27.5%
Assessed Loss Carried Over 0
Projected loan repayments and interest are calculated based on the below terms (each on a separate sheet).
Loan Terms Loans 1 Loans 2 Loans 3 Leases
Interest Rate 3.00% 3.50% 4.00% 4.50%
Repayment Term (in years) 10.0 8.0 5.0 4.0
Interest Only No No No No
The below section can be used to include balance sheet opening balances for existing businesses.
Balance Sheet Opening Balances
PPE Property, Plant & Equipment 105,000
INA Intangible Assets 12,000
INV Investments 80,000
ADV Loans & Advances 5,500
STC Inventory 17,000
DEB Trade Receivables 37,000
ODB Other Receivables 5,300
CSH Cash & Cash Equivalents 30,300
CAP Shareholders' Contributions (100)
RES Reserves -
EAR Retained Earnings (40,000)
LT1 Long Term Loans 1 (120,000)
LT2 Long Term Loans 2 (50,000)
LT3 Long Term Loans 3 -
FIN Finance Leases (42,500)
OVD Bank Overdraft -
CRE Trade Payables (13,000)
GST GST Payable (5,800)
PAY Payroll Accruals (6,000)
ACC Accruals (5,500)
TAX Provision For Taxation (5,000)
DIV Dividends Payable -
OPV Other Provisions (4,200)
Dividends
Dividend % 0.0%
Current Or Subsequent Next 1
Page 27 of 35
On
Onthis
thissheet:
sheet:
ues
ues onon this
this sheet
sheet are
are used
used toto automate
automate some
some of of the
the cash
cash flow
flow projection
projection
The
The reporting
reporting periods
periods that
that are
are included
included on
on the
the income
income statement,
statement, cash
cash flow
flow
balance
balance sheet are determined based on the start date that is specified at
sheet are determined based on the start date that is specified at the
the
et. Other
eet. Other assumptions
assumptions on on this
this sheet
sheet include
include annual
annual turnover
turnover growth,
growth, annual
annual
ion, inventory,
tion, inventory, trade
trade receivables,
receivables, trade
trade payables,
payables, payroll
payroll accruals,
accruals, GST,
GST,
an
an terms,
terms, balance
balance sheet
sheet opening
opening balances
balances and
and dividends.
dividends.
Page 28 of 35
Cash Flow Projections - Income Statement
Jun/2020 Jun/2021 Jun/2022 Jun/2023 Jun/2024
Product Sales 366,230 395,528 427,171 469,888 516,877
Income From Services 153,510 165,791 179,054 196,959 216,655
Total Turnover 519,740 561,319 606,225 666,847 733,532
Products 236,223 245,228 256,302 281,933 310,126
Services - - - - -
Total Cost of Sales 236,223 245,228 256,302 281,933 310,126
Products 130,007 150,301 170,868 187,955 206,751
Services 153,510 165,791 179,054 196,959 216,655
Total Gross Profit 283,517 On
On this sheet:
316,092
this sheet: 349,922 384,915 423,406
Products This
This sheet
sheet contains
contains an an annual income
income statement
annual35.5% statement for
for 55 annual
38.0% annual periods.
40.0% All
periods. All the
the rows
rows with
40.0%with yellow
yellow 40.0%
Services highlighting
highlighting inin column
column A A require
require user
100.0%user input
input in column
column C.
in100.0% C. Only the
the gross
Only100.0% gross profit %% rows
rows require
profit100.0% require 100.0%
Gross Profit % user
user input
input in
in all
all the
the annual
annual columns.
54.5% The
columns. The values
values in
in all
56.3% all other
other rows
rows are
are calculated
57.7% automatically.
calculated57.7%
automatically. 57.7%
Other Income Additional
Additional turnover
turnover & & expense
expense rowsrows can
600 can bebe added648 ifif required
added required and 700the
and the template
template is is suitable
suitable for
770 for 847
Operating Expenses both
both service
service & & trade
trade based
based businesses.
businesses. The The codes
codes in in column
column A A apply
apply to to automated
automated balance
balance
Accounting Fees sheet
sheet calculations
calculations forfor GST,
GST, trade
trade receivables
2,400receivables and
and trade
trade payables.
2,544 payables. 2,697 2,858 3,030
Advertising & Marketing 13,100 13,886 14,719 15,602 16,538
Bank Charges 300 318 337 357 379
Cleaning Expenses 942 999 1,058 1,122 1,189
Computer Expenses 800 848 899 953 1,010
Consumables 529 561 594 630 668
Electricity & Water 1,340 1,420 1,506 1,596 1,692
Entertainment 1,200 1,272 1,348 1,429 1,515
Equipment Hire 1,800 1,908 2,022 2,144 2,272
Insurance 2,580 2,735 2,899 3,073 3,257
Legal Fees 7,400 7,844 8,315 8,814 9,342
Motor Vehicle Expenses 180 191 202 214 227
Postage 120 127 135 143 151
Printing & Stationery 360 382 404 429 454
Professional Fees 3,200 3,392 3,596 3,811 4,040
Rent 24,400 25,864 27,416 29,061 30,804
Repairs & Maintenance 588 623 661 700 742
Security 390 413 438 464 492
Subscriptions 320 339 360 381 404
Telephone & Fax 3,012 3,193 3,384 3,587 3,803
Training 1,200 1,272 1,348 1,429 1,515
Uniforms 253 268 284 301 319
Total Operating Expenses 66,414 70,399 74,623 79,100 83,846
Staff Costs
Salaries 84,000 89,040 94,382 100,045 106,048
Wages 36,000 38,160 40,450 42,877 45,449
Total Staff Costs 120,000 127,200 134,832 142,922 151,497
Depreciation & Amortization
Depreciation 18,800 26,300 30,700 25,000 27,500
Amortization 1,200 1,200 1,200 1,200 1,200
Total Depreciation & Amortization 20,000 27,500 31,900 26,200 28,700
Profit / (Loss) before Interest & Tax 77,703 91,641 109,268 137,462 160,210
Interest Paid
Interest - Loans 1 3,600 3,286 2,963 2,629 2,286
Interest - Loans 2 2,100 1,868 1,628 1,379 1,122
Interest - Loans 3 960 1,983 2,297 2,542 3,217
Interest - Leases 1,913 1,465 998 510 -
Total Interest Paid 8,573 8,602 7,886 7,061 6,625
Profit / (Loss) before tax 69,131 83,039 101,382 130,402 153,584
Taxation 19,011 22,836 27,880 35,860 42,236
Profit / (Loss) for the year 50,120 60,203 73,502 94,541 111,349
Dividends - - - - -
Retained earnings for the year 50,120 60,203 73,502 94,541 111,349
Profit / (Loss) % 9.6% 10.7% 12.1% 14.2% 15.2%
Interest Cover 9.06 10.65 13.86 19.47 24.18

Return on Equity (ROE) 55.6% 40.0% 32.8% 29.7% 25.9%
Return on Net Assets (RONA) 16.4% 16.8% 18.1% 20.0% 19.4%
Page 29 of 35
Cash Flow Projections - Cash Flow Statement
Jun/2020 Jun/2021 Jun/2022 Jun/2023 Jun/2024
Cash flows from operating activities
Profit / (Loss) for the year 50,120 60,203 73,502 94,541 111,349
Interest 8,573 8,602 7,886 7,061 6,625
Taxation 19,011 22,836 27,880 35,860 42,236
Adjustment for non-cash expenses:
Depreciation 18,800 26,300 30,700 25,000 27,500
Amortization 1,200 1,200 1,200 1,200 1,200
Reserves - - - - -
Changes in operating assets & liabilities
Inventory (2,363) (793) (910) (2,107) (2,248)
On this
this sheet:
On(3,240)sheet:
Trade Receivables (2,052) (3,383) (4,567) (4,873)
This
This sheet
sheet includes
includes aa cash
cash flow
flow statement
statement for 5 annual periods. No user input
Loans & Advances - (2,000) for 5 annual -periods. No user
1,000input 1,500
is
is required
required onon this
this sheet.
sheet. All
All the
the cash
cash flow
flow statement
statement calculations
calculations are
Other Receivables - (700) - (500) are (1,000)
automated
automated and
and based
based on
on the
the user
user input
input on
on the
the “Assumptions”
“Assumptions” sheet
sheet and the
Trade Payables 3,190 707 794 1,679 the
and 1,784
calculations
calculations on
on the
the balance
balance sheet.
sheet.
GST Payable (372) 715 740 763 844
Payroll Accruals - 360 382 404 429
Other Accruals 500 600 (1,600) 2,000 1,000
Other Provisions (1,200) (900) 1,900 1,500 1,800
Cash generated from operations 95,406 113,890 139,090 163,835 188,145
Interest paid (8,573) (8,602) (7,886) (7,061) (6,625)
Taxation paid (19,258) (21,879) (26,619) (33,865) (40,642)
Net cash from operating activities 67,576 83,408 104,586 122,909 140,878
Cash flows from investing activities
Purchases of property, plant & equipment (24,000) (30,000) (18,000) (20,000) (35,000)
Purchases of intangible assets - - - - -
Purchases of investments - (40,000) (60,000) (50,000) (40,000)
Net cash used in investing activities (24,000) (70,000) (78,000) (70,000) (75,000)
Cash flows from financing activities
Proceeds from shareholders' contributions - - - - -
Dividends paid - - - - -
Proceeds from loans 1 - - - - -
Proceeds from loans 2 10,000 - - - -
Proceeds from loans 3 24,000 30,000 18,000 20,000 35,000
Proceeds from finance leases - - - - -
Repayment of loans 1 (10,468) (10,782) (11,105) (11,438) (11,781)
Repayment of finance leases (9,934) (10,381) (10,848) (11,336) -
Net cash from financing activities 2,539 (8,171) (24,930) (28,248) (9,699)
Increase / (Decrease) in cash equivalents 46,114 5,237 1,655 24,661 56,179
Cash & cash equivalents at beginning of year 30,300 76,414 81,652 83,307 107,968
Cash & cash equivalents at end of year 76,414 81,652 83,307 107,968 164,148
Page 30 of 35
Cash Flow Projections - Balance Sheet
Jun/2019 Jun/2020 Jun/2021 Jun/2022 Jun/2023 Jun/2024
ASSETS
Non-Current Assets
Property, Plant & Equipment 105,000 110,200 113,900 101,200 96,200 103,700
Intangible Assets 12,000 10,800 9,600 8,400 7,200 6,000
Investments 80,000 80,000 120,000 180,000 230,000 270,000
197,000 201,000 243,500 289,600 333,400 379,700
Current Assets
Inventory 17,000 19,363 20,156 21,066 23,173 25,420
Trade Receivables 37,000 39,052 42,291 45,674 50,242 55,115
Loans & Advances 5,500 5,500 On
On this
this sheet:
sheet:
7,500 7,500 6,500 5,000
Other Receivables This
This sheet
5,300contains
sheet contains aa balance
balance
5,300 sheet
sheet for 55 annual
annual periods.
for6,000 periods. All
All the
6,000 the calculations
6,500 on
calculations on 7,500
Cash & Cash Equivalents this
this sheet
sheet are
are automated
30,300 automated and
and no
76,414 no user
user input
input is
81,652is required.
required. The
The entire
entire balance
83,307 balance sheet
sheet is
107,968 is 164,148
calculated
95,100based
calculated based onon the
the values
values on
145,628 on the
the annual
annual income
157,599 income statement
statement and
163,547 cash
cash flow
and194,383 flow 257,183
statement.
statement. Opening balances at the start ofof the
the cash
cash flow projection
projection period can
can be
Total Assets 292,100Opening balances
346,628 at the start401,099 flow
453,147 period
527,783 be 636,883
included
included onon the
the “Assumptions”
“Assumptions” sheet.
sheet.
EQUITY & LIABILITIES
Equity
Shareholders' Contributions 100 100 100 100 100 100
Reserves - - - - - -
Retained Earnings 40,000 90,120 150,323 223,825 318,366 429,715
40,100 90,220 150,423 223,925 318,466 429,815
Non-Current Liabilities
Long Term Loans 1 120,000 109,532 98,751 87,646 76,207 64,426
Long Term Loans 2 50,000 53,371 46,511 39,410 32,061 24,454
Long Term Loans 3 - 19,569 39,422 43,546 45,422 55,111
Finance Leases 42,500 32,566 22,185 11,336 - -
212,500 215,039 206,868 181,938 153,690 143,991
Current Liabilities
Bank Overdraft - - - - - -
Trade Payables 13,000 16,190 16,897 17,691 19,370 21,154
GST Payable 5,800 5,428 6,142 6,882 7,645 8,489
Payroll Accruals 6,000 6,000 6,360 6,742 7,146 7,575
Other Accruals 5,500 6,000 6,600 5,000 7,000 8,000
Provision For Taxation 5,000 4,753 5,709 6,970 8,965 10,559
Dividends Payable - - - - - -
Other Provisions 4,200 3,000 2,100 4,000 5,500 7,300
39,500 41,370 43,808 47,285 55,627 63,077
Total Equity & Liabilities 292,100 346,628 401,099 453,147 527,783 636,883
Days in year 366 365 365 365 366
Current Ratio 3.5 3.6 3.5 3.5 4.1

Quick Ratio 3.1 3.1 3.0 3.1 3.7
Inventory Days 30.0 30.0 30.0 30.0 30.0
Debtors Days 25.0 25.0 25.0 25.0 25.0
Creditors Days 20.0 20.0 20.0 20.0 20.0
Debt / Equity 2.4 1.4 0.8 0.5 0.3
Page 31 of 35
Cash Flow Projections - Repayment Schedule - Loans 1
Interest Rate 3.00%

Repayment Term 10.0
Interest Only No
Opening Additional Loan Interest Capital Closing
Year
Balance Loans Repayment Charges Repayment Balance
0 - 120,000 - - - 120,000
1 120,000 - 14,068 3,600 10,468 109,532
2 109,532 - 14,068 3,286 10,782 98,751
3 98,751 - 14,068 2,963 11,105 87,646
On
On this sheet:
this14,068
sheet:
4 87,646 - 2,629 11,438 76,207
This
This is
is the
the first
first ofof four
four amortization
amortization tables that areare calculated based
based onon the balance
balance sheet
5 76,207 - tables that14,068 calculated2,286 the
11,781 sheet
64,426
opening balances
opening balances64,426 and loan terms
and loan terms thatthat are specified
are specified in the template assumptions. No
No user
6 - 14,068 in the template
1,933 assumptions.
12,135 user
52,291
input
input isis required
required52,291on
on these
these sheets
sheets- and
and additional
additional loan amounts can can be added
added onon the
7 14,068 loan amounts
1,569 be
12,499 the
39,792
“Assumptions”
“Assumptions” sheet. sheet. The
The interest
interest charges
charges and
and capital
capital repayment
repayment amounts
amounts of
of each
each
8 39,792 - 14,068 1,194 12,874 26,918
amortization
amortization tabletable are
are automatically
automatically included
included on
on the
the income
income statement and and cash
cash flow
9 26,918 - 14,068 808 statement 13,260 flow
13,658
statement.
statement. TheThe template
template therefore accommodates automatedautomated loan calculations based
based on
on four
10 13,658 therefore accommodates
- 14,068 loan
410 calculations
13,658 four -
different
different sets
sets ofof loan
loan repayment
repayment terms.
terms.
11 - - - - - -
12 - - - - - -
13 - - - - - -
14 - - - - - -
15 - - - - - -
Page 32 of 35
Interest Rate 3.50%

Repayment Term 8.0
Interest Only No
Year
0 - 50,000 - - - 50,000
1 50,000 10,000 8,729 2,100 6,629 53,371
2 53,371 - 8,729 1,868 6,861 46,511
3 46,511 - 8,729 1,628 7,101 39,410
4 39,410 - 8,729 1,379 7,349 32,061
5 32,061 - 8,729 1,122 7,606 24,454
6 24,454 - 8,729 856 7,873 16,582
7 16,582 - 8,729 580 8,148 8,433
8 8,433 - 8,729 295 8,433 -
9 - - - - - -
10 - - - - - -
11 - - - - - -
12 - - - - - -
13 - - - - - -
14 - - - - - -
15 - - - - - -
Page 33 of 35
Interest Rate 4.00%

Repayment Term 5.0
Interest Only No
Year
0 - - - - - -
1 - 24,000 5,391 960 4,431 19,569
2 19,569 30,000 12,130 1,983 10,147 39,422
3 39,422 18,000 16,173 2,297 13,876 43,546
4 43,546 20,000 20,666 2,542 18,124 45,422
5 45,422 35,000 28,528 3,217 25,311 55,111
6 55,111 - 23,137 2,204 20,932 34,179
7 34,179 - 16,398 1,367 15,031 19,148
8 19,148 - 12,354 766 11,589 7,560
9 7,560 - 7,862 302 7,560 -
10 - - - - - -
11 - - - - - -
12 - - - - - -
13 - - - - - -
14 - - - - - -
15 - - - - - -
Page 34 of 35
Cash Flow Projections - Repayment Schedule - Finance Leases
Interest Rate 4.50%

Repayment Term 4.0
Interest Only No
Year
0 - 42,500 - - - 42,500
1 42,500 - 11,847 1,913 9,934 32,566
2 32,566 - 11,847 1,465 10,381 22,185
3 22,185 - 11,847 998 10,848 11,336
4 11,336 - 11,847 510 11,336 -
5 - - - - - -
6 - - - - - -
7 - - - - - -
8 - - - - - -
9 - - - - - -
10 - - - - - -
11 - - - - - -
12 - - - - - -
13 - - - - - -
14 - - - - - -
15 - - - - - -
Page 35 of 35

Excel Skills Australia - Annual Cash Flow Projection Template

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The following sheets are included in this template:

Business Name & Reporting Periods

Turnover & Gross Profits

Depreciation & Amortization

Current Assets - Inventory

Current Assets - Trade Receivables

Current Assets - Loans & Advances, Other Receivables

Current Assets - Cash & Cash Equivalents

Equity - Shareholders Contributions, Reserves

Equity - Retained Earnings

Non-Current Liabilities - Loans 1 to 3, Leases

Current Liabilities - Bank Overdraft

Current Liabilities - Trade Payables

Current Liabilities - GST

Current Liabilities - Payroll Accruals

Current Liabilities - Other Accruals, Other Provisions

Current Liabilities - Provision for Taxation

Current Liabilities - Dividends Payable

Balance Sheet Errors

Balance Sheet Workings

Cash Flow Statement

Loan Amortization Tables (Loans1 to Loans3 & Leases sheets)

Help & Customization

Financial Assumptions - Income Statement

Financial Assumptions - Balance Sheet

Interest Cover 9.06 10.65 13.86 19.47 24.18

Days in year 366 365 365 365 366

Current Ratio 3.5 3.6 3.5 3.5 4.1

Interest Rate 3.00%

Interest Rate 3.50%

Interest Rate 4.00%

Interest Rate 4.50%

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