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Bank Balance

What:  How much money have you got in the bank versus what you should have.  You can set parameters based on whether a £ balance drops below or exceeds an amount or a % such as tell me when I get to within x% of £y. 

When:  These triggers daily by looking at the actual bank balance versus a target balance you have set.   

Why:  Companies can continue to trade if they are loss making.  The same can’t be said if they run out of cash.  Being notified when you get to a certain threshold it allows you time to make decisions about how to plug a gap or where to invest funds if you have an excess of cash.  You may have an agreement with a client about transferring cash between accounts if they hit a certain amount and this will help you without constantly checking the bank eachday. 

How: We display the last 13 weeks of bank balances versus the previous 13 weeks to show any trends, peaks and troughs in cash.  Other information displayed is the trigger amount the bank balance and variance.  The % of total balance is showing you how much is in this bank account as a % of all your bank account balances in Xero.

 

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