Question 1

What information do I need to set up my Smart Cash Sheet?

Accepted Answer

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

Question 2

How long does it take to build up the sheet for the first time?

Accepted Answer

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.

Question 3

How accurate are the Smart Cash Sheet cash level estimations?

Accepted Answer

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.

Question 4

What happens if the cash I had estimated in the sheet does not come in?

Accepted Answer

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.

Question 5

What happens if there is an unexpected expense or an expense is higher than originally estimated in the sheet?

Accepted Answer

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.

Question 6

I don’t know Excel, can I still do the work myself?

Accepted Answer

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.

Question 7

How long does it take to update or maintain the sheet going forward?

Accepted Answer

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.

Question 8

Do I have to start from scratch every time I start a new template every month?

Accepted Answer

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.

Question 9

Can I use the sheet to calculate my taxes?

Accepted Answer

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

Question 10

Can I include my credit cards in the sheet?

Accepted Answer

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.

Question 11

At the end of the month my cash bank balance was significantly different than projected in the sheet, what did I do wrong?

Accepted Answer

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.

Question 12

Can I project less time other than 6 months (i.e. just a week?)

Accepted Answer

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

Question 13

I am not an accountant, can I still do the work myself?

Accepted Answer

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.

Question 14

I am ready to use a new template for month number 2, do I have to re-type all my expense and income information?

Accepted Answer

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.

Question 15

I am a solo practitioner, can I use the SCS personal for my business?

Accepted Answer

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.

Question 16

We use several bank accounts in my household, can I combine them in the SCS?

Accepted Answer

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.

Question 17

I added a bill due on the 31st of the month, but I don’t see the bill in my dashboard for the subsequent months. What did I do wrong?

Accepted Answer

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).

Question 18

Do you only offer DIY options for families and individuals?

Accepted Answer

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.

Question 19

I have quarterly bills, how do I add them into my Smart Cash Sheet?

Accepted Answer

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.

Question 20

I have paid some bills early this month, and they are still showing as due, how do I fix that?

Accepted Answer

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.

Question 21

How can I track if my living expenses are within budget?

Accepted Answer

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.

Question 22

I have several bills due on the day I am preparing/updating my SCS – how do I handle those?

Accepted Answer

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.

Question 23

I have already paid some bills that show as open this month – how do I handle those?

Accepted Answer

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.

FAQ’s for Personal Use

Here are some of our most frequently asked questions. Visit our Contact Us page for additional inquiries.