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To create one, use your financial or income statement monthly forecast and a calendar year for financial reporting, and do the following: Outline the expected collections from your budgeted monthly invoicing. If your terms are net 30 and your clients typically pay in 45 days, use this fact as your basis for forecasts. For example, under that scenario, March's invoices become May's collections. For the first months of the year, add in when you expect to collect existing accounts receivable.
3. Forecasting: year-to-date monthly variance with end of year forecast. When it comes to forecasting in variance reports, management is mainly interested in two things: how we're doing so far in the current year and. are we on track to meet our yearly goals.