NEW FEATURE: Forecast with included standing orders
Although standing orders are generated on the day (repeats) it would be good from a reporting perspective / forecast perspective for it to include these potential transactions in the cash flow report.
This will enable people to forecast cash flow for 12 months ahead based on their current circumstances and see the bills in and out from it.
It would be really nice to factor in a what if I spend x every x months to also trend in the forecast report so people can try different scenarios with th
This highly desired feature is currently under development and will be released very soon together with new budget concept.
This is what other budgeting apps call financial forecasting and is definitely a must for Wallet as well. It allows one to project their net worth at a certain point in future e.g. 1 month, 3 months, 1 year etc based on their recurrent income & budgets (expenses, loan repayments etc).
This is in deed needed.
Malischek Martin commented
Need this too.
This is a duplicate feature already requested. Better +1 or comment the existing forecast / future balance propposals☺
I already wrote this somewhere but cannot find it, so sorry if this is a duplicate post.
In the Dashboard we see a graph.
The problem for me, and the main reason I haven't bought the app yet, is the fact that the graph stops today.
It should show me some time into the future.
Not based on heuristics. Just show me the same axis with time on the horizontal and balance on the vertical axis, but put "today" in the middle, not on the right side.
Perhaps make the graph gray in the future.
Take into account recurring payments and incomes.
This would be very useful,
in my case it is important to know whether I'm headed for a zero budget or for catastrophe :-)
the forecast should be based not on hypotetical expenses but on standing orders and planned payments (set with future dates).
A similar feature is implemented in Expense Manager, in the form of a calendar, with balances visible for every day (including future ones).
For instance, if today is the 21st and the gas bill is due on the 25th, the balance on the 26th = previous balance minus gas bill.
I should be able to see this BEFORE I actually pay it, so that I know what to expect.
Valentino Pediroda commented
Absolutely important : I must be able to see my recurrent income & expenses at least in the next 6 months
I will be honest:
Am currently testing the application and would like to buy it.
But if there will be no forecast section included I will buy other software.
Did you notice that all of these ideas are in fact the same idea: showing the future of my financial month:
I want to be able to see forward in the timeline on each account. It should be possible to see future balances, based on standing orders.
As things are now, the chart stops with "today".
cash forecasting on a monthly basis, I.e. take all the standing orders and budgets to project what the cash balance on X day would be. a feature similar to what is in pocket Smith but with all of Wallets better functionality.
This would be similar to the calendar view in the Expense Manager app. This would be very useful! The lack of this feature is what keeps me from buying into the paid version of Wallet.
I usually like to add my upcoming bills/autopays ahead of time and see the remaining balance and then when it actually goes through, there would be some sort of way to mark it as "cleared".
i want to see future balance. so i can see how my balance will be at the end of the month. including recurring costs in the future.
example: begin of the month i have a balance of 1000€, i setup recurring cost rent €500 and elektricity €100, this will paid on the 24ste of the month. but i want to see, in begin of the month, that i have €400 left to spend out.
I don't have any idea for this but I wish is true money he he he androids-adwords
It will be nice to add future payments with reminders (choose category, date for example or place). And when the time arrives it will remind you
I suppose this could potentially be be implemented in the records view/window.
Forecasts generated automatically by category based on historic averages (or some algorithm) would be a great tool for forecasting without any effort on the users part. However I think most people who use forecasting would like to manually input forecasted transactions.
An option to enable or disable forecasting would allow users to choose whether or not to see future, predicted and scheduled transactions.
That's my take on the possibility anyway :)
I still can not work out debts account, but this is very intetesting and could actually work along the "DEBT" account.
Good on you.
Excellent idea I was wanting this too. :)
Wallet is an application to track income/expence. But it would also nice to have new feature to plan your expences. You implemented already standing orders, but it generates record automatically, no matter if You actually made this transaction. I see this feature as some extra panel in which You can see what planned expenses are waiting for You in next 30 days (amount of days could be selectable). You could generate record from this planned payment automatically, and in the same moment new planned record would appear in the list (the same transaction 30 days later). This could also be a good start for forcast of your cashflow in the future (extra diagram should show how will your cashflow look like in the future (taking into consideration all planned payments and incomes as salary)
This is very useful feature which I have used in another "financial" app, so it is not some crazy idea that have just appeared in my head :)
My version of it :
In standing order there should be the option to have them as future records shown in accounts. The option should include no ; yes [amount of events into the future of].
For a start one month would do the trick for me.
Thanks for the app.