Forecast Monitoring

Description

Businesses need to react when the expected payments have arrived. For example, a marketplace business will pay vendors only upon receiving payment from the buyers, therefore they need to monitor the status of the forecast. This is done by creating a forecast in the system corresponding to the future payment, and this forecast is turned into an actual cash flow, once it is reconciled with the reception of the matching transaction in a bank statement.

This Use Case is intended to help you understand how to create forecasts and monitor their status as well as it describes the forecast lifecycle.

• Create a cash flow with status “Confirmed Forecast” or “Estimated Forecast”.
• Keep a unique identifier that Kyriba sends back.
• Run a monitoring script to check the cash flow’s status using the unique identifier.
• Integrate a bank statement containing the forecasted transaction.
• Once Kyriba identifies the transaction matching the forecast, the cash flow status will be changed to “Actual”.
• The script will detect the new status.