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What do you use for your cash flow?

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Comments

5 comments

  • Wendy Keller

    Here at Utah State University, we use Workiva! We used to have a massive Excel spreadsheet with a bunch of tabs. Everything was so manual. Workiva has saved us hundreds of hours and a ton of sanity!!!!

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  • Daniela Iacob

    Hi Wendy, did Workiva set up the CF spreadsheet for you in Wdesk or did you do it? How exactly is it working now that you were able to cut on the preparation time?

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  • Wendy Keller

    I set up the spreadsheet in Wdesk. This fiscal year end will be the third year with the CF in Wdesk. We've got most of the kinks worked out and automated. If you are interested, I'm happy to do a zoom call and show you what we did.

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  • Margaret Peterman

    Hi Wendy! It's been a while since this post but my company is looking into putting CF into Wdesk (we currently use Wdesk for IS and BS). If you'd be open to it, I'd love to pick your brain and see what y'all did!!

    Thanks!

    Margaret Peterman

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  • Pat Flanakin

    Not sure the configuration within WDesk for the CF that Wendy completed, but here is a way you can do it:

    - Setup a main CF sheet in a workbook to match the face of the CF statement as most people probably already have.

    - Create a main template parent sheet that would feed the above, but is designed to be the CF calc sheet.  A lot of people set this up as the CF line items on the left and change in BS amounts along the top as a matrix layout.

    - For the "meat" within the above CF template, you can either pull in such info from other sheets, or add child sheets to the above parent template sheet and sync those in, or drop in information.  That is where the ingenuity of cross-team collaboration can come in to either change how information is provided, or using formulae within workbooks to precisely pull in certain info.  Key is that whatever form information comes in, it needs to be consistent from period to period once you setup things.

    - The advantage here, of course, is that a lot of the CF template will automatically populate as you link to the Income Statement and Balance Sheet, etc.... for amounts that are cut and dry.  When dealing with a business acquisition, etc... usually you will have additional sheets supporting the acquisition footnote already which can feed the CF template sheet.

    - I suggest creating validations to ensure that all changes in the BS is accounted for and the the change in Cash matches the BS change in Cash, etc...  We have validations setup for as many other areas (not just CF) of the financial support sheets in our workbook and then a counter at the top left of each sheet with validations to count "errors" and then an overall sheet that links to each counter to show us at a glance how many errors are still remaining at certain points of our document completion process.

    I'm probably not educating anyone on this, but it is something we would do if we had the manpower within our department, but currently it is farmed out to our main accounting department and we just sync the template upon receipt.

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