Building buckets for budgets and forecasts
An absolute critical skill for budgeting and forecasting is the use of ‘buckets’ in Excel. This is what we like to use to solve all the most complex budgeting problems.
For the accounting students out there it is the equivalent of T- Accounts. For people who aren’t familiar with them, they look like the image below. You enter numbers on the debit and credit side and eventually you come to a balancing number which is the next periods opening balance.