One of the most requested features for SilverWiz has been to show financial forecast, based on the current balance and scheduled transactions. So, we did it, and I’ve decided to preview it here and get some feedback before we release the update. You can see how it looks, from the screenshot, but let me explain how it works.
Once you setup your accounts and scheduled transactions, you can navigate to any date in the future, using the build in calendar in SilverWiz. Tap on the date of interest (it must be in the future) and hold your finger for a second. A view will appear, that shows a forecast/projection for all the accounts, and after this- account by account. Basically, you will see the expected balance for the desired date, and the amount of incomes & expenses by then.
The calculations are:
Your current balance (as of now) + scheduled incomes – scheduled expenses +/- scheduled transfers.
Scheduled transfers are considered an expense for the “sending” account, and income for the “receiving” account. It’s as simple as that- just tap and hold for a second, and voila!
P.S. The combined projection for all accounts is calculated in your local currency (as set in Settings -> Currencies)
So, what do you think?
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Looks like a good addition.
[...] Financial forecast/projections for any date in the future, based on your account’s current balance and scheduled expenses & incomes (see preview) [...]
Like it. Just downloaded the app. Will my scheduled expenses will automatically withdraw the amount scheduled in my account or it will only remind me to pay the bill?
Dear Patrick,
Scheduled expenses will only remind you that you have to pay the bill, but paying is just a matter of tapping the “Execute” button that will appear on a scheduled expense once it’s due for payment. So, you won’t need to re-enter everything every time you have a scheduled transaction. Just tap “Execute”, that’s all.
Thank you!
Dear Patrick,
It looks great, however I wonder if budgets could optionally be deducted in the forecast, calculated on the number of days in the period that is beeing displayed? And also I feel it would be great to show a graphic analyses of the account balance over a period ? So each day with the balance change.
Further than that great features. Moneywizz is on its way to the appstore top. When is the release due?
regards
martijn
Dear Martjin,
MoneyWiz for iPhone and MoneyWiz for Mac OS is coming this fall (in about 3 months)
On your questions:
1. In the first update, the budgets won’t play any role in the forecast at all. We’re going to do analytical forecast based on a lot of criteria in the near future. It’s a really awesome and smart algorithm that we’re working on.
2. Graphic of account balance over period is available in the app, via Reports -> “Account balance”
3. MoneyWiz for iPad is currently available in the AppStore so you can purchase it right away
Cheers,
ILIYA
I am really loving this app and I am also looking forward to the first update. I believe it’s just a matter of time before MoneyWiz is at the top of the App Store purchases. I’m rooting for you because I want this app around for a very long time.
Thank you for the nice words Robert! We’re working very hard on delivering the first update ASAP. It’s taking a little longer due to the tons of new features we’re doing. Anyways, it will be out soon!