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How Formulas Work

Tutorial Guide: How 'Formulas' work in Fina

Fina bridges the gap between manual spreadsheets and automated financial tracking tools by offering both live data integration and the flexibility to manipulate that data using formulas. This guide will show you how to harness the power of formulas in Fina to create custom financial metrics and projections tailored to your specific needs.

Why Use Formulas in Fina

Traditional financial tracking tools often fall into two categories:

  • Manual Spreadsheets: Offer flexibility but require tedious data entry and maintenance.

  • Automated Tools: Provide live data but lack customization and the ability to manipulate data beyond predefined dashboards.

Fina combines the best of both worlds:

  • Live Data Integration: Connect your financial accounts to import transactions and balances automatically.

  • Customizable Dashboards: Create personalized blocks and pages to display the data that's most important to you.

  • Formulas: Use spreadsheet-like formulas to manipulate your live data, enabling advanced financial analysis and forecasting.

Creating a Formula Block

Formulas in Fina are created within Blocks. A block is a customizable element on a page that displays specific financial data.

Step-by-Step Guide

  1. Navigate to Your Page: Go to the page where you want to add the formula block.

  2. Add a New Block:

    • Type the / command to open the block menu.

    • Select Add Block.

  3. Choose Block Type:

    • For formulas, you can start with a Single Number Value block.

  4. Configure Data Settings:

    • On the right-hand side, select the data source (e.g., Personal Accounts).

    • Set the Date Range relevant to your formula (e.g., Previous Month).

  5. Add a Metric:

    • Click on Add Metric.

    • Choose Formula Metric.

  6. Add Variables:

    • Variables are the building blocks of your formula.

    • You can add:

      • Basic Metric Variables: Pull data from your live accounts (e.g., total expenses, income).

      • Constant Variables: Fixed numbers you define (e.g., the number 12 for months in a year).

  7. Construct the Formula:

    • Use the variables to build your formula using standard mathematical operations (+, -, *, /).

    • Example: Variable A * Variable B

  8. Name and Save the Block:

    • Give your block a descriptive title.

    • Adjust display settings as needed.

Basic Formula Example

Estimating Yearly Rent Expense

Objective: Calculate an estimated annual rent expense based on your previous month's rent.

Steps:

  1. Create a New Block:

    • Add a Single Number Value block to your page.

  2. Add Variables:

    • Variable A (Rent Expense):

      • Type: Basic Metric Variable

      • Data: Total transaction amount where the Category is Rent.

      • Date Range: Previous Month

    • Variable B (Months in a Year):

      • Type: Constant Variable

      • Value: 12

  3. Construct the Formula:

    • Formula: Variable A * Variable B

    • This multiplies your previous month's rent by 12 to estimate the annual expense.

  4. Configure Display Settings:

    • Title: Estimated Yearly Rent Expense

    • Ensure the output is formatted as a currency.

  5. Review the Result:

    • The block now displays your estimated annual rent expense based on live data.

Note: The formula updates automatically if your rent changes in subsequent months.

Advanced Formula Example

Estimating Bank Balance at Month-End

Objective: Predict your bank balance at the end of the month by considering current net cash flow, account balances, and anticipated income and expenses.

Steps:

  1. Create a New Block:

    • Add a Single Number Value block to your page.

  2. Add Variables:

    • Variable A (Current Net Cash Flow):

      • Type: Basic Metric Variable

      • Data: Total transaction amount for Income and Expenses.

      • Date Range: Current Month

    • Variable B (Checking Minus Credit Card Balances):

      • Type: Basic Metric Variable

      • Data:

        • Sum of Depository Account Balances (e.g., checking accounts).

        • Minus sum of Credit Card Balances.

      • Date Range: Current Month

    • Variable C (Other Income):

      • Type: Constant Variable

      • Value: User-defined anticipated income (e.g., upcoming paycheck).

    • Variable D (Other Expenses):

      • Type: Constant Variable

      • Value: User-defined anticipated expenses (e.g., upcoming bills).

  3. Construct the Formula:

    • Formula: Variable A + Variable B + Variable C - Variable D

    • This calculates the estimated bank balance by considering current net cash flow, net account balances, and any additional anticipated income or expenses.

  4. Configure Display Settings:

    • Title: Estimated Bank Balance at End of Month

    • Ensure the output is formatted as a currency.

  5. Input Anticipated Income and Expenses:

    • Variable C: Enter the amount of any expected income not yet received.

    • Variable D: Enter the amount of any expected expenses not yet incurred.

  6. Review the Result:

    • The block displays your estimated bank balance at the end of the month.

Example:

  • If your current net cash flow is -$137.

  • Checking account balance is $3,000.

  • Credit card balance is -$500.

  • Anticipated income (Variable C) is $5,000.

  • Anticipated expenses (Variable D) are $500.

Calculation:

(-$137) + ($3,000 - $500) + $5,000 - $500 = Estimated Bank Balance

Tips and Best Practices

  • Use Descriptive Variable Names: Helps in understanding and maintaining your formulas.

  • Display Variables: You can choose to display variables within the block for transparency.

  • Adjust Date Ranges Carefully: Ensure that the date ranges for your variables align with your calculation objectives.

  • Test with Sample Data: Input different values to see how they affect the outcome.

  • Save Frequently: Make sure to save your block after making changes to avoid losing work.

  • Explore More Functions: Fina is continually expanding its formula capabilities; stay updated with new features.

Conclusion

Formulas in Fina empower you to take full control of your financial data, enabling customized calculations and projections that go beyond standard financial tracking. By integrating live data with the flexibility of formulas, you can gain deeper insights and make more informed financial decisions.

Key Takeaways:

  • Flexibility: Formulas allow you to manipulate live data just like in a spreadsheet.

  • Customization: Create personalized financial metrics tailored to your needs.

  • Real-Time Updates: Formulas update automatically as your live data changes.

  • Predictive Analysis: Use formulas to forecast future financial scenarios.

Start experimenting with formulas in Fina today to unlock the full potential of your financial data.

For more tutorials and to explore Fina's features, visit fina.money.