· Interactive course
The 3-Statement Build
Build linked income statements, cash flows and balance sheets across 36 exercises. Extend the original cumulative model with reconciled histories, operating drivers, capped financing, downside tests and an unfamiliar funding assessment.
- 36 exercises
- 528 graded cells
- 509 minutes of practice
- 3 free lessons
What you’ll learn to do
- Setup & Conventions
- Supporting Schedules
- Debt & Circularity
- Integration
- F07 · Historical evidence and operating forecast
- F07 · Working capital and assets
- F07 · Funding, taxes and equity
- F07 · Integration and funding decision
Course syllabus
Setup & Conventions
Conventions and the assumption blockFree
Set up active scenario assumptions and a linked five-year period header.
Revenue and operating cost buildFull access
Forecast volume, price, cost of goods sold and operating costs, then calculate profit subtotals.
Supporting Schedules
Working capital — DSO, DIO, DPOFull access
Calculate historical working-capital days, forecast balances and derive the cash adjustment.
PP&E and the depreciation waterfallFull access
Roll forward PP&E, calculate depreciation by capex vintage and link it to EBIT.
Debt & Circularity
The debt schedule and the revolverFull access
Model scheduled amortisation, the cash sweep and revolver borrowing or repayment.
Interest circularity and the circuit breakerFull access
Calculate average-debt interest, close the circular reference and test the circuit breaker.
Integration
Linking the three statementsFull access
Assemble the cash flow statement and balance sheet from linked schedules.
The balance check, and finding the breakFull access
Create robust reconciliation checks and use them to diagnose a deliberately broken model.
F07 · Historical evidence and operating forecast
Reconcile history before forecastingFree
prove the opening statements reconcile and defend an operating driver.
Build revenue and operating costsFree
forecast units, price, margins and cash operating expenses through one set of selected assumptions.
F07 · Working capital and assets
Follow an invoice into cashFull access
link receivables, inventory, payables, prepaids and accruals to operating cash.
Roll assets forward and charge them onceFull access
link cash capex, gross assets, accumulated depreciation and selected intangibles.
F07 · Funding, taxes and equity
Make the funding limit visibleFull access
model interest, mandatory principal, capped draws, revolver repayments and term-loan cash sweep.
Link tax, equity and the cash-flow statementFull access
distinguish tax expense from cash paid and link profit, dividends and equity issuance.
F07 · Integration and funding decision
Integrate and diagnoseFull access
explain statement links and localize errors without a balancing plug.
Decide whether the plan can be fundedFull access
build an unfamiliar integrated forecast and deliver a short funding recommendation with a usable handoff.
Guides for this course
Review a concept before your next exercise.
- Integrated forecast and funding case: F07
- How the three statements connect
- Building a working capital schedule
- Building a debt schedule
- Finding a balance sheet error
Keep practicing
Check your skills with the free financial modeling test, or explore a related course.
Included in full access
This course and every other on FinX, plus every course added later.
$99.99 USD · paid once
One-time payment. No recurring subscription. 30-day money-back guarantee. Review the final total at checkout.
Secure checkout by Paddle. Tax is added where it applies; you see the total before you pay.
Read the refund policyBefore you start
Be comfortable working with formulas and reading financial statements. Review a foundation course if you need a refresher.
Use a laptop or desktop browser for the workbook. No Excel installation is needed.