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Circular Reference Issue with Revolving Debt Schedule

  1. #1
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    Circular Reference Issue with Revolving Debt Schedule

    Hi,

    I have a model that I'm working on and I've encountered an error with a circular reference (I think) and I have not been able to figure it out. See columns Q,R and S on the "3 Statement Model" tab of the attached workbook.

    If you look at rows 136-140 on the 3 Statement Model tab, you can see that I have set up a revolving debt schedule that is working perfectly for all the months of 2019. Basically, the idea is to take the change in cash on the cash flow statement and either add or subtract from the revolver based on how much of a deficit or surplus there is. The problem I am encountering is that for some reason, for the 2019-2021 yearly projections, the formula isn't working. If you look up at row 46 you can see I've highlighted the cash section for the 3 columns. This takes the ending balance of cash after the revolver and uses that as the amount on the balance sheet.

    The reason I know there is a problem is because both rows 95 and 141 (both highlighted in red) should net out to 0 - as you can see on all the previous months/years.

    Please let me know if there is any further explanation you need on how the model works, I will be at my computer!
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    Re: Circular Reference Issue with Revolving Debt Schedule

    From what I see your last three column formulas don't match the rest of your worksheet. You also had errors in the formulas with =+ but I couldn't see any Circular References at all.
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  3. #3
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    Re: Circular Reference Issue with Revolving Debt Schedule

    That did not work unfortunately. The changes you made to the balance sheet and the income statement had a bad effect on the cash flow statement, causing it to appear is if they had over 1.566 million of free cash available for 2019 and a 19 million cash deficit the next year. Also, the balance sheet still does not balance (Total Assets = Total Liabilites + Owners Equity).

  4. #4
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    Re: Circular Reference Issue with Revolving Debt Schedule

    Figured it out myself. Thanks for the help

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