The Slidebean Financial Model
Knowledge Base

Change Log

This article logs the different version changes on the Slidebean Financial Model

Article by 
Book Consulting Call
Last updated 
July 5, 2024

Current Version - 5.7 | Jul 5th, 2024

This version mainly fixes a compatibility issue with Microsoft Excel, by replacing two formulas in the FS-Month sheet. These formulas added multiple IF statements (example: IF(...)+IF(...)) which caused an unknown error in Excel. The new formulas use SUM instead.

FS Month > Convertible Notes (Row 85)

=SUM(IF(D$6='Cap Table'!$H$49,'Cap Table'!$H$112,0),IF(D$6='Cap Table'!$J$49,'Cap Table'!$J$112,0),IF(D$6='Cap Table'!$L$49,'Cap Table'!$L$112,0),IF(D$6='Cap Table'!$N$49,'Cap Table'!$N$112,0),IF(D$6='Cap Table'!$P$49,'Cap Table'!$P$112,0),IF(D$6='Cap Table'!$J$49,'Cap Table'!$J$119,0),IF(D$6='Cap Table'!$L$49,'Cap Table'!$L$119,0),IF(D$6='Cap Table'!$N$49,'Cap Table'!$N$119,0),IF(D$6='Cap Table'!$P$49,'Cap Table'!$P$119,0),IF(D$6='Cap Table'!$L$49,'Cap Table'!$L$126,0),IF(D$6='Cap Table'!$N$49,'Cap Table'!$N$126,0),IF(D$6='Cap Table'!$P$49,'Cap Table'!$P$126,0),IF(D$6='Cap Table'!$N$49,'Cap Table'!$N$133,0),IF(D$6='Cap Table'!$P$49,'Cap Table'!$P$133,0),IF(D$6='Cap Table'!$P$49,'Cap Table'!$P$140,0))

FS Month >  (+) Converted Notes - Conversion to Equity (Row 198)

=SUM(IF(D$6='Cap Table'!$H$49,'Cap Table'!$H$114,0),IF(D$6='Cap Table'!$J$49,'Cap Table'!$J$114,0),IF(D$6='Cap Table'!$L$49,'Cap Table'!$L$114,0),IF(D$6='Cap Table'!$N$49,'Cap Table'!$N$114,0),IF(D$6='Cap Table'!$P$49,'Cap Table'!$P$114,0),IF(D$6='Cap Table'!$J$49,'Cap Table'!$J$121,0),IF(D$6='Cap Table'!$L$49,'Cap Table'!$L$128,0),IF(D$6='Cap Table'!$N$49,'Cap Table'!$N$128,0),IF(D$6='Cap Table'!$P$49,'Cap Table'!$P$128,0),IF(D$6='Cap Table'!$N$49,'Cap Table'!$N$135,0),IF(D$6='Cap Table'!$P$49,'Cap Table'!$P$135,0),IF(D$6='Cap Table'!$N$49,'Cap Table'!$N$142,0))

Other minor fixes

  • Version 5.4 made a major standardization update for links and CTAs on the shpreadsheet.
  • Version 5.4 renamed WK-CAPEX Sheet to CAPEX, and added Expense Categories to that sheet (with the corresponding changes needed on the Data for Charts sheet).
  • Version 5.5 fixed an issue in Data for Charts sheet Row 64: referencing the wrong set of cells for the Total Expenses.
  • Version 5.6 fixed a reference issue on FS-Annual: Financing Activities was referencing an incorrect cell.

Current Version - 5.3 | Feb 21st, 2024

This versions fixes a couple of minor issues related to keeping the Balance Sheet in balance.

  • Fixed a double accounting issue on Convertible Note financing: FS-Month 198 now subscract converted notes.
  • Adjusted loan functionality so all Loans are accounted as short term debts, to avoid potential double accounting problems (FS-Month Rows 131 and 142)
  • Adjusted the name on FS-Month 199 to correctly reflect the line as a (+), and not a (-)

5.2 | Feb 16th, 2024

This version fixes export issues to Microsoft Excel as follows.

Cleaned Up formulas incompatible with Microsoft Excel:

  • CAPEX Sheet Rows 69 and 70: replaced ELSE case from "" to '0'.
  • Taxes Sheet Rows 28-43: If statements require spelling out the TRUE boolean evaluation
  • Cap Table Rows 46 and 49: XLOOKUP formula doesn't export correctly from Sheets to Excel
  • Fonts on the FS-Month and FS-Annual Sheets

5.1 | Jan 26th, 2024

This version fixes two core issues on the FS-Month and the FS-Annual sheet that cause discrepancies in the Annual summaries and in fundraising.

Issue on FS-Annual row 61 - Net Income

The Tax and Valuation functionality in the model requires separation between EBITDA, EBIT, and EBT (earnings before taxes). Therefore, the fomula for net income should be

EBT-Income Taxes

The model was incorrectly taking into account EBIT. Therefore, the new formula in the model for cell D61 should be: 


This formula should then be copied and extended through row J61

Issue on FS-Month - Convertible Note Functionality

Since Convertible Notes and SAFEs are accounted as loans (Liabilities) until they convert to stock, new convertible note/SAFE investments must be accounted both in the Balance Sheet and in the Cash Flow Statement: 

  • In the Balance Sheet, they are considered Long Term Liabilities.
  • In the Cash Flow statement, there's a specific line for 'this:   (+) New Debt Issued - Convertible Notes/SAFEs

The 5.0 version of the model had an error that didn't allow for Convertible Note funding estimations to be reflected properly. The fix for this is simple: 

The formula for Fs-Month Row D143 should be

=ROUND(SUMIFS($D186:D186,$D188:D188,"Convertible Note")+SUMIFS($D186:D186,$D188:D188,"SAFE")-SUM($D198:D198)+SUM($D85:D85),2)

The formula for FS-Month Row D197 should be:


Both formulas should be copied and extended to cover the entire FS-Month Sheet.

5.0 | Jan 21st, 2024

This version consolidated a number of adjustments and new features developed over versions 4.9-4.99.

  • Finalized adjustments and links to Knowledge Base
  • Link from Capital Infusions to Cap Table
  • Fixed a Balance Sheet issue with Convertible Notes

Fix History - Previous Versions

2.01 Fixed an issue with Organic Traffic driving paid customers revenue models not yet enabled. Revenue rows 63 and 122.
Fixed the count of total active customers (Revenue row 37). It cause the support agents needed to be 0.
Added Freeze Row/Column to some sheets that didn't have it.
2.02 New welcome page
Removed hidden 'Slides' sheet
2.03 Fixed an issue with the Teams & Salaries formula that caused errors on the quarterly and annually hiring cycles
Fixed formula error on SG&A row 77
Changed the design of this (Change Log) Sheet
2.04 Fixed an issue with the Marketing Team salaries not being referenced correctly.
Fixed an issue with the annual salary increase referring the CEO cell.
FS-Month Row 44 (D&A) was refererencing an incorrect cell in CAPEX.
Typo on FS Rows 109 and 115
Valuation Section on FS-Month was missing references.
Fixed formatting issue in CAPX Sheet
2.05 SG&A Payroll SUM was missing the last 3 rows.
2.06 Added colors to sheets.
2.07 Solved issue on SG&A D74-D81. Wrong cell referenced.
Added 2022 start date for the model, and clarification about start dates.
Fixed some XLS compatibility issues on the Charts & KPIs Sheet. Confirmed working on Excel for Mac v16.43
Included first month in D&A Table
2.08 Aligned Left for FS-Month
Moved tax payment month to March
2.1 Added new Tutorial URLs
3.0 - Created new cap table functionality.
- Removed NPV functionality.
- Added Support for 2023 and 2024 start date (also removed 2019 and 2020).
- Added support for multiple rounds of funding in the Projections Sheet.
- Changed Charts & KPIs capital requirements to show 1-18 and 1-36 month requirements.
- Removed capital requirements line from FS-Month, as well as dimmed text on rows 101-103.
- Fixed the Months to Reach profitability formula to account for all FS-Month 93:93 instead of just the last cell.
- Start dates for all employees are now linked to model start date.
- Fixed formatting on SG&A and COGS (Align-left).
- Made spending categories editable from the Settings Sheet.
- Connected Data validation dropdown on all sheets.
- Removed ‘Other’ Category. All categories are now manual.
- COGS expenses are not classified by default, since they don’t necessarily constitute use of funds.

- Fixed a Depretiation issue on the CAPEX sheet, row 46
3.1 - Added Fiscal Year and Taxing Month functionality
- Added a simpler input field for CAPEX expenses
3.2 - Fixed an issue where Payroll taxes and benefits were not accounted for
3.2.1 - Branding changes to new Slidebean palette
3.3 Added Help Page
3.4 Added start dates up to 2026.
Updated color scheme
3.5 Fixed a bug that used the Team & Salaries benefits to scale annual salary increases
3.6 The depreciation formula on row 62 was not including the computers expenses. Fixed.
3.61 Renamed projections sheet to 'Assumptions'.
3.7 - Fixed formatting issues on Settings Page.
- Changed description of initial capital.
- Left alignment on Team & Salaries Sheet
- Hid funding section on the Assumptions Sheet.
- Standardized text sizes to 12
3.8 - Included new basic model map on the Intro sheet.
- Changed sheet colors to match model map nomenclature.
3.9 - Added support for VAT/Sales tax.
- Fixed formatting problems on the Totals lines on the Revenue sheet.
- Changed default start date to 2023.
- Added IFERROR exceptions for the KPI Charts Sheet
3.91 - [Ongoing] major branding and UX revamp
- Removed CAGR estimation from FS-Annual
3.92 - Fixed an error that showed the incorrect Net Margin for the company when using the Sales/VAT functionality.
3.93 - Fixed a bug on the FS-Month sheet that caused errors when exporting to Microsoft Excel: row 94 (effective interest rate) referenced the sheet 'Cap Table', instead of 'CapTable'.
3.94 Fixed format/compatibility errors when exporting to Excel.
3.95 Added a hidden model map sheet
3.96 Fixed an issue with the Cap Table interest rates
3.97 Fixed a formatting problem with the Revenue Growth on the Revenue KPI charts (% vs #)
3.98 Formatting fixes on KPIs, Cash Flow Charts, and Cap Table
3.99 Included information on the financial modeling course
3.991 Fixed an issue with the Capex Depreciation estimation, that caused some assets to depreciate twice
3.992 Data Inputs sheet formatting - blue
3.993 Fixed an issue with the Customer Support team payroll (Referencing incorrect cell on the Staff sheet)
3.994 Typo on Revenue cell A74
Changed formatting on Slidebean CTAs on the SG&A Sheet
Added the 'Dividends paid to investors' functionality on the FS-Month and FS-Annual sheets
Changed "Profitability not reached" text for better formatting
3.995 Fixed References and formatting on the Revenue KPIs sheet
3.996 Added Templates CTA on the Revenue Sheet
Improved Welcome Page formatting for Excel Exports
3.997 Improved Cash Flow Charts Page
Removed Financial Modeling Course CTA
Added Financial Modeling Spirnts CTAs
3.997 Improved Cash Flow Charts Page
Removed Financial Modeling Course CTA
Added Financial Modeling Spirnts CTAs
4.0.1 Removed the Annual Salary increase columns from the Staff Sheet
4.0.2 Added a Pitch Deck output sheet
4.1 Added course CTA on Welcome screen.
New Cash Flow Dasbhoard.
Changed order on the Assumptions Sheet
4.1.1 Updated pricing for Analyst sessions
Updated Model Map Screenshot
Fixed an issue with the Capital Required formulas on the Dashboard
4.1.2 Operating Cash formula was not accounting for investor dividends
4.1.3 Fixed an error with investor dividends on FS-Annual
4.2 Added Miro Model Map Template
4.95 - New Loan Functionality.
- Advanced Balance Sheet and Cash Flow Statements
- Fixed formatting on Data Inputs Sheet
4.96 Spacing and formatting on the FS-Month Sheet
4.97 New retained earnings + invested capital functionality for dates prior to model.
Fixed loan functionality so amortization begins on the month after the loan.
4.971 Updated tutorial links on the Cap Table Sheet
4.98 New Cap Table and Exit Scenarios
Re-structured Assumptions Sheet
Moved Capital Injection inputs to the FS-Month Sheet
4.981 Changed default VAT Handling to 'No'.
4.982 Fixed an issue with the price per share metric on the cap table
4.99 Major update to Income, VAT/Saes Tax and Valuation functionality
Added alternative row formatting to key sheets
4.99.1 Removed deferred Income Tax from 'Other Assets'
Internal spreadsheet links
4.99.2 Fixed an issue with Owner's Equity on the FS-Month Sheet
4.99.3 Fixed an Issue with VAT - Accounts Payable - Cash Flow balancing
4.99.4 Added an Assets vs Liabilities and Owner's Equity Check
Formula Error in Cash and Cash Equivalents
4.99.6 Fixes to Income Tax Functionality
4.99.7 Updated Model Structure
Fixed an IFERROR formula on the FS-Annual sheet causing XLS export issues
Fixed an issue with previous years Investments/Cash Flow and owed Taxes

Relevant articles

The Staff Sheet

Related to: 

Organized into sections for various company roles, the Staff Sheet allows for detailed input and monitoring of staff-related costs, tailor roles and expenses, track salary increments, and plan for new hires.

The Assumptions Sheet

Related to: 

The Assumptions Sheet lets users input key variables impacting business forecasts. It includes sections like Capital Expenditures and Loans, guiding the automatic estimation of costs like computer purchases and setting depreciation periods for various assets.

The Settings Sheet

The Settings Sheet allows you to set company-specific parameters like start dates, currency, and tax rates, ensuring all other sheets align with your unique business context.

Driver-based Modeling Basics

Related to: 

The basics of driver based modeling

Financial Modelling examples

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