A financing update can tell you the raise was larger than planned while leaving your cash forecast unresolved. Start with the payment you need to make. Then trace the amount from the reported gross proceeds, through the settlement records, to cleared funds that are available for that payment.
Make the reconciliation for one financing and one date. You should end with an amount you can support, a shortfall to cover, or a specific record you still need.
Start with the payment you need to make
Write down the payment amount, currency, paying entity and due date. Identify the account that will make the payment and the time by which the money needs to be available. A balance in another entity or currency leaves a transfer question to resolve before you count it for that payment.
Keep a line for funds from this financing and a separate line for other available cash. That lets you see what the raise contributes without counting a bank credit twice if it is already included in your cash balance.
Match the announcements to one financing
Put the original notice and the later report side by side. Match the issuer or recipient, the instrument, currency and any reference to the original announcement. Keep the date of each report separate from the date of the event it describes. Leave the event date unresolved if the document gives you only a report date.
When the later report identifies the same financing, retain the proposed maximum as a comparison and update the gross proceeds line with the later figure. Calculate the difference once. If the two amounts apply to different recipients or include different components, resolve that difference in scope before subtracting them.
Entrée Resources in October and November 2026
Proposed amount. Entrée’s October 20 issuer release announced up to 11 million units at C$2.90, for proposed gross proceeds of up to C$31.9 million.
Reported gross. The November 4 completion report identified the October placement and reported 12,485,300 units issued at C$2.90, for C$36,207,370 gross. November 4 is the report date. The exact legal close day remains unknown.
Disclosed fee. Entrée reported a C$78,427.60 cash fee tied to the oversubscribed portion. Full net proceeds, the cleared bank receipt and cash available for a particular use remain unknown from these disclosures.
The difference is C$4,307,370. Entrée described the increase as C$4.3 million, a rounded figure. Enter the difference once on the same financing record.
Reconcile gross proceeds to the expected deposit
Use the settlement statement or funds flow to list each deduction. Beside the amount, record who owes it, when it is payable and the document that shows how it was handled. This is how you distinguish a cost already withheld from the money sent to the bank from a bill you still have to pay.
For the expected deposit, subtract the deductions that the settlement records show were withheld. Give any separately payable amount its own line. If one fee appears in both a settlement schedule and an invoice, match the references and confirm whether they describe the same charge before adjusting the forecast. If you know one fee and have no itemised settlement, carry an open question for the other deductions and the amount sent.
Then match the expected deposit to the bank record. Compare the receiving entity, account, currency, amount, reference and date. If there are several credits, trace each to the settlement record before adding them. If the amounts differ, record the unmatched balance and ask for the document that explains it. Keep the difference visible until it can be assigned to a specific deduction, credit or other recorded movement.
Check what the cleared cash can cover
A matched cleared credit establishes an amount received at a date. Check what remains at the payment cutoff. Account for movements since receipt and confirm any limits on how the funds can be used. Check the document that sets the restriction and the evidence you would need to count a later release.
Carry separately due amounts that still have to come out of these proceeds before the payment. Use the settlement and bank records together so each charge affects the forecast once. If a fee already reduced the matched deposit, its deduction belongs in the settlement calculation. If it is still due, track it as a separate payment and confirm its timing.
Work through a fictional financing
In this example, all amounts, dates and restrictions are fictional. A company is checking whether a financing can cover a C$380,000 payment on Day 5.
Update the gross. The same financing moves from a C$400,000 proposed maximum to C$460,000 reported gross. The difference is C$60,000.
Calculate the expected credit. The Day 1 settlement shows a C$9,000 fee and C$6,000 in separate costs, both withheld. C$460,000 less C$9,000 and C$6,000 gives an expected credit of C$445,000.
Match the receipt. The Day 2 bank record shows a cleared C$445,000 credit for that settlement in the receiving account. The difference between the expected and matched credit is C$0.
Check the restriction. On Day 4, the company confirms that C$70,000 of that credit remains unavailable for this payment through Day 5. There have been no other movements or payments from the raise in this example. C$445,000 less C$70,000 leaves C$375,000 available from the raise.
Make the payment decision. The C$380,000 payment exceeds available funds from this raise by C$5,000. With no other funding assumed, the owner has a C$5,000 gap to resolve before Day 5.
Now suppose the owner has only a report of C$460,000 gross and a disclosed C$9,000 fee. C$451,000 is the subtotal after that one fee. Other deductions, the way the fee was paid, the cleared credit and any restrictions are unresolved. Leave the amount available for the Day 5 payment blank. Ask the settlement preparer for the deductions and their timing, treasury for the matched bank credit, and the person responsible for the financing terms for the evidence of any use restriction or release.
Copy this worksheet for your next raise
Payment. Record the paying entity, amount, currency, purpose, due date and when the money must be available.
Financing and versions. Record the round, instrument, receiving entity and account. Attach each dated report and identify which event date, if any, it establishes.
Gross proceeds. Enter the proposed maximum, the latest reported gross and the difference for that same financing. Keep both documents beside the numbers.
Deductions. Give each item a line for amount, basis, payer, withholding or separate payment, timing and supporting record. Mark an unresolved amount or treatment as open.
Expected and actual receipt. Enter the expected settlement credit. Match each cleared credit by amount, currency, account, reference and date. Record any difference and the person who can explain it.
Available for this payment. Record what remains from the matched receipt after subsequent movements and separately due charges. Identify any amount unavailable for this use and the evidence for it. Record the date of that check.
Decision. Enter the amount you can support for the payment, the remaining gap and the next action. For each open line, name the person, document and date of your next check.
For a purchase funded by several sources, use the separate acquisition sources and uses guide to connect the reconciled amount to the rest of the plan. If your financing documents actually show money held in escrow, the Tintina receipt and release case illustrates how to track that release.
For general information and education, not legal, tax, investment or valuation advice. Examples are illustrative and do not predict your business’s value, financing terms or sale outcome. Consult qualified advisers about your situation.
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