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3 step end of year reporting in Figured
3 step end of year reporting in Figured

3 steps to complete your end of year reports

Alexandra Henley avatar
Written by Alexandra Henley
Updated over a week ago

End-of-year reporting with Figured involves 3 simple steps:

  1. Enter and reconcile livestock movements

  2. Complete valuations using either tax or market valuation methods, post a manual journal in preferred accounting software to update stock on hand in the balance sheet and valuation movement in the P&L

  3. Generate your Livestock Trading Statements

Before starting in Figured, ensure all bank reconciliations and transactions for the year have been completed in your preferred accounting software.

Step 1 – Enter and reconcile livestock movements

If Using Farm Reporter - Upon entering a farm, click on Trackers in the Operations tab.

Follow the attached article on using the stock tracker to complete your livestock reconciliations quickly.

When all movements for the year have been recorded check that the closing quantity is correct.

Repeat this process for all livestock trackers.

If Using Farm Manager - For Figured Farm Manager, the stock movements should have been recorded in the trackers throughout the year. Make sure you check there are no remaining inconsistencies between Figured & your accounting software.

If you see a warning message in the trackers, something is out of balance between the two systems and needs resolving before finalising the year-end.

Click on Resolve Now to investigate further, and use our article on Correcting Unreconciled Balances to help you through this.

When all inconsistencies have been resolved move on to step 2.

Step 2 – Complete Valuations

To access our valuations tool, click on Accounting > Valuations.

First, you'll want to configure your valuations settings per each tracker type, to view and change settings go to Valuations > Settings.

Here you can set the accounts for posting manual journals to your accounting software and the valuation method you will use. You can choose from a few valuation options for your trackers.

TAX VALUATION METHOD: Figured calculates the average cost per head based on the opening value and the stock movements during the year, natural increase is valued in line with ATO rates ($20 for cattle, $4 for sheep for example). This is only available for Australian files.

MARKET VALUATION METHOD: Figured enables you to record the appropriate market value per head when completing the valuation each year. This is available for all markets.

HERD SCHEME VALUATION METHOD: Each year as the IRD release updated herd scheme valuations, Figured adds these for each applicable stock class which flows through to your end-of-year valuations automatically. This is only available in NZ files.

NATIONAL STANDARD COST VALUATION METHOD: Figured livestock classes are updated with the latest Inland Revenue Department NSC values each year. These values flow into the NSC formulae Figured uses to automatically calculate the correct $ per/head and total value for stock under NSC. This is only available in NZ files.

Completing Valuations

After configuring your settings, you can head into your end-of-year valuations.

The below screen will change depending on your selected valuation method.

You can select Update Allocation to get a further breakdown of the valuations. After editing, click Save & Go Back to finish off.

After that, you can select the Complete Valuation button at the top right of the Valuations page to complete your valuation for the year.

POSTING VALUATION JOURNALS TO YOUR PREFERRED ACCOUNTING SOFTWARE After completing valuations, review the journal entries and update the journal date and reference as required.

Next, hit “Post Manual Journal” to post the journal to your accounting software.

Repeat this process for all trackers.

Step 3 – Generate livestock trading statements

Go to Reports > Financial Year End Trading Statements To view Figured Trading Statements.

Select the required statement, then select the tracker and year and click Run Report.

To copy the Trading Statement into your accounting software’s Report pack, click on Share Report then Copy to clipboard, then go to your Report pack and simply paste this in.

Repeat this process for each tracker.

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