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How to set your bank accounts in Figured
How to set your bank accounts in Figured

The first step in creating a new farm

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

One of the first things you should do when setting up a new farm is to confirm/select your default bank account.

Selecting an actual bank account as your default is important because we contra transactions to it and then remove all non-bank accounts.

Any accounts with a bank feed in your accounting software (bank account, credit card, etc.) will sync to Figured as a bank account.

This means you'll need to make a few adjustments to your account setup to ensure that you're getting accurate financial information.

Setting your default bank account

Every farm has a single default bank account - this is used for posting actuals and building up your budgeted/forecasted balance sheet.

Head to Accounting > Chart of Accounts > Update Default Bank to set this.

This opens a new window, showing a list of all bank feeds in your accounting software.

To change the default bank to another account, click Make Default on the chosen account.

These combined bank account movements are summarised monthly and form part of the Closing Cash Position graph, which appears on the dashboard.

There are just a couple of things to note when setting up:

  1. Your default bank account should be the one to receive all inward and outward flows from tracker transactions (sales & purchases etc.)

  2. All liability accounts must be manually configured as such in Figured. Next to each liability account, click ‘Account Details’ & change it from a bank to a liability account in the settings.

Adjusting your liability accounts

To get a more accurate Closing Cash Position, any liability accounts you have showing in Figured should be set up as such.

For example, if you have a Farmlands or credit card feed in your accounting software - this will come through as a bank account in Figured. You'll need to change these accounts to be a Current Liability.

You can configure this under Accounting > Chart of Accounts > Update Default Bank > Account Details.

Tick Type, select Current Liability account and then Update Settings.

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