Figured pulls through the Chart of Accounts from Xero. When setting up your farms CoA, there’s a couple of options available:
Import your own CSV file or
If you’re using Xero’s default chart of accounts, be mindful as theirs is for a standard business (and isn’t farming specific) so it may require a bit of work to customise it.
Check out Xero's article here on how the CoA works and how you can get it setup for your new Xero files.
Required accounts for Figured
For your production trackers and valuations, there's a few requirements for what accounts you'll need to have setup in your chart of accounts.
For each animal type (e.g. sheep, beef, dairy cattle etc) you will need:
A non cash movement account – Account type is a Direct Cost
A livestock on hand account – Account type is a Current Asset
A livestock revaluation reserve account – Account type is Equity
For each stock class you will need:
A sales code – Account type is Sale
A purchases code – Account type is Direct Cost
NOTE: Figured also gives you the option to choose the type of mapping you want with Xero e.g. Individual sales and purchases accounts per stock class, or a Single sale and purchases account for each tracker.
All other trackers such as wool, crops, etc will all need their own set of accounts. They need all the same ones as animal trackers apart from a livestock revaluation reserve account (equity account).
For each milk tracker you will need:
Milk Income Account – Account type is Revenue
Deferred Income Account – Account type is Revenue
If your farm uses a share milker or a contract milker you will need either a:
Share Milker Expenses – Account type is Direct Cost
Contract Milker Expenses – Account type is Direct Cost
If you are part of the dairy NZ levy you’ll need:
Dairy NZ Levies Expense – Account type is a Direct Cost
If you have a Fonterra loan account you’ll also need:
Fonterra Loan Support (Current or Non-Current) – Account type is a (Current or Non-Current) Liability
Once Figured and Xero are connected, your chart of accounts will automatically sync, showing your actual transactions for the year in Figured.
Alternatively you can force a manual sync.