Once you’ve set up your chart of accounts in Xero and synced them with Figured, you can configure these further in your account configuration page.
Your account configuration page sits under Accounting > Chart of Accounts > Account configuration,
OR under Planning Grid > Tools > Configure accounts.
Account configuration in Figured means you can customise certain things about your chart of accounts:
Detail in planning
Any tracker mapped accounts will not show in this list, as they cannot have their category, payment period, or detail configured like non-mapped accounts. Their information is updated in the trackers themselves.
Each account within your chart of accounts can be categorised to system defined categories such as Animal Health or Repairs & Maintenance.
This creates a structured plans and reports so that you can easily collapse or expand certain categories and see totals in as much (or as little) detail as you need.
Each account type (like an expense account, or an income account) will have different categorisation options available to it i.e. your expense accounts will not see the option to be categorise to Off farm income. Along with default categories, you can also categorise your accounts to any production trackers inside of the farm to associate any non-tracker mapped accounts with the tracker.
Setting payment periods
Payment periods are what you use to determine any cash / accrual dates in your forecast.
For example if you set an account to 20th next month, and you enter a cash forecast, the cash date will be the 20th of that month and Figured will create an accrual date automatically that falls in the month prior.
It's worth noting that if you forecast against an account and then change its payment period, this will only affect new transactions as opposed to any existing ones.
Updating the detail in planning
There are three toggles available which changes how you can interact with an account in the planning tab:
Summary: this is the default setting and it means you can enter forecasts as normal in the planning tab (one cell per month)
Detailed: this enforces the forecast schedule for an account which means you must enter detailed transactions (qty x rate)
Hidden: this will remove the account from your planning tab, unless actuals are entered against it in Xero, in which case it will show the accounts in all financial reports
Copying the configuration
If you have access to farms that share a chart of accounts, or have similar account codes, then you can copy across the entire configuration from one farm to another by using Copy from another farm.
Any accounts that share account codes between the two farms will then copy across its configuration from Farm A to Farm B.