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 Xero to update stock on hand in the balance sheet and valuation movement in the P&L

  3. Generate your Livestock Trading Statements

Before you start in Figured, make sure all bank reconciliations and transactions for the year have been completed in Xero.

Step 1 – Enter and reconcile livestock movements

Figured Lite
Upon entering a farm, click on Stock balancer in the Operations tab.

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

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

Repeat this process for all livestock trackers.

Financial Farmer
For Figured Financial Farmers, the stock movements should have been recorded in the trackers throughout the year, just check there are no remaining inconsistencies between Figured & Xero. 

If you see a warning message in the trackers, then 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 correctly 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 the 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 used for posting manual journals to Xero and the valuation method that you will use. You can choose to use either tax or market valuations 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).

MARKET VALUATION METHOD Figured enables you to record the appropriate market value per head when completing the valuation each year.

Completing valuations

After your settings have been configured, you can head into your end of year valuations.

Depending on what valuation method you've selected, the below screen will change.
You can select "Update Allocation" to get a further breakdown of the valuations done by using the next button "View Automatic Calculation".

After that, you can select the green button at the top right to complete your valuations for the year.

POSTING VALUATION JOURNALS TO XEROAfter completing valuations, review the journal entries displayed and update the journal date and reference as required.

Next hit “Post Manual Journal” to post the journal to Xero. 

Repeat this process for all trackers.

Step 3 – Generate livestock trading statements

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

Select the required statement, then select the tracker and year and hit update view.

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

Repeat this process for each tracker.

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