With Figured you've got the ability to see the value of your livestock in real time. This tool is used for calculating and posting your year end Livestock valuation journal to Xero.

End of year valuations can be found under the Accounting tab of your farm in Valuations.


Configuring your valuation settings

Before you get started with your valuations, you'll need to first configure your valuation settings.

For each tracker, you'll need the following unique accounts mapped:

  • Livestock on hand account – account type is a Current asset

  • Non cash movement account – account type is a Direct cost

  • Livestock revaluation reserve account – account type is Equity
    NOTE: This is only used for Herd Scheme valuations.

If you're using management valuations, you will check the box to enable management valuations. This will automatically enable both management valuations, and actual livestock valuation movements in reports.

If you are not using management valuations, but you wish to show actual valuation movements coded to Xero in your P&L reports (e.g. end of year valuation movement), you will check the box to show actual livestock valuation movements.

These options are used to determine whether forecasted valuation movements (calculated via management valuations) and / or actual valuation movements (created via EOY valuations, management valuations, or manual journals raised in Xero) will show on your profit & loss report or not.

The final thing you'll need to select is the valuation method you wish to use. 

For New Zealand, you select a single default method (market value, national standard cost, or herd scheme) but you have the ability to use a combination of all 3 at year end.

If you're using NSC you have the option to setup custom NSC groups, you can find out more about setting those up here.

Completing end of year valuations

After your settings have been completed, you're ready to move on to complete your end of year valuations!

On the main screen you'll see a summary of all your information:

  1. Selected financial year

  2. Number of livestock you closed the financial year with

  3. Number of livestock you've currently allocated across the valuation schemes

  4. Total value of the livestock as per allocated schemes

  5. Calculated herd scheme revaluation (if applicable)

  6. Scheme breakdown - number and value of livestock allocated to herd scheme, NSC, and market value

To begin with, all livestock will be allocated to your default scheme (configured in your settings). 

You can then re-allocate that stock or change its on hand value (for NSC and market value) by clicking allocate stock.

On the screen that follows, you'll see two options in the top left:

  • Allocate all stock - this will move all closing livestock to your current valuation scheme
    i.e. if you have 1000 livestock at the end of the year, and 500 are assigned to herd scheme already, it will assign 1000 to market value 

  • Allocate all unallocated stock - this will move all unallocated livestock to your current valuation scheme
    i.e. if you have 1000 livestock at the end of the year, and 500 are assigned to herd scheme already, it will assign 500 to market value 

You can also adjust the quantity / value of livestock assigned in each column.

Once happy with your values, select save and go back. Otherwise, you can discard changes too.

NOTE: If you want Figured to calculate revaluations (i.e. for herd scheme), you must complete the prior years livestock valuations. This is recommended to do for all new clients on Figured.

Using NSC for your valuations

Due to the complexities that arise with NSC, Figured gives you the flexibility to create custom pricing groups for each of your livestock classes, and the valuation screen differs slightly to other valuation methods.

Each livestock class is split apart based on the groups you've setup in your valuation settings (either default or custom). 

You've got the option to view automatic calculation which will break down why you're seeing the value per head that you are.

If for some reason the calculated per head value isn't correct (which it may not be for a variety of reasons - different model of NSC, no prior year valuations, etc), then you can override these per head values.

Locking and posting your year end valuations

Before you lock and complete your valuations, you'll want to do a quick check that your stock allocated matches up with your stock on hand. 

Once happy with your valuations, click complete valuations

You'll then be taken through the process to post across your valuation journals to Xero. Submitting a journal will reverse the existing current value and replace it with your new current value.

If you're using herd scheme, you'll have an additional step where you will be able to post your revaluation across to Xero too.

NOTE: If these values already exist in Xero, you can skip either journal posting step which will not update Xero.

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