The Formula Library is a core feature of the new Reporting Studio that allows you to build your own custom formulas for use in KPIs and Charts. This functionality is available at both the organisation level (for practice-wide metrics) and the individual farm level (for bespoke farm setups).

This allows accounting practices to load in their formulas unique to their practice. These custom metrics are often part of an organisation’s unique competitive advantage for advisory services. Having these formulas directly in Figured removes the need for external spreadsheets, keeping everything in one place.

To manage formulas, first navigate to the Formula Library. This area is located under the Reporting Studio heading of the blue navigation panel of your Organisation. If you are not an admin of your organisation you will not have access to this. Here you will find all of the existing formulas available for use in Custom Reports.

Default - These are Figured's standard formulas commonly used throughout the industry. They are created by Figured for immediate universal use and cannot be changed by users. They can be copied to an org or individual file to create a version that can be altered.

No Status - Formulas listed with no visible status are the Formulas created by someone in your Organisation.

On the right hand side of every formula line, there are three dots and clicking this will allow you to View, Copy, Edit or Delete a formula.

Farm level formulas work similarly:

Default - These are Figured’s standardised formulas commonly used throughout the industry. They are created by Figured for immediate universal use and cannot be changed by users. They can be copied to an individual file to create a version that can be altered.

Org - These are created by the organisation and are available to members of that org. They must be managed through the organisation's Formula Library and cannot be edited in an individual file. As with "Defaults" you can copy them as needed.

No Status - Formulas listed with no visible status are the ones local to the individual file, and can be edited provided the user has the "Can Edit" or higher permission level.

You are able to create your own equation in Figured, similarly to how you would in Excel, using common operators and functions, and relate it to specific data sets that can be from the financial or production areas.

To create a custom formula, go to your Formula Library, there you will see a blue button on the top right-hand side that says + Create Formula. Clicking this will show a panel on the right where you can add a name and description (optional) of your new formula.

You also need to set the Format and the Comparison Rule for the formula to tell the system how to display the KPI.

Number - a number with 2 decimal places, negative number will show with a minus sign

Accounting - a number with 2 decimal places, negatives will show in brackets

Currency - Shows currency unit, with the symbol always directly next to the value

Percentage - Shows the result as a %

Integer - a whole number with no decimals

Lower is better - If the KPI value for the selected period is lower than the comparison year value the KPI will display in green. If it’s higher, it will show as red. eg for expenses lower is better

Higher is better - If the KPI value for the selected period is higher than the comparison year value the KPI will display in green. If it’s lower, it will show as red. eg for Income higher is better

When you open Formula Builder you’ll see a pop up window which is where you’ll actually construct your formula. You’ll have a list of all available data points for your financial data, and your production data, in separate tabs. Using these you can add them to the box at the top, and click on any of the equation operators, to design the KPI.

If you need help understanding a data point or help creating a formula please reach out via the green bubble.

Once you have saved your formula you will be able to select it for use in any KPI or custom graph.