If you're new to Figured, or you're just needing a refresher, this guide's for you.
You'll need the below before we get started:
Xero account for the farm already set up, check out the Xero help centre on getting that ready
Figured account created
Trading statements for the previous years milk or livestock
In 9 steps you'll have your Figured Lite farm setup and ready to use -
Step 1: Create the Figured Lite farm
On your main Figured dashboard (my.figured.com) you'll see a green button that says Create a Farm.
Because Figured Lite is an advisor only tool, you must be logged in to a verified organisation on Figured & assign billing to this organisation in order to create the Figured Lite farm
Click Create a Farm and fill in any farm details you're asked for like a name, or a production type, and then connect it to your Xero account.
Step 2: Setup your bank feeds
Figured will pull through your bank accounts from Xero. You now need to select the correct type of account and nominate the primary bank account.
It's important to note that any liabilities like a Farmlands account, or a credit card, should never be set as a bank account. This will affect your bank account balance in your reports and will give an inaccurate view of your current cash position.
NOTE: We recommend you have these accounts set as liabilities within Xero too so that the financial reports in each app reflect one another.
You can also adjust these settings once the farm has been created through Settings > Chart of Accounts > Bank.
Please note that once you've set your default bank account you should not change it. If you need to change your default bank account for any reason please contact the Customer Service team.
Step 3: Create and setup your production trackers
A production tracker on Figured is used to track any production that may need to be tracked on your farm - if you're a dairy farmer you'll need a dairy cattle tracker, and a milk tracker. Whereas if you're a sheep and beef farmer, then you'll need a beef cattle tracker, sheep tracker, and a corresponding wool tracker.
You can add a production tracker while in the production tab by using Add Operation Tracker in the top right.
From there you'll select a tracker type, give it a name, and set your preferred account mapping.
NOTE: In the case of non-cropping / dairy trackers, "single" purchase and sale accounts means you will have one sales and one purchase account for all stock classes. "Individual" purchase and sale accounts means you will need one for each stock class.
Set your standard payment terms which will determine the default cash / accrual dates for any transactions, configure stock weights if you prefer otherwise keep the defaults, map your accounts, and enter opening livestock quantities.
REMEMBER: If you are using an individual purchase and sale mapping type, each stock class used will need to have an account mapped. Whether an individual purchase and sale type will have one account i.e. "Purchases - Sheep".
Step 4: Put in historical production movements
Unless your farm is brand new, you've probably got a couple of years of production data available. This is also where you can utilise your trading statements if you've got those on hand.
For livestock and wool trackers, you can use the annual view to quickly enter historical livestock movements such as births, deaths, sales, purchases etc.
Once in there, you'll just need to click on a transaction type under each stock class and enter the movements that have occurred in the previous years.
If your Xero has any values sitting under the sales & purchase account(s), Figured will let you know the difference to help you out with your comparative data.
If you have a milk tracker, or a cropping tracker, you'll just need to head into the previous financial year and enter the production data accordingly.
In your milk tracker, the financial values are automatically pulled in from Xero - the only thing you need to enter is the milk price (if it differs from the company milk prices) and the production kgMS.
Step 5: Setup the valuations for your production trackers
Once your production trackers have their historical (comparative) data in, you'll need to head into your valuation settings which can be found on the Valuations page under the Accounting side menu.
Each tracker will have its own settings and they will all need a unique set of accounts (value on hand, valuation movement, and revaluation reserve where applicable) for valuing them.
Map up your accounts, choose your selected valuation scheme, and update the NSC custom groups (if you're in NZ and use NSC as a valuation scheme). Once done you can hit save.
Step 6: Complete historical valuations for your production trackers
After you've configured your production trackers' valuation settings, you can move onto valuing your previous years livestock (which is why in Step 4 you entered that comparative data).
Head into your valuations under the adviser tab, and select End of Year Valuation.
Change the financial year to the previous year, and select Update View. You'll then be able to click into each valuation scheme and update allocation where applicable.
You can use your trading statements to make this part easier and copy across what has already been done. Once done, you can hit the green button that says Complete Valuation. Your comparative production has now been valued - and you're ready for when end of year valuations come around this year!
Step 7: Categorise any income and costs to your production trackers
If you do winter milk on your dairy farm, or you wish to have freight costs showing on your trading statements, then you'll want to categorise any associated income & costs to your production trackers.
To do this, you'll need to head to Settings > Chart of Accounts > Account Configuration.
From there, each of your accounts in your chart of accounts (less any already mapped in your production trackers & valuation settings) will be able to be categorised to your production trackers.
This page will auto-save as you make changes to the account categorisation. After you've completed this, when you run your trading statements you'll be able to nominate to include associated income & costs which will further flesh out your trading statements accordingly.
Step 8: Invite the rest of the team
Figured is a collaborative tool and we encourage all members of the farming team to be on board.
If you wish to add a single user to the farm, you can do so under Settings > People, and from there you'll be able to enter a users email address and specify the permissions you wish them to have on the farm.
The invited person will get an invitation to either login to an existing account, or register a new one and then they'll have access to the farm.
If you wish to add a firm to your farm, whether it's your accountants' firm, your bank, or you're looking to invite the rest of your advisory team, you can do so under Settings > Organisation Access.
Much the same as inviting a personal user, but in this case you can invite an entire organisation to have access to your farm.
All accountants & advisors as well as banks on Figured are available to add on this page. Simply search for the name of the organisation and specify the permissions you wish the organisation to have to your farm.
Step 9: Assign billing
With the farm setup and the team on board, the final step is to ensure the billing has been activated for the farm which will allow for continuous access to the farm and its data.
If you are a farmer, or you are personally taking on the billing, you will first need to update your personal billing details which is available under Profile (bottom left) > Billing & Subscriptions.
Using the steps provided, you'll need to enter your billing address as well as choose whether you wish to setup payment by bank account (direct debit) or credit / debit card (direct credit).
Once your payment method has been updated, head back to the farm and go into Settings > Billing and nominate yourself as the bill payer.
If you're part of an accountants' firm or an advisory firm and the firm will be taking on the billing, then you'll need to setup the organisation billing first and then nominate your firm as the bill payer.
First up you'll want to setup organisation billing. You must have billing access to complete this step.
To do this, head to your Figured dashboard > Your Organisation > Billing and fill in the steps that follow. You'll need to enter your billing address as well as choose whether you wish to setup payment by bank account (direct debit) or credit / debit card (direct credit).
Once your payment method has been updated, head back to the farm and go into Settings > Billing and nominate your firm as the bill payer.
NOTE: You must be a member of the organisation to assign the billing to it first.
If you'd like your client to take on the billing, have them login to the farm and assign the billing to their account using the Personal billing steps outlined above.
Congratulations, you're ready to go!
You can dive in and generate your trading statements, or you can start updating your production movements. If you need a hand with anything, the team can be contacted anytime via the green bubble.