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Cheat Sheet: Figured Farm Reporter Setup
Cheat Sheet: Figured Farm Reporter Setup

Quickly go through the steps to get your Figured Farm Reporter File up and running on Figured

Alexandra Henley avatar
Written by Alexandra Henley
Updated over a week ago

If you're a pretty savvy adviser and you're wanting a quick guide on how to get a Figured Farm Reporter file setup - this one's for you.

You'll need the below before we get started:

  • Ensure preferred accounting software has been setup

  • Figured account created

  • Trading statements for the previous years milk or livestock

In 9 steps you'll have your Figured Farm Reporter file setup and ready to use -

Step 1: Create the Figured Farm Reporter File

If you already have a Figured account, you can create a farm by clicking into Farms on the left hand side navigation and selecting Create a Farm.

If you’re a first time user, here is how you can create a new file from scratch.

Step 2: Set your default bank account

Your default bank account must be set so you can post your invoices from Figured to preferred accounting software.

Step 3: Create and setup your production trackers

Whether you're a sheep farmer or you've got some crops - you'll need production trackers for anything you keep track of on the farm.

REMEMBER: Disable any unused stock classes, map up all your purchase / sale accounts, set your opening balances, and connect your Farm Source account if you're a Fonterra farmer. **

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 where your trading statements will come in handy - head back into previous years on your trackers to build out your stock and add in some transactions.

Step 5: Setup the valuations for your production trackers

Head into your Accounting tab and map your valuation accounts (stock on hand, revaluation reserve, and so on) and select your valuation method of choice.

Step 6: Complete historical valuations for your production trackers

We recommend completing the previous years valuations which will mean moving forward your trading statements will have that comparative data.

Step 7: Categorise any income and costs to your production trackers

If you do winter milk on your dairy farm, or you want to have freight costs showing in your livestock trading statements - you'll want to head into your account configuration and categorise any associated costs to your production trackers.

Step 8: Invite the rest of the team

Under Settings > People you'll want to invite any individual members to your farm, there's a range of access levels so you can have everyone on board. Under Settings > Organisation you'll want to invite any accountants or advisors that work on the farm, too.

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.

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