If you're pretty savvy adviser and you're wanting a quick guide on how to get a Figured Lite farm setup - this one'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
Create the farm directly from your dashboard using the green button on the right hand side.
Step 2: Set your default bank account
Your default bank account must be set so you can post your invoices from Figured to Xero.
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 - use our stock balancer tool to quickly build out your livestock, otherwise head back into previous years on your trackers and add in some transactions.
Step 5: Setup the valuations for your production trackers
Head into your adviser 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.
Step 9: Assign billing
With the farm setup and the team on board, the final step to getting your Figured farm up to speed is to have the billing activated.
If you're a farmer, or you're personally taking on the billing - you'll want to set the billing to personal billing under your account.
If you're an accountant or an advisor and your firm is taking on the billing - you'll want to set the billing to organisation billing via your firm. If you'd like your client to take on the billing, have them login to the farm and assign the billing to their account.
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.