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
In 6 steps you'll have your Financial Manager farm setup and ready to use -
Step 1: Create the Financial Manager farm
On your main Figured dashboard (my.figured.com) you'll see a green button that says Create a Farm. Click that 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: Configure your accounts
Next move into the account configuration page which you can find through the planning grid Tools > Configure Accounts, or through the Accounting side menu > Chart of Accounts > Account Configuration.
Here you'll be able to categorise your accounts to a range of category options that align with the account type (i.e. revenue accounts have a pool of revenue categories).
You can also update the payment period which will be used for cash/accrual purposes in your planning, and you can update the preferred view of the account - summary, detailed, or hidden. This page auto-saves each time you make a change.
REMEMBER: It's good to set payment periods now, as creating an annual plan first and setting payment periods later means your existing plan won't be affected by these updates.
Step 4: Enter your planning grid forecasts
If you have historical data you can utilise this with the export/import functions to quickly build out a plan. You can import last years actuals forward as shown below. Or if last year is still in progress, you could export a mix of last years Actuals + Forecast to import in the following year's forecast.
If you are manually inputting new data, adjust your global date settings to the correct year and enter the figures. There are a few tools to make this process quicker such as copy, spread, or adjust by percentage. Check out working in the planning grid for more details on this.
If you prefer entering your data locally through a spreadsheet you can download our import template under Tools > Import > File > Download Template.
You can also automatically calculate your interest on overdraft to help budget for future payments.
Step 5: 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 6: 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 (top right) > 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 some reports, or re-forecast for the weather - if you need a hand, drop the team a message via the green bubble anytime.