If you're pretty savvy and you're wanting a quick guide on how to get a Financial Manager setup - you've come to the right place.
If you're looking for something a bit more in depth, check out our how to on setting up a Financial Manager farm.
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
Create the farm directly from your dashboard using the green button on the right hand side.
Step 2: Setup your bank feeds
Your default bank accountd will be used for your budgeting & what will make up your bank account balance in all your reports.
REMEMBER: Current liabilities (like a Farmlands or PGG card) must be set as such in Figured.
Step 3: Setup your planning tab
Move back a few tabs to your planning tab - set your opening bank & GST balances, configure your accounts' payment periods & categorise them as you need for your budgeting and reporting.
REMEMBER: It's good to set payment periods now, as creating a budget first and setting payment periods later means your existing budget won't be affected.
Step 4: Enter and approve your budget, setup your forecasts
Still working in your planning tab, you'll want to fill out your budget. You can do this directly in the planning tab, or you can export a planning tab template and fill in the budget using Excel. Press approve budget once you're done.
REMEMBER: You can budget on a cash or accrual basis, these are linked to one another as per the payment periods in Step 6.
After your budget is locked, use the Copy Budget button in your planning tab to copy your budget to your forecasts in a single click.
Step 5: 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 6: 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 some reports, or re-forecast for the weather - if you need a hand, drop the team a message via the green bubble anytime.