What is a wool production tracker?

Production trackers are a core component of Figured - but what are they used for?

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

Production trackers on Figured are used to keep on top of all the various forms of production on your farm - whether you're a sheep and beef farmer, a dairy farmer, a potato farmer, or something in between.

For wool, you would have a production tracker for each type of wool you produce on your farm, i.e. mohair and merino.

Your wool tracker is where you will record your wool reconciliation and can be used for end-of-year tax valuations.

Using a wool tracker

In your wool tracker, you'll have a series of wool types unique to the class/stock type animal from which the wool has come, i.e. dags vs. lambs wool.

You can then record the details of your wool movements on the farm in as much (or as little) detail as you wish.

You will record all wool movements in your tracker; these are made up of the following:

  • Increase

  • Sale

  • Written off

You can enter these movements as they happen on the farm, or you can enter them retroactively every week, month, or even a year after the fact, depending on what you intend to use Figured for.

How the wool tracker works with actuals, budgets, and forecasts

You enter actual and forecasted transactions into trackers. An example of how you would use your wool tracker in these three views is below:

  • You have a wool tracker for the wool you produce on your farm that comes from your sheep

  • You would enter a forecasted increase of 250kgs of wool in the next year

  • As the time draws closer, you've doubled your flock of sheep, which means you will update this transaction in your forecasts to indicate you will increase your wool to 500kgs.

  • The shearers finish with the sheep, and you'll now enter an actual increase of 510kgs of wool.

The tracker then passes this information to your preferred accounting software and other Figured parts, like your planning tab and reports.

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