In order for the Figured team to complete your practices enablement or onboarding with us, you need to check over a couple of things first.

This article will talk through:

  • Stock classes
  • Chart of accounts
  • Trading statements / workpapers

You'll also want to make sure you've invited the Figured team into your practice as a consultant so that we can access your farms.

Define your stock classes

Define a list of stock classes for your livestock that your client(s) will be farming. For example, below are the most common setups for Beef / Dairy / Sheep on Figured.

NOTE: Beef and dairy stock classes and trading statements must be separated.

This list is what will be used in your chart of accounts in Xero, and the stock rec and trading statements in Figured.

Setup your chart of accounts

The chart of accounts inside of Xero needs to be configured to have one sales and one purchase account per stock type per stock class.

For example for Dairy, you may setup Sales - Dairy MA Cows, Sales - Dairy R2 Heifers, Purchases - Dairy MA Cows, Purchases - Dairy R2 Heifers and so on, for each livestock type and class.

It would be the same for Beef, e.g. Sales - Beef MA Cows, Beef - R2 Heifers and so on.

Your sales accounts must be type revenue, and your purchase accounts must be type direct cost.

Trading statements / workpapers

In order to complete a stock reconciliation on Figured, the following information needs to be provided either as part of a trading statement, or as a workpaper.

  • Sales (per stock class)
  • Purchases (per stock class)
  • Births (total for the stock type)
  • Deaths (total for the stock type)
  • Opening value of livestock (per stock class)
  • Closing value of livestock (per stock class)

Examples below of how this information would be provided to us from other partners.

Example #1: This practice re-did their chart of accounts & workpapers to be compatible with Figured.

Example #2: This practice provided their end of year annual accounts to us as part of the enablement process, which contained all the required information.

Sales - Calves in this example was linked to a singular stock class (such as Bobby Calves) which made it possible for us to complete the enablement.

If for some reason your trading statements differ, you can provide the team with the workpapers in an Excel workbook format in place of trading statements.

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