What is Commercial Manager?
Commercial Manager is our subscription type specifically for accounting practices that are wanting to keep their non-farming clients' reporting streamlined within the practice. This subscription includes planning & reporting without the production trackers, with access to the scenarios tool and includes custom account categories.
Who can set up a Commercial Manager file?
Commercial Manager is only available to accounting practices that have set up organisations within Figured.
You will be able to set up a Commercial Manager file only if your Figured user login is listed as part of an organisation within Figured.
How do I set up a Commercial Manager file?
If you're new to Figured you can also watch this short video which shows the steps below, and how to set up a Figured account and organisation. You'll need both of these prior to creating a Commercial Manager file.
Head to my.figured.com and select + Create a Farm
Fill out the required fields for the name of the entity and click next to view the billing page.
On the billing page for the field 'Bill Payer' you will need to select 'An organisation' or you will not see the option for Commercial Manager in the Product Plan drop down box.
Once you've selected the appropriate bill payer and organisation you'll have the option to select Commercial Manager.
You will then be able to continue the setup as you would for a normal farm.
We have another article to explain how to set up the custom account categories here.
Congratulations, you have now set up your singular Commercial Manager file 🎉
If the business structure is more complex than your singular setup, then keep reading.
Multi-Entity Reporting Groups and Multi-enterprise
Multi-enterprise is used when you have one Xero account with many entities inside that account, and you wish to have these under a single Figured file. This utilises Xero's tracking categories and allows for consolidated or individual reporting. There is an additional Figured subscription fee per tracking category used.
Multi-entity is used to consolidate existing Figured files (all with unique Xero accounts) into a group to allow for consolidated financial reporting across that group.
There is no additional cost to group these existing files together, and you can configure the group by consolidating accounts and creating inter-entity offsets e.g. if you have both "rental expense" and "rental income" accounts across entities these can be offset to be one account in the group reports.
This diagram visually represents the difference between an example multi-entity and multi-enterprise set-up.
Single Xero file with a single GST number
Multiple entities in the single Xero file
One main Figured file split up into many individual subsidiaries
Full planning / reporting
Consolidated or "single file" planning / reporting available
Additional cost per "file"
Many Figured Commercial Manager's all with unique Xero files
Consolidated financial reports pulled from the main Figured files - no further reporting / planning, no single file reporting available
Can consolidate multi-entities into a multi-entity group
Inter-entity offsets between the files selected
Consolidate account options available between the files selected
No additional cost