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Assets & Liabilities - Functions
Assets & Liabilities - Functions

Functions available to impact your Financial Position, and where to use them

Genevra Scott avatar
Written by Genevra Scott
Updated over a week ago

Add an Asset or Liability

Businesses come in all shapes and sizes, and it is not uncommon for Assets or Liabilities to be held in different entities than the main trading farm. Whilst this is often preferred for tax and risk considerations, it's not ideal when trying to get a complete picture of the net worth.

The Figured solution is adding Assets and Liabilities to the Assets & Liability page to “Figured Only” accounts, that is, accounts not represented in your preferred accounting software list.

Revalue existing account

There may be times when you wish to deviate from the value of an account in your accounting software.

Examples might include

  • Valuing land at market value instead of purchase price

  • Using a market value of plant/machinery/fixed assets instead of purchase or depreciated value

  • Removing intangible assets like goodwill

Set a Market Value for Livestock on Hand

Livestock on-hand is often stored in the balance sheet at values for taxation purposes, either cost or via a valuation scheme. The result is that the animals' true value is often greatly underestimated in your accounting software.

Management Valuations in Figured allows you to define a market value for each livestock class, and the Assets and Liabilities report this with accurate Actual or Forecast stock on-hand quantities

Value inventory on Hand in the Product Tracker

Crop production and inputs are stored as inventory in the Product Tracker. Values are averages based on harvest, purchase and sale prices.

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