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 as a whole.
The Figured solution is to allow Assets and Liabilities to be added to the SoP, to “Figured Only” accounts, that is, accounts that are not represented in the Xero list.
Revalue existing account
There may be times where you wish to deviate from the value of an account in Xero.
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 of this is that the true value of the animals is often greatly underestimated in Xero.
Management Valuations in Figured allows you to define a market value for each livestock class, and the Financial Position combines that 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.