What are management valuations?
Management valuations is a tool available to any farm where production trackers are present.
It's how you apply monthly valuations to your livestock on hand, and have those values flow through to your profit & loss report and your balance sheet.
They're great for getting that extra level of detail about your livestock that may otherwise not be captured until the end of the financial year.
Management valuations can be found under the Accounting tab in Valuations.
Setting up your trackers for management valuations
Before you get started, you'll want to make sure you've mapped a livestock on hand account (balance sheet) as well as a valuation movement account (non-cash, profit & loss) in your valuation settings.
In your valuation settings, you have two Report settings available. If you are using management valuations, you will need to enable management valuations.
This will automatically enable show actual livestock valuation movements for you.
Using management valuations
After you've setup your livestock tracker to use management valuations, you'll want to head inside the tool itself.
On your main management valuations screen, you'll be able to use one of two modes for your monthly valuations:
Shared monthly values - for all 12 months of your FY, your livestock will share the same value per head
Different monthly values - for each month of your FY, your livestock will have unique values per head
This is my selected mode, I'm currently looking at different monthly values but this can be changed at any time
This is a visual guide to let you know which months have been posted, which months are actuals, and which are forecasts
This is showing the monthly totals as the number of livestock on hand increases and / or as the values change each month
This is where you can save your management valuations, save and post to your cloud accounting software (which will raise a manual non-cash journal), as well as view any posted journals
You can set the monthly values to be whatever you wish - whether you're using last years tax defined values, a variation of those, or something you've set internally, you can accurately see the on hand value of your livestock and have that represented as an asset across both Figured and your cloud accounting software.
Each month as your livestock on hand changes (or even when it doesn't), Figured will push these values to your P&L report into a unique valuation movement line which sits under your livestock tracker.
The numbers shown are able to be clicked into to further break down why that value is being shown.