What are management valuations?
Management Valuations are available to any farm where production trackers are present.
You can use Management Valuations to 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 extra 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 select Enable management valuations.
This will automatically enable Show actual livestock valuation movements for you.
Using management valuations
After you set up your livestock tracker to use management valuations, you'll want to head inside the tool.
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 Financial Year, your livestock will share the same value per head
Different Monthly Values - for each month of your Financial Year, your livestock will have unique values per head
A Management valuation for Shared Monthly Values looks like this:
You can see a single Value per Head box for each stock class. Once values are added, they will be used for all 12 months of your Financial Year.
A Management Valuation for Different Monthly Values looks like this:
The colourful box along the top lets you know which months you are working in and whether they have been posted to your accounting software.
Each box for each stock class is editable, and the totals for each month are shown at the bottom.
You can set the monthly values to be whatever you wish. Whether you're using last year's 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.
Once you have edited each box, adding your Management Valuations for each stock class and each month, you can click Save Changes.
If you are ready to post the Management Valuations to your accounting software, click the Save and Post button.
Each month as your livestock on hand changes (or even when it doesn't), Figured will push these values to your Profit & Loss report into a unique valuation movement line that sits under your livestock tracker.
The numbers shown are able to be clicked into to break down further why that value is being shown.