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Reconciling historical data when changing to stock transfer accounts
Reconciling historical data when changing to stock transfer accounts
Danielle Veasey avatar
Written by Danielle Veasey
Updated over a week ago

What is the impact on historical data when changing to using stock transfer accounts?

If you have made transfer transactions in your livestock trackers in the past, the value of that transfer will have been captured under the relevant mapped sales or purchase account. For single tracker mapped accounts all transfers will contribute to the sales /purchases account depending on if they are transfers in or out. In the same way, if you have individually mapped sales & purchase accounts by stock class, it will come under the account for that specific stock class.

A transfer in would represent an increase in value for that stock class and show under the sales account mapped due to it being a positive value and vice versa for a transfer out being captured under the purchases account. This presents a problem in that it inflates the purchases and sales figures somewhat, and can obscure the true picture of what is happening with the stock tracker.

This is why we have introduced the ability to map accounts specifically for recording transfers, when you use these accounts by enabling them in the tracker settings, the value of the transfers will instead be recorded against these mapped accounts providing a more accurate view of the sales and purchases for the tracker.

However, this change applies across the entire tracker history, meaning that previous years will appear unreconciled due to the transfer values moving away from the sales and purchase accounts that they previously sat under and into newly mapped transfer accounts.

For example, if you had transferred out 50 MA Cows in a previous year, the change in value to that stock class would have been recorded in the purchase account. Now the amount sits under the transfer out account, the total for that old account in your accounting software and the total in Figured will no longer match, causing your tracker to say it is unreconciled.

How do I reconcile existing transfer transactions after moving to mapped tracker transfer accounts?

In order to reconcile any historic transfers that may have been posted against the stock class codes you will need to update the account codes that those transactions are against within your accounting software. The codes will need to be updated to reflect the newly mapped tracker transfer codes.

For any users using Xero, they offer the ‘Find & Recode’ tool that you can use to locate all instances where a transfer occurred for the old account (e.g: MA Cows Purchases) and to then recode that transaction to the newly mapped transfer account (e.g: Transfers out). You can find instructions on using the ‘Find & Recode’ tool on Xeros help centre here. For Quickbooks users you can refer to this page to learn how to reclassify transactions.

Once this has been done for all of your existing transfer transactions, you can perform a manual sync in Figured and this will result in the balances reconciling again.

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