Setting livestock tracker opening quantities
Within your livestock trackers, you will have an option to set your opening quantities on your conversion date, as well as your budgeted opening quantities for the year that you're in.
OPENING/CLOSING NUMBERS: You only set your opening quantities once within your tracker settings. A key concept to remember in Figured is that your closing balances for one financial year, then becomes the opening balances for the next financial year.
Opening quantities on your conversion date
Your opening quantities on your conversion date are set within your Tracker settings, next to your account mapping.
CONVERSION DATE: The date that you begin using Figured and recording your actuals. You have the option to go back into previous financial years and input data. If you went back to 2016 and input livestock movements, then 2016 would be your conversion date.
When you set your opening quantities you are doing so for the year you intend to start using the tracker. For the example above wherein the conversion date was 2016, you would be entering the opening quantities for 2016. These opening quantities are then locked and can only be changed by unlocking each stock class.
In order to have your current financial years opening numbers reflect what they actually are, you either need to make your conversion date the current financial year and set your opening quantities as normal.
Or, you will make livestock adjustments starting from your conversion date up until the current year to reflect the correct opening (remember: your closing balances for one financial year, then become the opening balances for the next financial year.).
Opening balances in your planning grid
The opening balance in your planning grid is determined by the actuals of your nominated bank accounts in your accounting software. If you head to Accounting > Chart of Accounts > Update Default Bank to view which accounts you have set as bank accounts as well as nominate your default bank account.
NOTE: Figured does not hold any information regarding actuals, these come directly from your accounting software - if the opening cash balance in your planning grid (Actuals + Forecasts) are not what you’re expecting to see, you will need to check in your accounting software.
Livestock opening valuations
In order to give your opening livestock a financial value, you'll need to first complete your livestock valuations for the previous financial year.
You'll want to ensure that your closing balance for the previous financial year reflects the current financial years opening numbers.