Through the valuations tool in Figured, you can assign a value to your homegrown crops. This is important to complete for:
Accurate inventory valuation: Regularly updated valuations provide a more precise picture of farm inventory, crucial for your financial reports and balance sheet.
Informed decision-making: Real-time inventory data helps you make informed choices about future cropping decisions.
Performance tracking: Accurate valuations enable crop performance tracking and identifying areas for improvement.
You can find this tool in two ways. Through the Inventory tracker by clicking on Valuations, or by navigating the menu bar through Accounting > Valuations.
If you've used monthly management valuations previously for livestock, this process will be familiar although quite different! You do not need to post actual valuations to the accounting system to see the values in reports. There are specific sections in the Profit & Loss (valuation movements reported per month) and the Balance Sheet (inventory value reported per month) showing this data.
Note: If you do want to post valuation journals to your accounting software, you can do this in the valuation settings. Read below to learn how to do this.
Using homegrown valuations
The management valuation tool shows a table with all of your selected crop products, split out monthly. Use the date filters to change the financial year, or to change the mix of actuals and forecasts.
Note: If not all of your crop products are showing, click here to find out how to amend the product list.
For each month you can click into the cells and assign a value. Beneath the cell it shows you the quantity on hand at the end of the month. All you have to do is enter the value ($/unit) for each of the cells and Save Changes.
Once you’ve completed and saved your values, these will automatically be populated when creating harvests and other transactions in your crop seasons and Inventory.
Note: these values can be reviewed and changed at any time, however changing valuations after saving will impact the data shown in the reports.
Posting to your accounting software
As mentioned earlier, there's an optional setting allowing you to post valuation journals to your accounting software. This can be set up by mapping valuation accounts in the settings. There are three options to choose from:
Figured Only - Do not post to accounting system. This is the default option selected, if you intend to post valuations to your accounting system you should select one of the other options.
Use single account for all crops - all of your homegrown crops will use the same two valuation accounts e.g Crops on hand, Crop Valuation movement
Use individual accounts per crop type - separate accounts for each crop type e.g. Wheat on hand, Wheat valuation movement
If you’ve chosen to enable the setting, you can then map the required accounts. You need a Balance Sheet - Value On Hand Account (asset type account), and you also need a Profit & Loss - Valuation Movement Account (expense type account).
Having mapped and saved the valuation accounts, then go back into the tool to post a journal. You can do this by clicking Save & Post to (your accounting software). In the example below the journal date is March 31st 2025. This is because the view is set with Actuals To March 2025 (see earlier image), changing the month actuals are set to will change the journal date.
Before posting, review the values presented. These can't be updated here, so if it doesn't look correct, cancel and review the information back in the tool.
If you've posted journals you can view these back in the main grid. Posted journals can be deleted from Figured (as long as they haven't been updated in the accounting system after posting), or voided in the accounting system.
Note: The reports use either the actual account balances using the mapped accounts, or the un-posted valuation movements using the Figured only accounts. This means the reports are up to date with the saved valuations, whether they've been posted or not.