Account configuration enables you to categorise your accounts, adjust your payment periods, and control how the accounts appear in the planning grid.
Once you’ve set up your chart of accounts in your accounting software and synced them with Figured, you can configure these further in your account configuration page. Accounts will automatically be categorisation on farm creation but you can configure any as required.
Your account configuration page either sits under Accounting > Chart of Accounts > Account configuration
OR under Planning Grid > Tools > Configure accounts.
From the account configuration menu, you can filter by the type of the account using the tabs along the top of the page:
Account configuration in Figured means you can customise certain things about your chart of accounts:
Report Grouping
Categorisation
Payment period
Detail in planning
Report Grouping
This column determines where accounts are displayed on reports
Category (default) - will follow the category set against the account
Tracker - you will see your production trackers listed, selecting a tracker means this account will only display under this tracker on your reports
(Note: this feature is not available for Commercial Manager files)
Assigning categories
Each account within your chart of accounts can be categorised to system defined categories such as Animal Health or Repairs & Maintenance. This creates structured plans and reports so that you can easily collapse or expand certain categories and see totals in as much (or as little) detail as you need.
Each account type (like an expense account, or an income account) will have different categorisation options available to it i.e. your expense accounts will not see the option to be categorise to Off Farm Income. Accounts are all categorised as per Figured's default categorisation on farm creation
Commercial Manager files have the ability to create their own custom categories, all other subscription types will use Figured's standard categorisation and cannot be customised.
Auto-categorising accounts
At the top of your account configuration page, you’ll also have the option to auto-categorise your accounts again. This tool will automatically assign a category to your accounts based on the type and name of the accounts within your chart of accounts. The first step when running this tool is to select the account types you'd like it run against. You can also choose to run it against any accounts that have already been categorised, in the event that you’d like to review them. Before assigning the categories it will allow you to review the accounts and the categories that it has assigned them into.
Note: The tool is available for balance sheet accounts only for files within New Zealand. Expense & Income accounts are available for all of our global markets. Auto categorisation is not available in Commercial Manager files
Setting payment periods
Payment periods are what you use to determine any cash / accrual dates in your forecast.
For example if you set an account to 20th next month, and you enter a cash forecast, the cash date will be the 20th of that month and Figured will create an accrual date automatically that falls in the month prior.
It's worth noting that if you forecast against an account and then change its payment period, this will only affect new transactions as opposed to any existing ones.
Updating the detail in planning
There are three toggles available which changes how you can interact with an account in the planning tab:
Summary: this is the default setting and it means you can enter forecasts as normal in the planning tab (one cell per month)
Detailed: this enforces the forecast schedule for an account which means you must enter detailed transactions (qty x rate)
Hidden: this will remove the account from your planning tab, unless actuals are entered against it in your accounting software, in which case it will show the accounts in all financial reports
Copying the configuration
If you have access to farms that share a chart of accounts then you can copy across the entire configuration from one farm to another by using Copy From Another Farm.
Any accounts that share the same account code and name will then copy across the configuration from Farm A to Farm B. The configuration that will be copied includes the Category, Payment Period and Detail in Planning.
