Financials

Topics discussed in this tutorial:

  • How to use the Financials tool
  • Recording fixed and variable costs
  • Generating financial reports




The Farm Financials page was designed to help growers generate financial reports and manage profit and loss across their farm throughout multiple seasons.

The Financials page is located on the far left hand side of your Online Account. The data displayed is based on the Account, Grower and Season dropdowns located on the top left of the MyFarm map screen.

A lot of your customer's automated financial calculations are derived from the information provided on this page, so it's important to set up and maintain the Financial portion of the farm for optimal output. For tips on how to set up your customer's farms effectively, follow our step by step customer setup guide here.

Assigning Permissions


For dealers and staff to be able to access a customer’s financial records, they first need to be given access by the grower. Permission is obtained a few ways:

1.  The first time you select the Financials page on a customer’s account, a message will prompt you to begin the permission request procedure. Hit the Request Access button. This will send the customer a request notice that can be accepted on their setup page, under Enterprise > Feature Access

2.  Alternatively your customers can invite you (or others) to gain access to their financial information using the Add button, located on the Enterprise > Feature Access tab of their Setup page. Hitting the Add button will open a window that prompts them to select a linked account they wish to give access to, or alternatively an option to invite them via email



Once permissions have been set, your account will have access to your customer’s financial records.


Overview

An overall dashboard that tracks revenue, expenses and profits across all farms. The overview page offers users an opportunity to quickly track the progress of their season at a glance.

 



Reports

The Reports tab features an exclusive financial report building tool that generates unique Table or PDF reports based on the variables chosen by the user. 



To begin generating a report, first select the kind of report to be generated using the Report dropdown; tailor your financial reports by field, by acre or by profit and loss. For farms with landlord contracts, reports can be tailored by Grower split, Landlord split, or financial reports on the whole farm. Use the tabs under the Total heading to change the intended report type. Next, select the other variables you want to display and select either the Generate Table button to display the report on screen in your portal, or select the Generate PDF button to send the report to a downloadble PDF.

Operating Cost/Income

Use this tab to begin inputting in the Fixed and Variable costs and income associated with the farm. Examples of Fixed costs and income might include scheduled maintenance costs, land rates or yearly insurance. Variable costs or income might include finances that exist on a sliding scale, like taxes or the cost of fuel.



For quick setup you can copy operating costs and income from previous seasons using the Copy from Previous Year button, located on the bottom left of the Financials screen.

To add new income or new operating expenses to the farm, select the Add button (+) located under any of the four headings on the page. This will create a new income/expense log. To add more, simply select the Add button again. Once you've finished, select the Save Operating Cost/Income button located on the bottom right of the Financials screen.

Field Cost/Income




Like the previous tab, the Field Cost/Income section relates specifically to the ongoing fixed and variable financial expenses and income relating to seasonal activities on specific fields. Using the variable input table provided, you can assign activity costs and income to individual or multiple fields at once.

Field Contracts




The Field Contracts tab allows you to assign landlord/owner contract details to any of your fields across multiple farms at once. To assign a contract, simply use the checkbox to select a field(s) and then select the Apply Field Contract button on the lower right hand side of the Financials screen. To view current contracts, select the the blue View Field Contracts button located on the bottom left hand side of the Financials screen.

Product Costs




Here you can assign individual costings to the products listed in your Product List. To manage your Global Product Database, click here.

Crop Prices




By assigning financial costings to your crop varieties, your automated activity expenses and projected earnings can be calculated and adjusted from this tab. Inputting crops and assigning them to fields is an important step in the automation of your entire farm.



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