The Accountants Annual report is made up of seven sections:
Section 1: Balancing
Summarises opening and closing bank balances and whether the report is balanced. If the customer has not received a bank balance then the list will show as "Not Received" to alert the user to input their correct balances.
The balancing threshold has been set at fifty cents.
Section 2: Summary
It includes total livestock sales and purchases for each stock class, total milk solids and other areas where a quantity has been recorded against a code.
You can choose to view this section by either Accrual view or by Payment date.
Accrual View
When viewed by in Accrual basis, this section includes all invoices and events that occurred between the start and end of the financial year.
It also takes into account all paid accounts payable and paid accounts receivable that have been recorded in Farm Focus.
TIP: Paid accounts payable and receivable are invoices and livestock events that have been matched to a bank transaction.
Payment date
When viewed by transaction date this section includes all bank transactions that occurred between the start and end of the financial year.
It does not include paid accounts payable and paid accounts receivable that have been recorded in Farm Focus.
Section 3: Bank statement summary
This section displays the opening and closing bank balances for each month of the financial year and highlights any discrepancies.
Opening Bank Balance
The opening bank balance for the first statement mirrors the opening bank balance for the first day of the financial year. You can check this in Settings - Bank Accounts.
Each month following will automatically take the prior month’s closing bank balance as its opening balance.
Closing Bank Balance
This is automatically calculated as the sum of all bank transactions recorded in Farm Focus regardless of whether they are coded or uncoded.
This should reflect the actual closing balance for the month at the bank.
Closing Focus Balance
This is automatically calculated as the sum of all bank transactions that have been coded in Farm Focus.
Discrepancy
If the closing bank balance and the closing focus balance for each month don't match a discrepancy will appear.
Discrepancies can be caused by uncoded transactions, duplicate or missing transactions, or transactions that have been deleted.
Closing Date
The closing date is automatically captured by Farm Focus as the last day of each month.
If the last day of the financial year falls on a weekend you will see a warning to check the closing balance on the physical bank statement.
Tip: To locate a discrepancy, go to the balancing tab of the actuals screen. Find out more
Section 4: Analysis by Code
This section mirrors the order of codes in the code list and displays any uncoded transactions for your attention.
This section can be viewed by:
Accrual View (invoice or event date)
Payment Date (cash payment date)
Custom date range
Uncoded transactions
If there are any uncoded bank transactions in Farm Focus they will appear at the top of the section for you to identify and code or correct in the Actuals screen.
Until they have been coded or corrected they will remain at the top of the Analysis by Code section and won't be included in the total calculations.
For example, in the image below, these items are uncoded so the are excluded from the corresponding sections of the the Analysis by Code (eg culled cows sale and a house rental transaction are uncoded, so are excluded from the Income section (livestock) and the Interest and Rent section (land rental) of the Analysis by Code).
Accrual View vs Payment Date
When viewed by accrual view, this section includes all invoices or events that occurred between the start and end of the date range. Learn more about accrual reporting here.
Payment date view includes all bank transactions that occurred between the start and end of the selected date range.
Section 5: Workpapers for balance sheet
This section is split into three areas:
5.a. Opening Accounts Receivable & Accounts Payable
5.b. Closing Accounts Receivable & Accounts Payable
5.c. Journal Entries
This section is only available in the Financial (accrual) View.
The invoice date is displayed alongside whether:
the invoice is unpaid and
an attachment is associated with a coded item.
Section 6: Livestock reconciliation
Displays an annual view of livestock movement for each financial year.
Section 7: Notes
Explains how the report displays information based on selected report parameters