When you are setting up your Farm Focus you will need to record a livestock value for each of the stock classes. This information is useful so that you can see any changes in capital value as you increase or decrease stock numbers throughout the season.
If you have a strong trade aspect to your business, you may already have your own stock values in mind, in which case you will confidently enter these yourself.
If you are unsure, then a good starting point is to use the National Average Market Value schedule which is set out each year by Inland Revenue. You can also consult with your advisors to understand what the relevant stock value might be for each class.
In Focus, go to the Settings Screen and select Livestock.
Use the arrow to drop down the list of stock classes, then enter the opening and closing values here.
This information will flow through into your reports, in particular your EFS report. The stock adjustments are valuable particularly if you have trading stock sales and purchases that occur across financial years.
If you are entering a farming business and purchasing a large portion of stock, or exiting farming and selling down a large portion, these adjustments will separate out what is normal trading from the large capital movements.
Click here for more information on the Economic Farm Surplus (EFS) Report