How to Understand the Sections of the Accountants Annual Report

Section 1: Balancing

The Balancing section summarises opening and closing bank balances and shows whether the report is balanced. If a bank balance has not been received, it will display as Not Received to alert you to input the correct balances.

TIP: The balancing threshold is set at fifty cents, so small discrepancies may appear if balances differ by less than this amount.

Section 2: Summary

The Summary section includes total livestock sales and purchases for each stock class, total milk solids, and other quantities recorded against codes. You can view this section by either Accrual View or Payment Date.

Accrual View

The Accrual View shows all invoices and events occurring within the financial year. It also includes all paid accounts payable and 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

The Payment Date view shows all bank transactions that occurred between the start and end of the financial year. It does not include paid accounts payable and receivable.

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.

1. Opening Bank Balance

• The opening balance for the first statement matches the opening balance for the first day of the financial year. Check this under Settings > Bank Accounts.

2. Closing Bank Balance

• The closing bank balance is calculated as the sum of all bank transactions recorded in Farm Focus, whether coded or uncoded. It should match the actual closing balance on your bank statement.

3. Closing Focus Balance

• This shows the sum of all coded bank transactions in Farm Focus.

4. Discrepancy

A discrepancy appears if the closing bank balance and closing focus balance do not match. This may be caused by:

• Uncoded transactions

• Duplicate or missing transactions

• Deleted transactions

TIP: To find a discrepancy, go to the Balancing tab of the Actuals screen.

5. Closing Date

The closing date is automatically set as the last day of each month. If the financial year ends on a weekend, a warning prompts you to check the closing balance on your bank statement.

Section 4: Analysis by Code

The Analysis by Code section follows the order of codes in your code list and displays any uncoded transactions that need attention. You can view this section by:

• Accrual View (invoice or event date)

• Payment Date (cash payment date)

• Custom date range

The view icon in the right hand side can be used preview the invoice and/or transaction, with the option to edit the record if required.

Uncoded Transactions

Uncoded transactions appear at the top of the section and will not be included in total calculations until they are corrected in the Actuals screen.

Section 5: Workpapers for Balance Sheet

This section is available in Financial (accrual) View only and is divided into three areas:

1. Opening Accounts Receivable & Accounts Payable

2. Closing Accounts Receivable & Accounts Payable

3. Journal Entries

The invoice date and whether an invoice is unpaid or has an attachment associated with a coded item are displayed.

Again, the view icon in the right hand side can be used preview the invoice and/or transaction, with the option to edit the record if required.

Section 6: Livestock Reconciliation

This section provides an annual view of livestock movements throughout the financial year.

Section 7: Notes

The Notes section explains how the report displays information based on selected parameters.