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Silverfin's Farm package supports both unincorporated and incorporated farm clients reporting under FRS 10/1A. It links a set of farm working papers to the accounts production workflow, so biological assets, stock and livestock data stay consistent from data entry through to the final accounts. 

Table of contents 

• Working papers
  • Biological asset register
  • Summary of biological assets
  • Stock valuation (Livestock and Crops account template)
  • Livestock reconciliation with average pricing
  • Gross margin summary: crops and livestock
• Accounts production — unincorporated
  • Profit and loss format
  • Gross margin notes (livestock and crops)
  • Capital herd note
• Accounts production — incorporated

Working papers

The farm working papers let you record biological assets, value stock, reconcile livestock and review gross margins. Data flows from these working papers into accounts production, so what you enter here drives the final accounts.

Biological asset register

The biological asset register is where you record each biological asset and choose how it is valued. For each asset, you can choose either Fair value or Cost. The headings shown for each asset change depending on which option you select.

Fair value

• Enter an opening fair value for first periods. You can record revaluations during the year as a positive or negative amount.
• If you enter a quantity and a price per unit, Silverfin calculates the acquisition cost.
• You can record part disposals under the fair value option. When you select Disposal and have entered a quantity, enter the quantity being disposed of and the fair value of the asset at the date of disposal.
• If you select decrease from harvesting, Silverfin treats this as a full disposal of that asset and rolls forward zero balances.

Cost

• You can choose to include or exclude depreciation if you do not depreciate your assets.
• You can record part disposals under the cost option. When you select Disposal and have entered a quantity, enter the quantity being disposed of and the disposal proceeds. For a full disposal, enter the full quantity of the asset.
• Decrease from harvesting works the same way as under fair value - Silverfin treats it as a full disposal.

Summary of biological assets

• Details from the biological asset register feed automatically into the summary.
• Assets measured at cost and at fair value appear in separate tables.

Stock valuation (Livestock and Crops account template)

• Add your livestock and crops stock here.
• If you select deemed rate, the valuation reflects that percentage.
• There is also a link to a stock valuation report, which summarises all livestock and crops.

Livestock reconciliation with average pricing

• Enter the quantities purchased and sold, and the numbers of births and deaths.
• The total value and quantity must match the balances in the stock valuation template above in order to reconcile.

Gross margin summary: crops and livestock

• This summarises data from the bookkeeping system and uses it to calculate the gross margin %.
• There is nothing for you to input on this template.

Accounts production — unincorporated

Profit and loss format

There are two profit and loss formats available:

• The standard profit and loss format used on other unincorporated packages.
• The Farm P&L format. To apply this, select Agriculture as the industry in General settings.

With the Farm P&L format:

• Livestock and crops gross margin, and other income, display on the face of the P&L.
• All other expenses are listed underneath as usual.

If you do not select “Agriculture” as the industry type in General Settings, the standard unincorporated format and templates will apply.

Gross margin notes (livestock and crops)

• All data feeds from trial balance (TB) codes. There is nothing for you to input on these templates.

Capital herd note

• Data feeds from the Capital herd register working paper.
• If you did not complete the working paper, you can type the amounts in manually.

Accounts production - incorporated

• The Biological asset disclosure note works in the same way as the Capital herd note. Data feeds through from the biological asset register.
• A biological asset accounting policy is included.
• The rest of the accounts production templates are the same as in the FRS 102 1A LTD workflow.

If you have any questions or identify any issues, please raise them through the Silverfin platform.