We have some exciting updates to our Farm package for unincorporated and incorporated accounts (FRS102 / 1a)
This is a guide for the updates we have made for our farm working papers, and accounts production for unincorporated farms. These updates have been centralised around improving our current farm working paper package, building the accounts production workflow, and connecting the two workflows to ensure the data is consistent.
1. Biological Asset Register
Here you can choose whether the asset is valued at fair value or cost.
The headings on each asset will change depending on whether fair value or cost is selected.
- You must enter an opening fair value for first periods. You can enter revaluations during the year as a positive or negative.
- If quantity and price per unit are entered, Silverfin will calculate the acquisition cost.
- Part disposals can be dealt with under the fair value option. If Disposal is selected and quantity has been entered, you must enter the quantity of asset that you are disposing and the fair value of the asset at date of disposal.
- If decrease from harvesting is selected, it will be deemed as a full disposal of that asset, and zero balances will roll forward.
- You have the option to include or exclude depreciation, if you do not depreciate your assets.
- Part disposals can be dealt with under the cost option. If Disposal is selected and quantity has been entered, you must enter the quantity of asset that you are disposing and the disposal proceeds. If there is a full disposal, simply enter the full quantity of the asset to dispose.
- Decrease from harvesting will work the same way as fair value, it will also be deemed as a full disposal.
2. Summary of Biological Assets
- Details from the biological register will automatically feed into the summary
- Assets measured under cost and fair value will be shown in separate tables, as seen below
3. Stock Valuation (Account template: Livestock and Crops)
- Here the livestock and crops stock can be added.
- If ‘deemed rate’ is selected, the valuation will reflect this percentage.
- There is also a link to a stock valuation report, which will summarise all livestock and crop
4. Livestock reconciliation with average pricing
- Enter quantities of amounts purchased, sold, births and deaths.
- The total value and quantity must match the balances in the stock valuation template above in order to reconcile.
5. Gross Margin Summary: Crops and Livestock
- This is a summary of data from the bookkeeping system, which is used to calculate the gross margin %.
- There is nothing for you to input on this template.
Accounts Production (Unincorporated
1. P&L Format
- There are two options:
- The standard profit and loss format which is used on other unincorporated packages.
- Farm P&L (Select industry as “Agriculture” in General Settings to apply this format)
Farm P&L format:
- Livestock and crops gross margin and other income will display on the face of the P&L.
- All other expenses will be listed as usual underneath.
2. Gross Margin Notes (Livestock and Crops)
- All data will be fed from TB codes. There is nothing for you to input on these templates
If you do not select “Agriculture” as the industry type in General Settings, the standard unincorporated format and templates will apply.
3. Capital Herd Note
- Data will be fed from the Capital Herd register working paper.
- If you did not complete the working paper, you can manually type in the amounts.
Accounts Production (Incorporated)
We have added the Biological Asset Disclosure note, which works in the same way as the Capital Herd note above. Data will feed through from the Biological asset register.
Biological asset accounting policy is newly included.
The rest of the account production templates are the same as in the FRS102 1A LTD workflow.
We hope you have found this guide useful. If you have any questions or if you identify any issues please raise them through the Silverfin platform.