HerdMaster includes a farm accounts system that is tailor made for farming. It allows you to track your own finances as well as preparing data for your accountant, for your discussion group, and for Teagasc eProfit Monitor.
If you want to keep it simple, you can track you’re money on a cash basis. Or, if you want to know more about monies owed or owing, or if you are VAT registered, you can track bills and invoices.
The main process is to track all data through the bank, and do a bank reconciliation to make sure that all balances match with balances in the bank. Then a variety of reports are available for you, your farm adviser and your farm accountant.
A list of incomes, expenses and assets are already pre-loaded, but you might want to customise them for your business. Default enterprise splits can be allocated to each income and expense to help with enterprise reporting
The software will track all your bank accounts, not just your current account. It is important to enter all bank accounts on the system so that bank transfers for loan repayments can be recording from the current account each month.
The main data needed are bank statements. These can be downloaded electronically from the online banking systems and this helps speed up the process a lot. You will need your cheque book stubs to know what cheques were written for.
If you want to track all bills from a large supplier, you will need to have this bill information available. If you trade with Dairygold, Glanbia or Kerry Group, all this trading statement data can be loaded electronically from the co-op website.
The milk cheque is the most awkward transaction for any farmer and a lot of software systems cannot track this very well. Milk cheques should be all about incomes, but in a farm situation they involve expenses and possibly loan repayments as well. For example, milk was sold to the value of 8000 Euro but 120 was withheld for levies, 1200 was withheld to pay the co-op store and 400 was withheld for milk recording to the milk recording company. This type of transactions is well catered for in the HerdMaster accounts software.
A bank reconciliation process exists to help you check transactions that have cleared on the bank statement. If you load all data electronically from the online bank then this bank reconciliation process is guaranteed to be correct.
A small number of our clients are VAT registered, but the software can track VAT on a cash basis or on an invoice basis. A VAT reconciliation process exists that allows you to track VAT records and make sure each record is only used once when communicating with Revenue.
You can use the forecasting section to budget for the year to come. The initial budget is created from last year's actual data. You can then compare actual v budget as you progress through the year. View a budgeting video here
A wide variety of reports exists such as enterprise analysis, profit & loss, item transaction, VAT reports, trial balance, nominal ledger, balance sheet, bank reconciliation.
A key report is the profit and loss report. When you double click on an expense total in this P & L report, you drill down to the item transaction report which lists all transaction that make up this expense. You can then drill down to the each individual record, and change the allocation, if it happens to be wrong.
In many reports you can compare this year with previous years. In the extensive enterprise analysis you can compare one enterprise against the other. You can track costs per litre of milk sold. Have a look at videos below
All reports can be exported to your farm accountant in either word or excel format. AgriNet are also happy to give a free copy of the software to your farm accountant, and help the accountant install and use the software. You can then give your accountant a full backup of your stock and financial records.
Teagasc eProfit Monitor is done on an annual basis and is based primarily on a set of accounts. Many clients have completed very accurate eProfit Monitor input sheets as a result of keeping their animal and financial records up to date on the AgriNet HerdMaster software.
The incomes and expenses in the AgriNet accounts can be quickly matched to the Teagasc eProfit Monitor Income and Expense codes. Stock numbers at the end of each month and stock movements during the year are also available especially for eProfit Monitor input sheets
Most clients will start using AgriNet stock software first and then get started on accounts.
Here are 4 videos that show how to use the ‘Setup’ area of the accounts software.
Extensive help is available from AgriNet Support team between 9am and 10pm.